Market Research Future (MRFR) has announced a new release on the global molecular diagnostics market. The research presents detailed forecasts regarding the market’s growth prospects in the 2018-2023 forecast period, on the basis of a comprehensive assessment of the market’s present conditions and segmentation.
Molecular Diagnostics Industry Updates
Recently in 2018, Agilent Technologies Inc. acquired Lasergen Inc., a company devoted towards R&D of technologies for DNA sequencing. Through the collaboration, the company intends to strengthen its hold in the molecular diagnostic market and develop an integrated clinical workflow solution and provide mass access to molecular diagnostics.
Agendia, a leading medicine, and molecular cancer diagnostics has entered into a marketing agreement with Angsana Molecular & Diagnostic Laboratory, to market Agendia’s MammaPrint and BluePrint tests. These tests will aid physicians in treatment management for early breast cancer and Angsana will market these tests in Southeast Asia.
Myriad Genetics, Inc., a leading company pioneering molecular diagnostics has announced seven new payer coverage decisions for Prolaris, a standard 46-gene RNA-expression test for detection and measurement of prostate cancer. 25 leading insurer in the U.S. are included in the payers.
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Molecular Diagnostics Market – Overview
Molecular diagnostics is a vital tool for ensuring early diagnosis of major diseases such as cancer. It is an integral part of in-vitro diagnostics and comprises a collection of techniques used to analyze a variety of biomarkers in genomics and proteomics studies. Diseases that warrant treatment at a molecular level are the ones majorly targeted by molecular diagnostics. The growing prevalence of such diseases, including infectious diseases and cancer, is likely to be the major driver for the global molecular diagnostics market over the forecast period. The rapid advent of polymerase chain reaction, or PCR technology has been a vital driver for the market and has completely revolutionized the growth outlook of the global molecular diagnostics market. The growing use of PCR for the diagnosis of a number of diseases is likely to be a major driver for the global molecular diagnostics market over the forecast period.
Key players for Global Molecular Diagnostics Market
Leading companies in the global molecular diagnostics market include QIAGEN NV, Hoffman-La Roche Ltd., Grifols, Hologic Inc., Siemens Healthcare GmbH, BD, Abbott, Beckman Coulter Inc., Bio-Rad Laboratories Inc., Cepheid, and bioMerieux SA.
Several companies in the molecular diagnostics market are looking to collaborate with research institutes in order to advance their own product development programs. Recently, EZLife announced a collaboration with the UCLA to expand EGFR lung cancer assay into RUO offerings. Such collaborations are likely to be common among key players in the molecular diagnostics market.
The global molecular diagnostics market is segmented on the basis of end use, application, and technique.
On the basis of technique, the global molecular diagnostics market is segmented into PCR and real-time PCR, microarray, fluorescence in-situ hybridization, next-generation sequencing, and transcription-mediated amplification. PCR dominates the global molecular diagnostics market and accounted for more than a third of the global market in 2018. The segment is likely to remain the dominant contributor in the global molecular diagnostics market over the forecast period, along with next-generation sequencing and transcription-mediated amplification.
On the basis of application, the global molecular diagnostics market is segmented into oncology, infectious diseases, genetic testing, blood screening, pharmacogenomics, coagulation, human leukocyte antigen typing, and others. Oncology and infectious diseases are likely to remain the major contributors to the global molecular diagnostics market over the forecast period thanks to the growing prevalence of diseases such as cancer and TB.
On the basis of end use, the global molecular diagnostics market is segmented into hospitals, diagnostic laboratories, and academics and research institutes.
The global molecular diagnostics market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa.
Americas is likely to dominate the global molecular diagnostics market over the forecast period due to the presence of a highly sophisticated healthcare sector in North American countries such as the U.S. and Canada. Research in the life sciences sector in these countries is highly advanced and houses some of the world’s leading medical institutions. This has driven the molecular diagnostics market in the region at an impressive rate. The increasing prevalence of bone disorders, increasing government support to research and development, and growing concentration of major healthcare companies in the region are likely to propel the molecular diagnostics market in the Americas over the forecast period.
The increasing prevalence of cancer in Asia Pacific is likely to propel the molecular diagnostics market in APAC over the forecast period. According to the American Cancer Society, APAC accounts for nearly 44% of all cancer cases, with China bearing the brunt of the growing prevalence of the disease. South Korea has also witnessed a high incidence rate of cancer in recent years. This is likely to drive the molecular diagnostics market in Asia Pacific at a strong rate over the forecast period.
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