Molecular Diagnostics Market Size By Application (Infectious Disease, Blood Screening, Genetic Testing, Oncology Testing), By Technology (PCR, In Situ Hybridization, Chips and microarrays, Mass spectrometry, Sequencing, Isothermal Amplification), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Portugal, Italy, Russia, Denmark, Norway, Sweden, Japan, China, India, Australia, Sri Lanka, Malaysia, Pakistan, Philippines, South Korea, New Zealand, Vietnam, Thailand Brazil, Mexico, Argentina, Colombia, Chile, Peru, South Africa, Nigeria, Morocco, Egypt, KSA, UAE, Jordan, Qatar, Israel), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: December 2017 | 270 Pages | Report ID: GMI434 Report Format: PDF
Molecular Diagnostics Market size was valued over USD 6.5 billion in 2016 and is expected to witness more than 8.4% CAGR from 2017 to 2024.
Germany Molecular Diagnostics Market, By Application, 2013 - 2024 (USD Million)
Recent technological advancements in the field of molecular diagnostics has revolutionized the diagnosis and treatment of diseases. Gene expression profiling involving evaluating activities of thousands of genes at once to envisage overall picture of cellular function is gaining wide acceptance. Introduction of next generation sequencing has made sequence based analysis a popular alternative to conventional methods. Other technologies influencing molecular diagnostics market growth are nucleic acid amplification(NAT), a biochemical technique to detect bacterium or virus and microRNA based diagnosis.
Increasing research and development activities focused at developing advanced tools and techniques intended to enable rapid as well as accurate diagnosis of disease will propel molecular diagnostics market growth. As the demand for early diagnosis of these diseases is skyrocketing, various public and private organizations are pouring funds to accelerate research and development in the field of molecular diagnostics.
The prevalence of infectious disease is increasing rapidly in developing countries. Around 80,000 new incidences of HIV infections found in India in 2016. Recent outbreaks of Ebola virus in west Africa and zika virus in Brazil resulted in several deaths. Such emergence of new infectious disease as well as increasing prevalence will fuel the demand for molecular diagnostics techniques. Moreover, increasing geriatric population will further influence the industry growth as the vulnerability to such infections significantly increases with the increasing age.
However, unclear regulatory landscape due to the existence of different paths of approval has created barriers to enter in the market. Moreover, cost concerns due to expensiveness of molecular tests will further impede molecular diagnostics market growth over forecast timeframe.
Molecular Diagnostics Market, By Application
Infectious disease application segment accounted for largest market share in 2016 and will grow at CAGR of 7.7% over the forecast timeframe. The increasing prevalence of infectious diseases such as tuberculosis, hepatitis B and hepatitis C, HPV, coupled with wide availability of tests will propel the segment growth. Sexually transmitted infections subsegment will show the lucrative growth over the forecast period.
Genetic testing application segment will witness robust growth with CAGR of 10.0%. Genetics testing comprise of tests that identifies the abnormalities in chromosomes, genes and proteins and enables the early detection of genetic diseases. The technique has wide application in field of new-born screening, predictive and pre-symptomatic testing, prenatal diagnostics testing and carried screening. Increasing demand for genetic testing, as early detection significantly improves treatment coupled with its wide applicability will propel segment growth in foreseeable future.
Molecular Diagnostics Market, By Technology
PCR technology segment accounted for largest market share in 2016. Advent of real time PCR and its increasing usage in clinics and laboratories will fuel the segment growth. Real time PCR provides accurate and quick results compared to conventional PCR. As a result, its demand is expected to increase over the forecast time-fame rendering significant positive impact on segment growth.
Sequencing technology segment will show robust growth over foreseeable future. Reduced cost as well as time required for sequencing has enabled rapid evaluation of DNA, RNA and overall cellular functions. The NGS technology is increasingly being used for detecting genetic disorders.
Molecular Diagnostics Market, By Region
U.S. dominated North America in 2016 due to growing use of next generation sequencing and PCR technology. Industry growth is further propelled by increased access to healthcare services and rapidly increasing government investments. Moreover, increased awareness pertaining to benefits of early diagnosis and high adoption rates for technologically advanced methods will propel U.S. molecular diagnostics market growth.
Germany constitutes for largest market share of Europe molecular diagnostics market in 2016 and the trend is forecasted to continue over the forecast timeframe. Rapidly growing research and development activities along with heightened cost burden of infectious diseases and cancer in the country will positively influence the growth. Furthermore, high and rapidly growing demand for the accurate and better diagnosis of infectious and genetic diseases will positively impact the market.
Asia Pacific should witness robust growth over the forecast timeframe owing to the presence of large prevalence of infectious diseases and increasing disposable income in developing economies such as India and China. Moreover, increasing healthcare spending coupled with the growing awareness pertaining to advancements in molecular diagnostics will fuel the Asia Pacific molecular diagnostics market over the forecast timeframe.
Competitive Market Share
Some of the players in global molecular diagnostics market are Abbott Molecular, BioMerieux’s, Cepheid, Danaher Corporation, Qiagen Gaithersburg, Roche diagnostics, and Siemens Healthcare. Innovative product launch and expansion through strategic partnership are foremost strategies adopted by the players to garner higher market share. Other active players in the market includes Agilent (Dako), Alere Inc., Analytik Jena, GenMark diagnostics, Johnson and Johnson, Biofire diagnostics, Bio-rad laboratories, Hologic, Quigen Sysmex corporation, and Becton, Dickinson and Company.
Molecular Diagnostics Industry Background
Technological advancements and growing R&D initiatives will drive industry growth over the forecast timeframe. Furthermore, various public and private organization are putting enormous efforts to increase awareness pertaining to the early diagnosis that is predicted to propel the demand for advanced diagnostic tools. The industry is expected to witness robust growth in emerging economies due to the rising disposable income, increasing healthcare spending and economic development.
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