Molecular Diagnostics Market size to exceed $10bn by 2023
Strong and consistent regulatory support, encouraging R&D spending, and enhanced use of diagnostics in home healthcare is likely to drive the global molecular diagnostics market size. Sexually transmitted disease diagnostics will remain a major revenue puller, with revenue targeted to exceed USD 1.5 billion by 2023. HIV and STD illustrate maximum penetration due to increasing occurrence and ease of diagnosis.
Revenue from Hepatitis C diagnostics was USD 529.5 million in 2015, with 8.8% CAGR growth anticipated for the next seven years. Chlamydia and Gonorrhea segments are forecast to see more than 9% CAGR gains.
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Growing demand for early disease detection, especially in case of cancer due to increase in awareness levels, and advanced technologies such as DNA sequencing and microarrays as well as use of healthcare IT to facilitate accurate diagnosis is anticipated to enhance molecular diagnostics market growth. Moreover, rising trend of PoC diagnostics, pharmacogenomics, and genetic testing will further stimulate demand.
These diagnostics play an imperative role in the field of infectious disease testing by rendering fast and effective results. The rising number of infectious diseases and hospital acquired infections (HAI) is slated to drive industry growth during the forecast timeframe. Moreover, growing incidence rates of target disorders such as cardiovascular, neurological and genetic disorders is also expected to boost demand.
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Dengue and tuberculosis, presently have moderate industry penetration, however they may expand in revenue share, if preventive care is not exercised in developing and under-developed nations.
To access sample pages or view this report titled, “Molecular Diagnostics Market Size By Infectious Disease (Flu, Tuberculosis, Meningitis, RSV Virus, Hepatitis B, Hepatitis C, HPV, STD, HIV, Dengue, Gonorrhea, Chlamydia, TORCH, H. Pylori), By Technology (PCR, Real-Time PCR, DNA/RNA Purification), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Portugal, Italy, Russia, Denmark, Norway, Sweden, Israel, Japan, China, India, Sri Lanka, Pakistan, Philippines, South Korea, Australia, New Zealand, Vietnam, Thailand, Mexico, Brazil, Argentina, Colombia, Chile, Peru, South Africa, Nigeria, Morocco, Egypt, KSA, UAE, Jordan, Qatar), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
• Global molecular diagnostics market size for infectious diseases estimates were USD 5.3 billion in 2015, with over 8% CAGR growth expected by the industry.
• North America, with U.S. molecular diagnostics market share taking over 88% revenue in 2015, is set to grow at 7.8% CAGR for the forecast timeframe.
• Germany, UK and Italy together were responsible for over 52% of Europe molecular diagnostics market revenue in 2015. Escalating population, government support in management of infections, and rising lifestyle changes of the people are other vital factors aiding growth.
• Developing countries including China, India and New Zealand will be primary growth drivers for the APAC molecular diagnostics industry. Recent outbreak of infectious diseases such as Ebola, swine flu, and MERS in some countries and unmet needs in accurate diagnostics will instigate growth.
• PCR technology will continue to dominate the global molecular diagnostics market in terms of revenue, which was more than USD 2.4 billion in 2015. PCR is the simplest and foremost procedure conducted prior to the commencement of any molecular diagnostic investigation involving nucleotides and genetic material, and remains most conventional and trusted gold standard technology for the amplification of DNA.
• With high entry barriers, new entrants have a tough time penetrating the industry, which is dominated by global multinationals. Strategic mergers and acquisitions is one of the major strategies adopted by the players to enter this market.
• Roche caters to over 25% of the global molecular diagnostics industry, with an extensive product portfolio especially catering to molecular diagnostic assay reagents, equipments and consumables, it was followed by Abott and Danaher.
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