Home » Business, Europe, Health & Medicine, Science » Molecular diagnostics market size worth USD 10 Billion by 2023, at over 8.1% CAGR from 2016 to 2023: Global Market Insights Inc.
“Global molecular diagnostics market share was led by Roche Diagnostics, Abbott Laboratories, and Danaher Corporation, collectively grabbing a share of around 48% in 2015. The market is also marked by the presence of other active players such as Siemens He”
Market Size – $5.3 billion in 2015, Market Growth – CAGR of 8.1%, Market Trends – Introduction of cost-effective, portable, and user-friendly products
The global molecular diagnostics market was evaluated at 5400 million US dollars during year 2015. It is predicted to register a CAGR growth rate of more than 8.1% till the end of forecasted year 2023. 
 
These molecular diagnostics assist in quick identification of genetic disorders, cancer and other infectious ailments. Increasing occurrence of contagious diseases and hospital acquired infections are the factors that are predicted to promote the growth of the global molecular diagnostics market during the estimated period. Growing demand for point of care services propels the growth of global molecular diagnostics market mainly due to growing demand for fast and distant healthcare service. The launching of beneficial initiatives and implementation of favourable rules aimed at promotion of point of care diagnosis over other kinds of diagnosis is predicted to propel the growth of the global market. The main factors driving the industry growth includes high occurrence of contagious diseases like different kinds of cancer, growing consciousness & adoption of modified drugs, biomarker growth, large scale acceptance of companion diagnostics, proteomics, technological breakthroughs and changes in method of compensation.

 
But, growing costs of diagnostic tools, lack of skilled resources and complicated rules are few of the key inhibitors that can hinder the growth of the global molecular diagnostics market.
 
Rise in aging population all across the globe has also enhanced the demand and growth of the global molecular diagnostics market. In addition to this, enhanced demand for home healthcare due to favourable government initiatives taken by government like CMS will further fuel the growth of the global molecular diagnostics market. In addition to this, growing consciousness among patients focussed at reducing stays at hospitals and related spending will also propel the growth & expansion of the global industry. Also, rapid acceptance of different molecular diagnostic tools for inherited diseases, blood screening for contagious diseases, increase in occurrence of chronic infections, growing capital investments in research & development activities, rising demand for modified drugs and quick identification of food pathogens (for food security) are few of the factors contributing towards the growth of the global molecular diagnostics industry. Refinement in automations, technological breakthroughs, minimized charges of per sample study and reduction in charges of labour are some of the key aspects predicted to add towards the demand & growth of molecular diagnostics market today.
 
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Based on the technology, the global molecular diagnostics market is bifurcated into microarrays & chips, polymerase chain reaction, transcription mediated amplification, hybridization methods, isothermal nucleic acid amplification technology, next generation sequencing & DNA sequencing and others. 

Hybridization methods include Fluorescent In situ hybridization method and in situ hybridization method. Others include electrophoresis, mass spectrometry, northern & southern blotting and flow cytometry. 

Sequencing section is predicted to experience substantial expansion during the estimated span. The next generation sequencing section is predicted to grow at rapid rate in future owing to fast turnaround time of the tests along with their big sensitivity. In addition to this, cost effectiveness of the tests is predicted to enhance their demand in future. DNA sequencing techniques are mainly associated with new medicine innovation, drug development and modified drugs.

Polymerase Chain Reaction contributed maximum revenue share to the total revenue of the global molecular diagnostics market during year 2014. It also contributed largest share to the global market during year 2012. This technique is preferred by healthcare experts and market researchers due to its capability to identify molecular alterations. Further, the growing utilization of manifold PCR techniques and real time PCR device is predicted to further enhance the growth of the global industry. 

The PCR tests provided by certain organizations for HIV quantitative & qualitative tests & CT/NG are predicted to add towards growth of the PCR section.

Based on the product, the global molecular diagnostics market is divided into equipments, reagents and other diagnostics that include software programs & services (utilised for running instrumentation methods) are key product sections.

