Detail Study on Molecular Diagnostics Market is Estimated to grow at a CAGR of 9.6% till 2023

Molecular diagnostics are a vital method to identify genomic variants. Their purpose is to simplify detection, diagnosis, sub classification, & prognosis. They are utilized to monitor responses to various therapies. Recently, the demand for these tests & techniques has risen. Owing to the same, the global molecular diagnostics market is experiencing significant growth.

Molecular diagnostics were developed from a combination of laboratory medicines, genomic knowledge, and technologies. These techniques are applied to assess the characterization of genes for better diagnosis. Molecular diagnostic tests identify distinct sequences in the DNAs or RNAs.

Lately, molecular diagnostics have seen many changes. These changes have massively impacted the diagnosis & treatment of illnesses. Latest devices & techniques are the driving force behind healthcare transformations. It has led to new discoveries in the field of molecular biology.

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Global Market - Overview

The global molecular diagnostics industry was valued above USD 5.6 billion in 2015 and is expected to reach USD 8.9 billion by 2021. In terms of CAGR, it should grow at an impressive rate of around 9.4%. Few of the multiple factors that drive the market are communicable diseases and genetic disorders. Other propellers include excellent prospects across pharmacogenetics and demand for point-of-care diagnostics. Rapidly evolving technologies also drive the industry.  

Additionally, research & development activities that are aimed at introducing advanced tools will boost market incomes. Demand for the timely diagnosis of diseases adds industry sales. Public and private organizations have begun funding the research & development of molecular diagnostics. Developing countries are witnessing an increased rate of infectious diseases.

Around 80, 000 new HIV cases were found in India. In the past, Ebola and Zika outbreaks claimed several lives. Prevalence of infectious diseases will fuel the demand for molecular diagnostics. Another factor, positively influencing the market growth is the escalating geriatric population. The elderly are more vulnerable to infectious diseases. On the contrary; imprecise regulatory structures, cost concerns from molecular tests, and the need for ‘state-of-the-art’ testing centers can hinder the industry.  

Industry - Categories

The worldwide molecular diagnostics market is divided on the basis of techniques, products, applications, end-users, and geographies. By techniques, the industry is fragmented into PCR (Polymerase Chain Reaction) & real-time PCR, fluorescence in-situ hybridization, microarray, transcription-mediated amplification, and next-generation sequencing. PCR had the largest shares in 2016. Next-generation sequencing is estimated to witness tremendous growth over the foreseeable future.

On account of products, the market is split into instruments, reagents, and software & services. Infectious diseases, oncology, pharmacogenomics, genetic diseases, microbiology, human leukocyte antigen typing, and blood screening form the applications. Infectious diseases held the largest shares in 2016 and are reckoned to grow at a CAGR over 7.4%. Their sub-segment, STDs (sexually transmitted diseases) will show profitable growth over the forecast period (2018 - 2022).

The end users consist of hospitals, academics, diagnostic laboratories, and research organizations. In 2015, hospitals dominated worldwide, followed by academics and research laboratories.

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Regional Analysis

Geographically, this market is segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas remains dominant in terms of molecular diagnostics. Its dominance is credited to regional demand for advanced techniques & higher expenditures on life sciences. Likewise, increased R&D activities and concentration of major companies act as its key propeller.  

Europe holds the second largest shares, followed by Asia Pacific. Major factors responsible for the regional shares are its chronic diseases and multiple private diagnostic centers. The American Cancer Society claims that Asia Pacific contributes to over 43.8% of all cancer cases & 50.6% cancer deaths worldwide.

In the Middle East and Africa, blood disorders have become a huge problem. It has resulted from lack of proper diagnosis, ignorance of diseases, and poor access to treatments. Due to such reasons, the regional molecular diagnostics market has observed considerable growth.

Innovations/News

Over the years, molecular diagnostics have reformed drastically. There are many innovations that lead the industry. Some of them comprise next-generation sequencing, microarray technologies, liquid biopsies, early cancer diagnosis, direct-to-consumer testing, and point-of-care assays.

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Competitive Analysis

Some the big names in the global industry are Hoffman-La Roche, QIAGEN N.V., Hologic, Bio-Rad Laboratories, and Grifols. Dynamic product launches and expansions via collaborations are the two main strategies adopted by them to occupy bigger shares.

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