Market Research Future published a Half-Cooked research report on “Global Molecular Diagnostics Market Research Report – Forecast to 2023”– Market Analysis, Scope, Trends and Forecast to 2023
Global Molecular Diagnostics Market – Overview
Molecular diagnostics is an integral part of in-vitro diagnostics, it is the collection of techniques used to analyse biomarkers in genomics and proteomics. Molecular diagnostics plays a major role in early diagnosis and treatment of diseases. Molecular diagnostics is an important tool when it is necessary to diagnose and treat at molecular level. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently forecasted in its report on Global Molecular Diagnostics Market Research Report- Forecast to 2023 that the market will demonstrate a steady CAGR of 9.6% while achieving million dollar growth readily in the forecast period.
The global molecular diagnostics market is growing rapidly. Molecular diagnostic test are used to detect specific sequences in DNA or RNA that may or may not associated with disease, such as single nucleotide polymorphism (SNP), rearrangements, deletions, insertions and others. Molecular diagnostic has found a wide array of application in infectious diseases, genetic diseases, oncology, and others. The global molecular diagnostic market is primarily driven by increasing prevalence of genetic diseases, cancer and infectious diseases. According to the report by Ambry, 1-3% of the world population suffering from different types of genetic diseases. Additionally, according to the American Cancer Society, in 2016, 1.6 million of the patients are suffering from cancer in U.S. Rapid development in the technology, and increasing need to identify the new and better treatment options for the deadliest diseases has boosted the market growth. The government in different countries are supporting the manufacturers and research institute. Increasing government support, rising healthcare expenditure and presence of huge opportunity to gain the market will fuel the growth of the market. On the other hand, these test are time consuming and requires a huge amount of the capital. High cost of the test & methods and long approval time may slow the growth of the market.
Some of the major trends in the market are building evidence for Direct-to-Consumer (DTC), exome sequencing and IVD, relevancy of metabolomics profiling and interest high in liquid biopsy solutions.
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Now-a-days, there is a significant increase in the number of the company offering molecular diagnostics. Some major companies are trying to focus on new and advanced tests & products to gain the market. Whereas, some are has used the technique of acquisition and collaboration to gain the market.
The key players profiled in molecular diagnostics are Danaher Corporation (U.S.), Alere Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), General Electric Healthcare (U.S.), Roche Diagnostics (U.S.), QIAGEN N.V. (Netherlands), Hologic Inc. (U.S.), Grifols (Spain), Abbott Laboratories (U.S.), Siemens Healthcare (Germany), Becton, Dickinson and Company (U.S.), Beckman Coulter Inc. (U.S.), bioMérieux SA (France), and Cepheid Inc. (U.S.).
Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
July 2017: HTG Molecular Diagnostics, Inc., a provider of instruments, reagents, and services for molecular profiling announced second companion diagnostic development project with QIAGEN. The major aim of the collaboration is developing NGS gene expression profiling assays for multiple cancer therapies.
July 2017: Bio-Rad Laboratories, Inc., a global provider of life science research and clinical diagnostic products launched Amplichek I, quality control for the testing of infectious diseases.
Regionally, the global molecular diagnostics market is segmented into: America, Europe, Asia Pacific, and the Middle East & Africa. Americas accounts for the major share of the market owing to the increasing prevalence of infectious diseases, cancer and well developed technology. Additionally, availability of huge investment in research sector and increasing government support have fuelled the growth of the market. Europe commands the second largest share of market owing to increase demand for biomarker test to diagnose cardiovascular disease as number of obese people. Europe molecular diagnostics market has observed stable growth owing to increasing demand for advanced molecular diagnostic products. Asia-Pacific is fastest growing market region for this market due to presence of huge patient pool, and huge opportunity for the market growth. The Middle East and Africa holds the least share in the market due to lack of awareness among the people and limited development of medical sector.
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