According to a report by Grand View Research, Inc.; global molecular diagnostics market is estimated to value around USD 17.9 billion by 2024. Rising cases of diabetes, cardiovascular disorders, and other infectious and chronic diseases owing to increasing geriatric population can impel growth of the market over the forecast period (2013 to 2024). Advanced molecular diagnostic techniques can support timely detection of several diseases with accuracy at low cost. This factor is anticipated to further boost the market expansion in near future.
Growing prevalence of infectious diseases coupled with hospital acquired infections is anticipated to propel molecular diagnostics market growth in the coming years. Favorable government policies and support for research studies in molecular diagnostics can stimulate growth of the market. Steady technological advancements in diagnostic techniques for infectious disorders can also positively influence market growth in the next few years. Unhealthy lifestyle leading to increased cases of chronic diseases such as cardiovascular diseases and diabetes can influence growth of market during the forecast period.
Stringent government regulations related to approvals of the new molecular diagnostic techniques is expected to hinder growth of the market during the forecast period. In addition, lack of well-defined guidelines and regulatory framework in developing countries can further obstruct market growth in the coming years. Moreover, lack of strong reimbursement framework for genomic and personalized medicine in mature markets can also restrain growth of the market owing to reduced purchasing power of buyers.
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The worldwide molecular diagnostics market can be segregated on the basis of product, technology, test location, application, and region. Based on product, the market can be classified into reagents, instruments, and others. In 2015, reagents dominated the market in terms of revenue owing to increasing adoption of in nonmedical facilities such as home. In addition, this segment is likely to continue witnessing significant growth in the next few years owing to high demand for cancer diagnostic tests.
Based on technology, the market can be divided into in-situ hybridization, mass spectrometry, sequencing, transcription mediated amplification, and polymerase chain reaction (PCR). In 2015, PCR dominated the market owing to increasing adoption of advanced PCR techniques such as multiplex PCR. In addition, in-situ hybridization is anticipated to exhibit the fastest growth over the forecast period owing to rising cases of cancer and other chronic diseases. Moreover, introduction of such high-end diagnostic techniques can prove to be cost-effective and can support growth of oncology segment in the next few years.
Based on test location, the molecular diagnostics market can be split into self-test or over-the-counter, point-of-care (PoC), and central laboratories. In 2015, central laboratories dominated the market owing to high prevalence of ancillary support in terms of infrastructure and man power. In addition, high procedure volume can also support demand in near future. Moreover, point-of-care segment is predicted to grow at a remarkable CAGR in the next few years owing to high demand for bed-side patient care. In addition, increasing penetration of decentralized healthcare coupled with flourishing home healthcare can foster market growth over the forecast period.
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Based on application, the market can be segmented into pharmacogenomics, oncology, infectious diseases, neurological diseases, cardiovascular diseases, and genetic testing. In the coming years, the oncology segment is expected to grow at a substantial CAGR owing to continuous developments in cancer diagnostics.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa (MEA). In 2015 North America dominated the market owing to rapid technological advancements and availability of well-established diagnostic infrastructure. The region is likely to maintain similar growth trend over the forecast period.
In Asia Pacific, the market is anticipated to grow at a steady pace owing to unmet clinical needs and a huge number of target population in the region. In addition, supportive government initiatives to improve healthcare infrastructure in the region is estimated to spur regional market growth during the forecast period.
Some of the leading companies in the global molecular diagnostics market are Siemens Healthcare GmbH; Bio-Rad Laboratories, Inc.; Alere, Inc.; Abbott; and Dako. Most companies are expected to adopt business strategies such as mergers and acquisitions to enhance their market value and expand product portfolio.
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