By the year 2021, it is projected that the Global Molecular Diagnostic Market will be valued at an estimated $10.2 billion US dollars, a substantial increase from its value of $6.54 billion US dollars in 2016; a compound annual growth rate of 9.1 percent. The rise of infectious diseases, fatal diseases and genetic disorders are the primary factors that are expected to fuel the growth of this market over the forecasted time period.
The Global Molecular Diagnostics Market is comprised of molecular diagnostic tests that can detect key sequences in DNA and RNA that could or could not be linked to any type of disease. This includes single nucleotide polymorphism, rearrangements, deletions and insertions of DNA and RNA.
In the last few decades, molecular diagnostics have been significantly revolutionized. In fact, the advancements in molecular diagnostic tests are what has lead to the transformation of the healthcare system, as it has lead to innovations in the molecular biology field. Some of the most significant innovations in molecular diagnostics include:
- Microarray technologies
- Next generation sequencing
- Liquid biopsies
- Early detection of cancer
- Direct to consumer testing
Factors Expected to Fuel the Growth of the Global Molecular Diagnostics Market
An increase in the incidence of infectious diseases and fatal diseases, such as cancers and genetic disorders, are expected to significantly boost the growth of this market on a global scale in the coming years. Infectious diseases and fatal diseases alter both DNA and RNA, and molecular diagnostic testing can be used to identify these illnesses, thereby helping to prevent them from spreading and increasing treatment and the rate of recovery.
Rapid advancements in the field of molecular biology and increased funding for research and development of diagnostic measures will also fuel the growth of this market. As the value of these diagnostic measures is being realized, there has been an increase interest in more development. Additionally, the widespread applications of these diagnostic measures is also expected to boost the value of the market. Moreover, a surge in the demand for point of care diagnostics and fast-changing technology will continue to drive the market in an upward direction.
While this global molecular diagnostics market is expected to experience significant growth, there are some factors that could prevent the industry from growing to its fullest potential. Most notably, the complexity of the regulatory framework that molecular diagnostics requires, budgetary constraints, the necessity of highly complex testing center and the cost of these centers, and the downturn of the global economy are all elements that could pose challenges for the growth of the global molecular diagnostics market.
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Segmentation of the Global Molecular Diagnostics Market
The global molecular diagnostics market is segmented via technology, products, applications, end users and geography.
- Technology. The technology segmentation comprises chips and microarrays, in situ hybridization, DNA sequencing, polymerase chain reaction, next generation sequencing, gene chip, toxicogenomics, microfulidic microarrays, gene expression based studies and molecular imaging.
At the present time, polymerase chain reaction holds the largest share of global molecular diagnostics market revenue. During the forecasted time period, this segment of technology is expected to continue holding a large share of the market. However, by the year 2021, it is believe that the microarrays segment of technology will experience the highest rate of growth.
- Products. The products segment of the global molecular diagnostics market includes reagents, instruments, and software and services.
In 2015, reagents held the highest market share of the products segment for the molecular diagnostics market, as it had the highest compound annual growth rate. Experts believe that this segment will continue to dominate this segment of the market through the forecasted time period.
- Applications. This segment comprises the application of molecular diagnostic tests, which includes infectious diseases, pharmacogenomics, oncology, screening for genetic diseases, human leukocyte antigen typing, as well as screening of blood.
The infectious disease segment dominated this segment of the market, as it held the highest market share in 2015. The oncology and blood screening segments held the second highest share of the market. It is projected that these two segments will continue to lead this portion of the global molecular diagnostics market in the coming years.
- End Users. This segment of the global molecular diagnostics market is comprised of academics, hospitals, and laboratories that are dedicated to researching molecular diagnostic measures.
Hospitals led the market worldwide, as this end user segment held the highest share of the global market in 2015. The academic laboratories segment held the second highest share in 2015. Moving forward, it is believed that these two end user segments will continue to dominate the molecular diagnostics market globally.
- Geography. Several regions play a key role in the global molecular diagnostics market. The most notable regions that contribute to the growth of this market include North America, Europe, Asia Pacific, Middle East and Africa, as well as Latin America.
At the present time, the United States is considered the market leader in the global molecular diagnostics market. In 2015, North America held the most significant share of the market. It is expected that North America and the United States will continue to dominate the global market. However, the developing nations of the Asia Pacific region, such as China and India, are believed to be the fastest growing markets between the years 2016 and 2021.
Key Players and Investment Outlook of the Global Molecular Diagnostics Market
The molecular diagnostics market is a highly competitive landscape. An increase in the size of investments made by key players in regard to research and development in order to gain a competitive edge are fueling the growth of this market.
Currently, the most notable players in this market on a global scale include Illumina, Inc, Roche Diagnostics, Hologic Corporation, Abbott Laboratories, Qiagen, bioMAcrieux Myriad Genetics, Agilent Technologies, Becton, Dickinson and Company, Grifols, SA, Genomic Health Inc and Cepheid, Inc.
Those who are looking to invest in this industry can expect to see a positive return in the coming years.