The Global Market for Molecular Diagnostics is Projected to Reach US$13.5 Billion by the Year 2024
Technological
Advancements, Increased Government Funding, and Rising Awareness 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$13.5 billion by the year 2024, driven by the
development of advanced new assays for different diseases and conditions,
increasing number of application markets, and growing awareness about the
availability of advanced diagnostic procedures. Technological advancements and
ample governmental support in the form of increased funding are the other major
growth drivers.
The global market for molecular diagnostics is witnessing rapid growth,
driven by the development of advanced new assays for different diseases and
conditions, increasing number of applications, and growing awareness about the
availability of advanced diagnostic procedures. The boom in demand for
molecular diagnostics has also been fuelled by the recent advances in DNA
probes, biochips, specimen collection devices, new detection technologies,
computers and automation that have permitted the development of diagnostics
that are high on sensitivity, versatility, and speed. Going forward,
technological advancements would emerge as a major driver for the molecular
diagnostics market. NGS or Next-Generation-Sequencing has also
transformed sequence-based analysis into a key alternative to traditional
methods.
The molecular diagnostics sector is also receiving ample governmental
support in the form of increased funding. Funding by governments and also
different organizations promoting clinical studies are critical for quicker
development of new products. Molecular diagnostic tests with user-friendly
features are more appealing to clinical labs. Manufacturers are also focused on
offering single test platforms capable of performing all routine tests for
various infectious diseases. There is also a strong focus on the development of
tests for recent threats like Zika and Ebola. Further, increasing number of
hospital-acquired-infections or HAIs is another key growth promoting factor for
the market.
Polymerase Chain Reaction
(PCR) accounts for the largest share, while microarray technology is
projected to report the fastest growth in the approaching years. Growing
application of genomics and proteomics is a key factor responsible for the
growth in the PCR technology market. PCR technologies enable detection of
diseases in very early stage, a major factor that is contributing for market’s
growth. Other factors driving growth in the technology segment include growing
demand for personalized medicine, pharmacogenomics and inventive diagnostic
tests. PCR technologies help prevent the onset of various life-threatening
diseases by establishing patient’s DNA sequence. Today, real-time PCR is being
increasingly used in labs and clinics as it provides quick and accurate
diagnostic results. However, the position of PCR as the dominant technology is
threatened by the increased popularity of genetic sequencing, in-situ
hybridization, and other emerging options.
As stated by the new market research report on Molecular Diagnostics, the United States represents the largest market worldwide.
Increasing number of infectious diseases fuelling the need for quick diagnosis,
favorable reimbursement scenario, and increasing government spending to improve
public health are are propelling the region’s market growth. Meanwhile,
emerging markets of Asia-Pacific and Latin America are expected to witness the
fastest growth. Major factor fuelling growth in the market includes increase in
the number of cases undergoing diagnosis for chronic conditions, cancer and
infectious diseases. Growth in other regions such as Latin America, Middle East
and Africa is spurred by increasing number of primary healthcare centers;
growing disposable income, and increasing awareness level.
Key players in the market include Abbott Laboratories; Becton,
Dickinson and Company; bioMérieux SA, Cepheid, F. Hoffmann-La Roche Ltd.,
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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