Molecular Diagnostics Market Projected to Witness Vigorous Expansion by 2025
Molecular diagnostics refers to a collection of techniques used to analyze biological markers in the individual’s genetic code. The technique is used in diagnosing and monitoring diseases, detecting risks, and deciding suitable therapies for individual patients. It finds applications in blood screening, oncology, microbiology, and genetic tests. The technologies commonly employed in this technique are polymerase chain reaction (PCR), hybridization, isothermal nucleic acid amplification technology (INAAT), and DNA sequencing and next-generation sequencing. Some of the products and services used in the technique are instruments, reagents and kits, and software and services.
Global Molecular Diagnostics Market: Key Trends
The transformative and dynamic nature of molecular diagnostics has facilitated it in evolving as an attractive segment in the global in vitro diagnostics (IVD) industry. It has paved way for advancements in medical research and treatment of numerous diseases. The global demand for molecular diagnostics methodologies is largely supplemented by high sensitivity, accuracy, easy workflow, cost-effective testing, and fast turnaround time offered by these testing modalities.
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In addition, these merits have created a gateway for personalized medicines, thus providing momentum to the global market. Moreover, the increasing prevalence of various types of cancer and infectious diseases is augmenting the market. Furthermore, reforms in the U.S. reimbursement scenario are working in favor of the overall market. However, delays in approvals of new molecular diagnostic tests due to the complex regulatory framework are limiting the market from realizing its full potential.
Global Molecular Diagnostics Market: Market Potential
Acquisitions and partnerships have emerged as a common trend in the global molecular diagnostics market over the past few years and are anticipated to continue in the coming years as well. For instance, in September 2016, Danaher acquired molecular diagnostics firm Cepheid for approximately US$4 bn. Another case in point is Qiagen N.V., which in July 2015 collaborated with multiplex clinical molecular diagnostics and multiplex molecular technologies developer Seegene Inc. Such deals are likely to make way for the development of novel diagnostics, which will not only help players in broadening their product offerings but also in making the future of the overall market bright.
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Global Molecular Diagnostics Market: Geographical Segmentation
In terms of geography, the report presents an analysis of the market in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America will represent a large share in the market throughout the forecast period. The growth of the region can be attributed to the presence of well-established and advanced laboratory accreditation infrastructure, government initiatives promoting PoC facilities and awareness regarding the benefits of early diagnosis, and the increasing expenditure on healthcare.
Asia Pacific is expected to register a significant CAGR during the same period, with emerging countries such as India and China being the sights of high growth. The improving healthcare infrastructure, high unmet needs, and growing geriatric populations are attracting global players to invest in the region. The increasing external funding for clinical studies is likely to drive the growth of the region.
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Global Molecular Diagnostics Market: Competitive Landscape
A raft of players in the global molecular diagnostics market is entering into strategic partnerships with biotech firms to provide novel diagnostics solutions in order to enhance their visibility. Companies are investing hefty funds in research and development activities to introduce cost-effective and innovative products that will help them in expanding their product portfolio. Several participants are focusing towards business expansion through mergers and acquisitions, which is likely to intensify the competition in the market in the near future.
Some of the prominent companies operating in the market are Abbott Molecular, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services Inc., Bio-Rad Laboratories, Inc., Alere Inc., Dako, Siemens Healthcare, Novartis AG, Becton, Dickinson and Company, Bayer AG, Danaher Corporation, Hologic, Inc. (Gen Probe), and Qiagen.
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