The Global Market for Molecular Diagnostics is Projected to Reach US$11.4 Billion by 2022

Increasing Incidence of Cancer & Infectious Diseases to Drive the Global Molecular Diagnostics Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Molecular Diagnostics market. The global market for Molecular Diagnostics is projected to reach US$11.4 billion by 2022, driven by the increasing incidence of cancer and infectious diseases, growing awareness and acceptance of advanced diagnostic choices, increasing use in home healthcare, and a shift of molecular diagnostics from labs to POC testing.

The global molecular diagnostics market is set to grow steadily over the coming years, driven by the continued shift from traditional tests towards new tests, increasing incidence of cancer and infectious diseases, and a significant rise in the genetic testing for prenatal and rare diseases. Other important factors to propel market expansion include growing aging population, increasing awareness and acceptance of advanced diagnostic choices, and advancement in proteomics and genomics techniques. Increasing use of molecular diagnostics for home healthcare is another important growth driving factor for the market.  The market is also driven by the shift of such advanced tests from labs to POC environment. The global market for POC molecular diagnostics is growing at a steady pace. The emergence of POC molecular testing has given a major boost to the market. In addition to POC diagnostics, the popularity of genetic testing and pharmacogenomics is also expected to encourage demand for molecular diagnostics in the detection of infectious diseases, in particular multi-drug strains as well as newer strains of H1N1 and HIV. Going forward, technological development in the area of genomics would continue. Genomics would be used for more critical applications across all medical science segments in future. Companies engaged in developing analytical instruments would continue to develop newer molecular diagnostic technologies for different scientific applications.

As stated by the new market research report on Molecular Diagnostics, the United States represents the largest market worldwide, followed by Europe. These two regions together make up for the largest share in the global market. Japan is also considered a market with potential due to its ageing population. Asia-Pacific ranks as the fastest growing market with a CAGR of 11.8% over the analysis period. Molecular diagnostics markets in China and India are expected to be attractive for companies in the near future, owing to the nations’ prospering economies and their growing population. Increasing economic prowess of these two major emerging countries has also led to a changed mindset among people with regard to health and wellness, preventive healthcare and adoption of advanced healthcare products as well as services, which also make the future of molecular diagnostics market in these countries highly positive.

Infectious Disease Testing represents the largest application market for molecular diagnostics worldwide. Growing incidence of HIV, HPV, bacterial infections, and respiratory diseases are likely to fuel market growth for these diagnostics worldwide. Introduction of new diagnostics tests, primarily in the infectious disease application area, is likely to keep the momentum going for molecular diagnostics over the forthcoming years.  Driven by the rising incidence of cervical cancer across the world and the growing emphasis on early detection and prevention, the market for HPV testing is expected to make rapid gains in the near future. Other factors fuelling growth in the market include increasing use of HPV tests as a primary screening tool for cervical cancer for women older than 25 years, growing use of Pap/HPV co-testing for women aged 30 years and older, and treatment guidelines in favor of HPV tests for screening even HPV vaccinated women. Going forwards, Cancer molecular diagnostics are also expected to post a considerable expansion led by growing incidence of cancer and increased emphasis on early diagnosis of the disease condition.

Key players covered in the report include Abbott Laboratories, Abbott Molecular Inc., Becton, Dickinson and Company, bioMérieux SA, Cepheid, MEDITE Cancer Diagnostics Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Grifols International S.A., Hologic Inc., QIAGEN N.V., Quest Diagnostics Inc., Siemens Healthcare AG, Tecan Group Ltd., The ELITechGroup SAS, Thermo Fisher Scientific, among others.

The research report titled “Molecular Diagnostics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of key market trends, growth drivers, product innovations and launches, technology developments, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Latin America and Rest of World. Application segments analysed in the report include Infectious Disease Testing, Blood Screening, Cancer Screening and Others.

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