Molecular Diagnostics Market size to exceed $15 Bn by 2026
Published Date: February 10, 2020 Authors: Sumant Ugalmugle
Molecular Diagnostics Market size is set to exceed USD 15 billion by 2026; according to a new research report by Global Market Insights, Inc.
Technological advancements enabling early disease diagnosis is expected to augment the demand for molecular diagnostics procedures. Moreover, increasing prevalence of infectious diseases is anticipated to bolster the molecular diagnostics market growth.
Escalating market demand for point-of-care (POC) molecular diagnostics will augment the market growth over forecast timeframe
Recent years have witnessed significant advancements in point-of-care (POC) molecular diagnostics. POC diagnostics is vital for the rapid detection of antigenic substances and promote better disease diagnosis, monitoring, and management. POC molecular diagnostics enables clinicians and physicians to accurately obtain real-time diagnostic results in few minutes rather than hours. Moreover, unlike clinical laboratory test, POC diagnostics help minimize structural changes in labile analytes such as glucose and lactate, caused by delays in sample transport. Preventing medical errors has become a major focus and owing to such benefits, the demand for POC testing in clinics and hospitals has increased rapidly. Thus, benefits of POC testing will propel the molecular diagnostics market demand during the forecast period.
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Browse key industry insights spread across 180 pages with 220 market data tables & 7 figures & charts from the report, “Molecular Diagnostics Market Size By Application (Infectious Disease, Blood Screening, Genetic Testing, Oncology Testing), By Technology (Polymerase Chain Reaction, In Situ Hybridization, Chips And Microarrays, Mass Spectrometry, Sequencing, Isothermal Amplification), Industry Analysis Report, Regional Outlook, Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Infectious disease dominated the industry in 2019 and will continue to do so throughout the forecast period
Based on application, the molecular diagnostics market is segmented into infectious disease, blood screening, genetic testing, and oncology testing. The infectious disease segment was valued around USD 3.6 billion in 2019 and its market will witness a tremendous growth over the forecast period. Infections are maladies caused by pathogenic microorganisms such as viruses, bacteria, fungi or parasites. The significant segment growth is owing to the increasing prevalence of diseases such as tuberculosis, influenza, hepatitis A, and sexually transmitted infections (STIs), among others.
Rise in prevalence of such infections will boost the market growth. For instance, as per the WHO, it was reported that around 37.9 million people were living with HIV, in 2018 and 770,000 HIV-related deaths were reported during the same year. Thus, increasing prevalence of such fatal infectious diseases and increasing necessity to address it at an early stage has escalated the demand for molecular diagnostics procedures. Hence, the aforementioned factors will render a significant positive impact on the market growth.
PCR based techniques will drive the molecular diagnostics market growth
Based on technology, the molecular diagnostics industry is segmented into PCR, chips and microarrays, in situ hybridization, sequencing, mass spectrometry, and isothermal amplification. The polymerase chain reaction (PCR) market segment is projected to witness around 8.5% CAGR over the forecast period. Recent advancements in molecular methods have revolutionized the detection and characterization of microorganisms in a broad range of medical diagnostic fields. PCR is a molecular diagnostics procedure that allows the analysis of any short sequence of DNA or RNA and can also diagnose for pathogenic analytes in a sample. PCRs can be used even for samples containing only minimal amount of target substances. The precision, high specificity and sensitivity are some of the benefits of the PCR devices that are increasing its usage. Thus, growing market demand for PCR devices will have a significant impact on the segmental growth.
Rising healthcare expenditure provides lucrative growth opportunities for market growth
North America molecular diagnostics market dominated the industry with around 44% share in 2019. The high industry share is due to elevated government spending on healthcare facilities to provide more diagnostic centers and state-of-art healthcare facilities to the patients. Furthermore, increasing R&D investments by native and leading players is expected to fuel the regional growth.
Focus of market players on introducing innovative molecular diagnostics devices will offer several growth opportunities
Few of the eminent market players operating in molecular diagnostics market share include Abbott Molecular, Becton, Dickinson and Company, Biocartis Group NV, Bio-Rad Laboratories, Cepheid, Danaher Corporation, and Johnson & Johnson, among others. These market participants have undertaken diverse strategic initiatives that have enhanced their financial stability and helped them evolve as leading companies in the market. For instance, Alere, channeled their focus on innovation and development of rapid POC diagnostic product and that helped the company to expand its customer base.