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The latest study conducted by Market Research Future (MRFR) envisions a promising future for the Global Molecular Diagnostics Market, which is poised to surge at a brilliant CAGR of 8.57% during the forecast period (2018-2023).Molecular diagnostic tests are highly useful in detecting certain sequences in DNA or RNA, which include single nucleotide polymorphism (SNP), rearrangements, deletions, insertions, as well as others so the disease can be further diagnosed. The relentlessly expanding geriatric population around the world is expected to render tremendous positive impact on the growth of the molecular diagnostics market over the given timeframe. This is true as aging radically augments the risk of infectious and chronic conditions which can be taken care of better when diagnosed at an initial stage of development. Also, United Nations forecasts that the global geriatric population is set to expand from the value of 962 million in 2017 to 2.1 billion by the year 2050. This drastic increase in the elderly population base coupled with the consequent surge in demand for early and improved diagnostic methods will be highly instrumental in the growth of the molecular diagnostics market in the near future.
The growth of in-vitro diagnostics is expected to reinforce the growth of the molecular diagnostic market. Reports that appraise the medical device industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is anticipated to gain a CAGR of 9.6 % in the forecast period.
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The rising preference for early treatment and diagnosis of diseases is anticipated to motivate the molecular diagnostic market. The soaring rates of infectious diseases are expected to create a favorable growth momentum for the molecular diagnostics globally. Moreover, the rise of unhealthy lifestyles is projected to create promising options for development in the forecast period.
Competitive Analysis
The positive effect exerted by governments in the development of the market is expected to guide the market towards sound progress in the coming years. The disequilibrium noticed in the forces that are backing the growth of the market is expected to lead to a relatively slow pace of the growth. The global economies are reacting to the market forces by implementing favorable policies and cutbacks so as prevent a slowdown in the progress of the market. The enhancement of the distribution channels is projected to motivate market growth relatively. The conducive nature of the monetary and fiscal policies is likely to lead to solid growth in the market. Moreover, the rise in International transactions is anticipated to bolster the expansion of the market considerably. The changes in the income levels globally are contributing to the growth of the market. The rise in individual discretionary spending is anticipated to lead to the progress of the market.
The vital contenders in the molecular diagnostic market are QIAGEN N.V. (the Netherlands), bioMérieux SA (France), Abbott (U.S.), Hologic, Inc. (U.S.), Grifols (Spain), Hoffmann-La Roche Ltd. (U.S.), Bio-Rad Laboratories, Inc. (US), Siemens Healthcare GmbH (Germany), BD (U.S.), Beckman Coulter Inc. (U.S.), and Cepheid (U.S.).
Industry Developments
February 2019 – Co-Diagnostics, Inc. has recently launched its first multi-disease diagnostic which was built by using their patented CoPrimer design platform. This diagnostic test can be used for dengue, chikungunya and Zika, which was developed to cater to the market demand for a cost-effective and highly-accurate diagnostic tool for all the three diseases.
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.
Segmental Analysis:
The evaluation of the segments in the molecular diagnostics market is conducted on the basis of techniques, region, applications, and end users. On the basis of techniques, the molecular diagnostics market is segmented into transcription-mediated amplification, fluorescence in-situ hybridization, PCR (Polymerase Chain Reaction) and real-time PCR, microarray, and next-generation sequencing. Based on the applications, the molecular diagnostics market is segmented into oncology, blood screening, infectious diseases, genetic testing, human leukocyte antigen typing, pharmacogenomics, coagulation, and others. The end user-based segmentation of the molecular diagnostics market comprises of diagnostic laboratories, hospitals, academics, and research institutions. On the basis of regions, the molecular diagnostics market consists of the Americas, Europe, the Middle East, Asia Pacific, and Africa.
Regional Analysis:
Study of the regions in the molecular diagnostics market comprises of the Americas, Europe, the Middle East, Asia Pacific, and Africa. The Americas region controls the global market for molecular diagnostics owing to the growing demand for progressive techniques and increased spending on the life science domain are the key factors for the development of the Americas market. Additionally, owing to the presence of well-developed technology, a growing patient pool with bone disorders, increased healthcare expenditure, and rising government support for research & development. The European region records the next chief market share trailed by the Asia Pacific region. Intensifying prevalence of lifestyle and chronic diseases, an escalating number of private diagnostic centers are the chief factors accountable for the progress of the market. Furthermore, soaring demand for quality devices in the healthcare sector is anticipated to guide the use of advanced equipment, which will increase the market progress of molecular diagnostics in the region. Conversely, blood disorders in the Middle East and Africa have become an enormous issue due to restricted screening, unawareness of diseases, and restricted access to treatment
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