Market Research Report
Molecular Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||546538|
|Published||Content info||118 Pages
Delivery time: 2-3 business days
|Molecular Diagnostics Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: February 1, 2019||Content info: 118 Pages||
The global molecular diagnostics market was valued at USD 7,854.45 million in 2018, and is estimated to be valued at USD 13,340.35 million by 2024, while witnessing a CAGR of 9.23% during the forecast period, 2019-2024. Factors that are responsible for the growth of the market include large outbreaks of bacterial and viral epidemics in the world, increasing demand for point-of-care diagnostics, recent advancements in pharmacogenomics, and rapidly evolving technology.
Molecular diagnostics is considered to be the best method to identify and characterize a microorganism. An effective test must be precise, rapid, and also be able to measure the infectious burden. Better testing quickly identifies the organism's strain and drug susceptibility, thus, reducing the delay in finding the right antibiotic. Technological advancements, like a polymerase chain reaction (PCR), have also made it possible to identify the antimicrobial resistance genes and provide public health information, such as strain characterization by genotyping. The infectious disease segment currently records the highest growth in the molecular diagnostics market.
Molecular diagnostic tests detect specific sequences in DNA or RNA (including single nucleotide polymorphisms (SNP), deletions, rearrangements, insertions, and others), which may or may not be associated with diseases. Molecular diagnostics has been revolutionized over the past few decades. Currently, it is the driving force behind the transformation in healthcare, thus, leading to innovations in the field of molecular biology. These include next-generation sequencing, microarray technologies, liquid biopsies, early cancer detection, direct-to-consumer testing, and point-of-care assays.
Instruments Sub-segment is Expected to Hold the Largest Market Share in the Product Segment
In the product segment of the global molecular diagnostics market, the instruments sub-segment is believed to have the largest market size and is expected to witness a CAGR of 9.13% during the forecast period.
Molecular diagnostics plays a vital role in the assessment of disease prognosis and therapy response, as well as in the detection of minimal residual disease. In the past decade, molecular diagnostics has grown, due to advances in the chemistries and instrumentation, including automation, integration, throughput, and the ability to use the instrumentation in a random-access mode.
Some of the sophisticated instruments used in this market are High-performance Liquid Chromatography (HPLC), Mass Spectrometry (MS), and Nuclear Magnetic Resonance (NMR), along with real-time PCR, Enzyme-linked ImmunoSorbent Assay (ELISA), RadioImmunoAssay (RIA), lateral flow devices, patient safety syringes, point-of-care testing devices, and others.
North America Dominates the Market and is Expected to do the Same over the Forecast Period
North America currently dominates the molecular diagnostics market and is expected to continue its stronghold for a few more years. The United States accounts for the largest market share in the overall North American molecular diagnostics market. Molecular diagnostics has played a vital role in changing the face of disease diagnostics and assuring speedy detection and accurate care for critically ill patients. The increase in per capita health expenditures, the advancement in healthcare infrastructure, and the increase in the number of infectious diseases and cancer cases in the United States have led to a shift in trend from the traditional diagnostic methods to molecular diagnostics.
In addition, rising technological advancements, increasing entry of new players, and speedy adoption of advanced molecular diagnostics, are helping in the growth of the market in the United States.
The global molecular diagnostics market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to small companies are increasing their market presence by introducing new devices with fewer prices. Companies, like Abbott Laboratories, F. Hoffmann-la Roche Ltd, Hologic Corporation, Danaher Corporation, and Agilent Technology, hold substantial shares in the market.