NEW YORK, March 07, 2019 (GLOBE NEWSWIRE) -- The global molecular diagnostics market was valued at USD 7.5 billion in 2017, and is likely to generate a demand of USD 15.6 billion by 2024, at a CAGR of 11% over the forecast period. The growth in the market is attributed to the growing number of infectious diseases and chronic diseases across the globe, improving reimbursement scenario, and increasing adoption of advanced diagnostic techniques. Moreover, growing increase in collaborative diagnostic programs, and increasing investments in diagnostic healthcare is further propelling the industry growth. However, high cost of molecular diagnostic tests, and stringent regulatory norms associated with molecular diagnostic tests may hamper the market growth to some extent.
Key findings from the report:
- On the basis of product and service, the reagents and kits segment held the major share of the global market in 2017
- Based on technology, the polymerase chain reaction (PCR) segment held the major share of the market in 2017
- Based on the application,
° The infectious disease segment held the major share of the global market in 2017
° The oncology segment is likely to augment at the fastest CAGR over the forecast period - On the basis of end-user, the hospital segment held the major share of the global market in 2017
- Europe held the second largest share of the global market in 2017. Asia-Pacific is expected to witness the highest CAGR during the 2018-2024.
- Some of the key companies operating in the market include QIAGEN, HTG Molecular Diagnostics, Inc., Abbott Laboratories, bioMérieux SA, Roche Diagnostics (A Subsidiary of F. Hoffmann-La Roche Ltd), Becton, Dickinson and Company, Hologic Inc., Cepheid, Siemens Healthcare GmbH, Thermo Fisher Scientific Inc., and Genetic Signatures Ltd among others
High demand for molecular diagnostics in oncology
Diagnostic or clinical pathology play an important role in patients care. Molecular diagnostics are increasingly used to monitor patient management, from diagnostic to treatment, particularly in the field of congenital abnormalities, oncology, and infectious diseases. The growing demand for genetic and genomic information has led to the rapid expansion of molecular methods within clinical laboratories. Cancer has a reputation as a deadly disease across the globe and it is a broad group of diseases that involves uncontrolled cell growth and proliferation. The best method for its presentation and control is its early diagnosis and treatment. The molecular diagnosis is emerging as an eye opening approach that provides early detection and diagnosis of cancer.
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Molecular diagnostics Market – Regional insight
Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the increasing elderly population, rising incidence of chronic diseases, and growing development in pharmacogenomics. Moreover, growing demand for infectious disease testing and the presence of major players in the region is further boosting the market growth. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to growing investment in the healthcare diagnostics, and increasing adoption of molecular diagnostics test.
This report segments global Molecular diagnostics market based on product and service, technology, application, end-user and region.
Product and Service
- Instruments
- Reagents and Kits
- Services and Software
Technology
- DNA Sequencing and Next-Generation Sequencing (NGS)
- DNA Microarray
- Fluorescent in Situ Hybridization
- Nucleic Acid Amplification (NAT)
- Polymerase Chain Reaction (PCR)
- Other
Application
- Infectious Disease
° Virology- HIV viral load
- HCV viral load
- HBV viral load
- CMV viral load
- HPV
- HSV
- EBV
- influenza A/B
- others
- Bacteriology
- Chlamydia
- Gonorrhea
- B. pertussis
- Methicillin-resistant Staphylococcus aureus (MRSA)
- CT/NG
- Healthcare Acquired Infections (HAIs)
- Genomics Testing
- Inherited Disorders
- Human Leukocyte Antigen (HLA) testing
- Pharmacogenetics
- Blood Donor Screening
- Oncology
- Colorectal cancer
- Pancreatic cancer
- Brain cancer
- Kidney cancer
- Thyroid cancer
- Breast cancer
- Lung cancer
- Melanoma
- Prostate cancer
- Precancer
- Leukemia
- Lymphoma
- Bladder cancer
- Cervical cancer
- Chest cancer
End-user
- Laboratories
- Hospitals
- Other
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa (MEA)
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