The latest market report published by Credence Research, Inc. “Global Molecular Diagnostics Market – Market Growth, Future Prospects, Competitive Analysis, 2017 – 2025,” the global molecular diagnostics market was valued at US$ 6,077.9 Mn in 2016, and is expected to reach US$ 12,358.6 Mn by 2025 expanding at a CAGR of 7.8 % from 2017 to 2025.
Molecular diagnostics has undergone tremendous technological advancement due to the growing need for personalized medication, rapid diagnosis to determine antibiotic regimen in order to prevent drug resistance and for the in-depth study of pandemic diseases such as Cholera, Swine flu, Dengue and Hepatitis A. In 2016, the reagents and kits held the largest revenue share for the product segment due to factors such as increasing number of clinics and laboratories performing diagnosis, rising public awareness leading to early disease diagnosis and treatment, and government initiatives to promote public health and welfare. Instruments will be the fastest growing segment among the considered products throughout the forecast period 2017-2025 as they are undergoing tremendous modifications corresponding to specific requirements and inbuilt applications make it easy for the skilled workforce to perform accurate diagnosis in lesser span of time.
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Infectious disease diagnostics is the leading the segment among the application areas due to factors such as increasing number of infectious disease, and growing demand for infectious disease diagnosis in tropical countries as the weather favors the microbes and vectors transmitting such diseases. Oncology will be the fastest growing segment in the application market through the forecast period 2017-2025, majorly due to factors such as rising prevalence of cancer, increasing demand for pharmacogenomics and technological advancement in the molecular diagnostic devices. Polymerase chain reaction holds the largest market in the technology segment for the base year 2016 due to factors such as its potential to detect rare diseases, rising demand for personalized medication and pharmacogenomics, and its potential in establishing the DNA sequence of patients, which will be helpful in the prevention of several life threatening diseases. Microarray will be the fastest growing technology segment throughout the forecast period 2017-2025 as it is helpful in diagnosing different types of cancer on the basis of the genetic pattern and increasing demand for toxicogenomics, which helps in determining the antibiotics of choice in cases of multiple drug resistance.
The global molecular diagnostics market is technologically driven and includes major players such as Abbott Laboratories, Inc., Novartis AG, Alere, Inc., Siemens Healthcare, Bayer AG, and F.Hoffman La Roche Ltd. etc. are few market leaders in molecular diagnostic market and compete to augment their foothold in the market.
Key Market Movements:
– Rising prevalence of patients suffering with critical illnesses requiring immediate diagnosis
– Increase in the number of research and academic institutes utilizing diagnostic reagents and instruments
– Technological advancement in the nature of diagnostic reagents and kits providing better results
– Affordable reimbursement scenario
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