Molecular Diagnostics Market Poised to Expand at a Robust Pace Over 2024

Global Molecular Diagnostics Market: Snapshot

Molecular diagnostics is an integral part of the in vitro diagnostics industry and has gained an accelerated momentum in recent years. The introduction of tests for Chlamydia trachomatis and Neisseria gonorrhea (CT/NG) and HIV have augmented the demand for PCR technology have completely transformed the earnings of this market over the past two decades. Presently, molecular diagnositcs are extensively used for diagnosing and predicting various genetic disease, hepatitis virus, cancer, and hospital-acquired infections. Furthermore, these kits are also being used for blood donor screening test for HIV and hepatitis. Owing to these reasons, the global molecular diagnostics market is expected to progress at a CAGR of 11.6% between 2016 and 2025. The report states that the global market is expected to be worth US$18.9 bn by the end of 2025 as compared to US$7.1 bn in 2016.

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The research report states that the global molecular diagnostics market is likely to rise against the backdrop of rising pool of the geriatric population, growing demand for personalized health care, and increasing awareness about molecular diagnostics. The market is also expected to grow due to the continuous development in the field of molecular biology. Furthermore, the market is expected to benefit from the increasing investments in research and development of improved molecular diagnostic kits that deliver accurate results.

Cost-effective Amplification Offered by Polymerase Chain Reaction Boosts Segment

On the basis of technology, the global molecular diagnostic tests market is segmented into polymerase chain reaction, and Real-Time PCR, hybridization, microarray, transcription-mediated amplification, next-generation sequencing and others (mass spectrometry etc.). Out of these, the polymerase chain reaction held the largest share in the overall market, accounting for the share of 39.1%in 2016. The robust demand for this technology is attributable to its cost-effectiveness in copying or amplification of small segments of DNA or RNA. During the forecast period, the next generation sequencing segment is anticipated to showcase a rapid growth rate due to its phenomenal throughput, improved speed, and enhanced flexibility, which delivers hundreds of gigabases of data in a single sequencing run. Techniques such as hybridization, microarray, and transcription-mediated amplification are also expected to shine during the forecast period.

North America Leads Global Market as Consumers Prefer Affordable Testing

On the basis of geography, the global molecular diagnostics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2016, North America held a leading share of 39.1% in the global market. This dominance was due to high prevalence of infectious diseases and rising number of initiatives by governments to raise awareness. Furthermore, the emerging trend of patients opting for molecular diagnostic tests as they are affordable is also contributing to the growth of this regional market. Analysts anticipate that Asia Pacific is also expected to offer several lucrative opportunities to the global market during the forecast period. The demand for molecular diagnostics in Asia Pacific is expected to be propelled by the rising disposable income among the population, growing concerns about health, and improving awareness about molecular diagnostic tests.

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The key players operating in the global molecular diagnostic market are F. Hoffmann-La Roche Ltd., Abbott Laboratories, bioMérieux SA, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation, Siemens AG, and Thermo Fisher Scientific Inc. As of 2016, F. Hoffmann-La Roche Ltd dominated the global competitive landscape due to its wide product portfolio and its sprawling presence. The report suggests that Abbott Laboratories followed this lead to be in the second place, while Danaher Corporation ranked number three in the global market.

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This release was published on openPR.