Market Research Report
Molecular Diagnostics Market by Application (Infectious Disease (Hepatitis, HIV), Oncology, Genetic Testing), Technology (PCR, DNA Sequencing & NGS), End User (Hospital/Academic Laboratory), Product & Service (Reagent, Software): Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||253279|
|Published||Content info||242 Pages
|Molecular Diagnostics Market by Application (Infectious Disease (Hepatitis, HIV), Oncology, Genetic Testing), Technology (PCR, DNA Sequencing & NGS), End User (Hospital/Academic Laboratory), Product & Service (Reagent, Software): Global Forecast to 2023|
|Published: May 24, 2018||Content info: 242 Pages||
The global molecular diagnostics market is expected to reach USD 11.54 billion by 2023 from USD 7.71 billion in 2018, at a CAGR of 8.4%. Growth in this market can primarily be attributed to the high prevalence of infectious diseases and various types of cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques. However, complex regulatory frameworks delaying the approval of new molecular diagnostic tests are expected to restrain the growth of this market during the forecast period.
Based on product and service, the molecular diagnostics market is segmented into reagents and kits, instruments, and services and software. The reagents and kits segment is expected to account for the largest share of the global molecular diagnostics market in 2018. The large share of this segment can be attributed to the availability of a wide range of reagents and kits, rising use of reagents and kits in different therapeutic areas (such as infectious diseases and oncology), increase in basic research and commercial applications, and easy accessibility to a wide range of reagents.
Asia Pacific is expected to register the highest CAGR in the global molecular diagnostics market during the forecast period. Market growth in the Asia Pacific is attributed to growing GDPs and a significant rise in disposable income levels, increased healthcare spending by a larger population base, modernization of healthcare infrastructure, and rising penetration of cutting-edge clinical laboratory technologies (especially in rural areas).
The key players operating in the global molecular diagnostics market are Roche (Switzerland), Hologic (US), QIAGEN (Netherlands), Abbott (US), and Danaher (US).
In this report, the molecular diagnostics market is segmented on the basis of product & service, application, technology, end user, and region. The study tracks and analyzes competitive developments such as product launches & approvals, acquisitions, collaborations, agreements, partnerships, and expansions, and core competencies in the molecular diagnostics market.
The report provides insights on the following pointers:
*Details might not be captured in case of unlisted companies.