Reagents section led the global molecular diagnostics market during year 2014 contributing more than half of the total share to the global market during that year. This section is predicted to grow rapidly during the estimated period. The main aspects contributing towards the growth & expansion of this section includes detection of various ailments and enhanced use of reagents like sodium dodecyl sulphate, formamide, dextran sulphate heparin and salts for preventing breaking up of DNA, InSitu Hybridization and annihilation of proteins. In addition to this, growing utilization of molecular diagnostic techniques in R & D activities along with growing demand for self test products, over the counter products and point of care products is predicted to stimulate the growth of the global molecular diagnostics market.

Based on the end users, the global molecular diagnostics market is divided into central labs, reference labs, hospital & academic labs, point of care, self test, over the counter drug and others. Others include blood banks, home health firms, local public health labs and nursing homes.

Central labs section was the biggest section during year 2014. It contributed maximum share to the global market in terms of revenue during this year. Key aspects contributing to the growth of the section include big process size and wide presence of additional assistance in terms of infrastructure and human resources. 

The hospital & academic labs section is predicted to lead the global molecular diagnostics market as most of the diagnostic testing is made in house.

Complicated, new and specialized tests are mostly provided at some of the big reference labs. Due to this, the reference labs section is predicted to expand at the biggest rate during the estimated period.

Point of care section is predicted to experience rapid growth due to factors like growing demand for quick healthcare delivery, growing levels of consciousness of these tests among the patients and bed side testing. Further, launch of novel product like nucleic acid POC equipment for magnification, identification and extraction in point of care diagnosis is projected to enhance the growth of point of care section.

Depending upon application, the global molecular diagnostics market is divided into blood screening, oncology, contagious diseases, genetics, microbiology and others.

Contagious diseases section is further classified into genomics, virology and bacteriology. Virology section is divided into HCV testing, HIV testing and HPV testing. Bacteriology section is bifurcated into CT/NG testing and HAI testing. Genomics testing is again segmented into oncology testing, genetic testing for inherent disorders, pharmacogenetics testing and HLA (Human Leukocyte Antigen) testing.
 
Others include neurological ailments, DNA fingerprinting, cardiovascular ailments, tissue typing and food pathogen identification testing for food security.
 
Contagious diseases section led the applications section during year 2014 contributing about more than half of the total revenue share of the global market during that year. Presence of big test size and widespread portfolio of business products like manifold PCR in detecting various kinds of contagious viruses, pathogens and bacteria are predicted to stimulate the growth of the section during the estimated span. Further, increase in amount of initiatives intended at removing healthcare spending associated with hospital acquired infections are predicted to propel the rates of utilizations and add to the growth of the section.
 
Browse key industry insights spread across 115 pages with 142 market data tables & 79 figures & charts from the report, “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:
 
https://www.gminsights.com/industry-analysis/molecular-diagnostics-market
 
Oncology is recognised as a rapidly developing application. This section is predicted to grow at a rapid pace owing to growing occurrence of cancer, rising demand for early detection and launch of particular biomarkers for therapy. 
Based on the geographical locations, the global molecular diagnostics market is divided into four geographical regions, namely, North American subcontinent, Europe, APAC zone and region of rest of the world.
 
During year 2014, North American subcontinent was the market leader in terms of revenue. Growing capital investments in research & development activities by big biotechnology as well as pharmaceutical firms, presence of modern healthcare infrastructure, demand for quick diagnosis and technological modernizations in field of molecular diagnostics are few of the aspects contributing to the subcontinent’s leading industry position. The molecular diagnostics markets of Europe and North America are most modernized in terms of acceptance of molecular diagnostics tests. So, they contribute a large amount of share to the total share of the global market. Growth in both these regions is owing to the establishments of large amount of research labs along with growing levels of consciousness among its population about these tests. Further, development in these regions in future is stimulated by rising demand for point of care tests.
 
Emerging economies of APAC zone are predicted to display heavy potential for the growth of the molecular diagnostics market. The factors contributing to the growth of the market in the APAC zone include favourable government rules, increase in occurrence of cancer, rising population, growing healthcare consciousness among people, economic development and growing occurrence of ailments like heart ailments, diabetes and contagious diseases. Further, growing demand for modified drugs and growing capital investments in proteomics and genomics are few of the main aspects predicted to fuel the growth of the industry in APAC zone.
 

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