Molecular Diagnostics Market is Growing at a CAGR of 9.3%, and the Growth is Influenced by an Increase in Demand for Point-of-Care Diagnostics, Rapid Development in Technology, and Advancement in Pharmacogenomics | Reports and Data
NEW YORK, September 24, 2019 (Newswire.com) - Molecular Diagnostics is a transformative and dynamic area of diagnostics that leads to insights in research and treatment of many diseases that are revolutions in healthcare. It detects and measures the existence of genetic materials or protein related to a certain health condition, which aids in uncovering the underlying mechanisms of diseases. This practice enables clinicians to customize medicines for individuals, thus facilitating the growth of “personalized medicine.”
Constant development in technology increases the speed and performance of the market, thus propelling the routine practice of genome sequencing. An increase in automation is also enabling the performance of sophisticated molecular tests, which will bring state-of-the-art diagnostics to all areas of the world.
The prevalence of infectious diseases and types of cancers, a rise in awareness and adoption of personalized medicine, and the increase in biomarker identification are driving the growth of the market. New methods and discoveries made in molecular diagnostics need to be approved by various parties, as there are stringent regulatory norms laid down concerning such developments. This is hindering the growth of the market.
The Global Molecular Diagnostic Market is forecast to reach USD $17.08 billion by 2026, according to a new report by Reports and Data.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Molecular Diagnostic market on the basis of Product, Technology, Application, and Region:
Product Outlook (Revenue, USD Billion; 2016-2026)
- Other Product
Application Outlook (Revenue, USD Billion; 2016-2026)
- Infectious diseases
- Genetic Disease Screening
- Human Leukocyte Antigen Typing
- Blood Screening
Technology Outlook (Revenue, USD Billion; 2016-2026)
- In Situ Hybridization
- Chips and Microarrays
- Mass Spectrometry
- Polymerase Chain Reaction (PCR)
- Other Technologies
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America:
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America:
- Rest of Europe
Further key findings from the report suggest
- Polymerase Chain Reaction (PCR) is among the most commonly used diagnostic tool of the molecular diagnostics market. It provides a quick method for the detection, identification, and calibration of specific RNA and DNA targets. It is forecast to hold the largest market share of 28% in the year 2026.
- In Situ Hybridization is anticipated to have the highest CAGR of 10.4% during the forecast period. It is extensively used as a gene mapping tool for the identification and validation of cytogenetic aberrations. The discovery of cytogenetic aberrations in oncology has led to the discovery of FDA-approved molecular targeted drugs for patients who are undergoing treatment for cancer.
- Reagents held the largest market share of 41% in the year 2018. The application of reagents in different diseases, such as infections and cancer, advancement in Research & Development in the segment, and an increase in the commercial application of the product is propelling the growth of the market.
- On the basis of application, oncology held the largest market share of 21% in the year 2018. Due to ongoing research and development, molecular diagnostics is forecast to have a significant role in the treatment of cancer.
- Infectious disease is forecast to hold a market share of 21% in the year 2026. Molecular diagnostics detect infectious diseases with rapid speed and greater accuracy. An increase in the incidence of hepatitis and tuberculosis, with the rise in awareness regarding the benefits of early diagnosis, will drive the growth of the segment.
- North America held the largest market share of 28% in the year 2018. The presence of state-of-the-art research facilities, coupled with advanced and sophisticated technologies and patient awareness, will fuel the growth of the market in this region.
- Key participants include 10X Genomics, Abbott Laboratories, Bioarray Genetics, Bristol-Myers Squibb, Merck & Co., Inc., Qiagen NV, Siemens, Thermo Fisher, Vortex Biosciences, HTG Molecular Diagnostics, Pfizer, Oncocyte, Agilent Technologies, Johnson & Johnson Services, Inc., and Becton, Dickinson, and Company, among others.
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