San Francisco, 14 September
2018: According to a report by Grand View Research, Inc.; global molecular
diagnostics market is estimated to value around USD 17.9 billion by
2024. Rising cases of diabetes, cardiovascular disorders, and other infectious
and chronic diseases owing to increasing geriatric population can impel growth
of the market over the forecast period (2013 to 2024). Advanced molecular
diagnostic techniques can support timely detection of several diseases with
accuracy at low cost. This factor is anticipated to further boost the market
expansion in near future.
Growing prevalence of
infectious diseases coupled with hospital acquired infections is anticipated to
propel molecular diagnostics market growth in the coming years. Favorable
government policies and support for research studies in molecular diagnostics
can stimulate growth of the market. Steady technological advancements in
diagnostic techniques for infectious disorders can also positively influence
market growth in the next few years. Unhealthy lifestyle leading to increased
cases of chronic diseases such as cardiovascular diseases and diabetes can
influence growth of market during the forecast period.
Stringent government
regulations related to approvals of the new molecular diagnostic techniques is
expected to hinder growth of the market during the forecast period. In
addition, lack of well-defined guidelines and regulatory framework in
developing countries can further obstruct market growth in the coming years.
Moreover, lack of strong reimbursement framework for genomic and personalized
medicine in mature markets can also restrain growth of the market owing to
reduced purchasing power of buyers.
Access
Research Report of Molecular
Diagnostics Market@ www.grandviewresearch.com/industry-analysis/molecular-diagnostics-market
The worldwide molecular
diagnostics market can be segregated on the basis of product, technology, test
location, application, and region. Based on product, the market can be
classified into reagents, instruments, and others. In 2015, reagents dominated
the market in terms of revenue owing to increasing adoption of in nonmedical
facilities such as home. In addition, this segment is likely to continue witnessing
significant growth in the next few years owing to high demand for cancer
diagnostic tests.
Based on technology, the
market can be divided into in-situ hybridization, mass spectrometry,
sequencing, transcription mediated amplification, and polymerase chain reaction
(PCR). In 2015, PCR dominated the market owing to increasing adoption of
advanced PCR techniques such as multiplex PCR. In addition, in-situ
hybridization is anticipated to exhibit the fastest growth over the forecast
period owing to rising cases of cancer and other chronic diseases. Moreover,
introduction of such high-end diagnostic techniques can prove to be
cost-effective and can support growth of oncology segment in the next few
years.
Based on test location, the molecular
diagnostics market can be split into self-test or over-the-counter,
point-of-care (PoC), and central laboratories. In 2015, central laboratories
dominated the market owing to high prevalence of ancillary support in terms of
infrastructure and man power. In addition, high procedure volume can also
support demand in near future. Moreover, point-of-care segment is predicted to
grow at a remarkable CAGR in the next few years owing to high demand for bed-side
patient care. In addition, increasing penetration of decentralized healthcare
coupled with flourishing home healthcare can foster market growth over the
forecast period.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/clinical-diagnostics
Based on application, the
market can be segmented into pharmacogenomics, oncology, infectious diseases,
neurological diseases, cardiovascular diseases, and genetic testing. In the
coming years, the oncology segment is expected to grow at a substantial CAGR
owing to continuous developments in cancer diagnostics.
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East and Africa
(MEA). In 2015 North America dominated the market owing to rapid technological
advancements and availability of well-established diagnostic infrastructure. The
region is likely to maintain similar growth trend over the forecast period.
In Asia Pacific, the market is
anticipated to grow at a steady pace owing to unmet clinical needs and a huge
number of target population in the region. In addition, supportive government
initiatives to improve healthcare infrastructure in the region is estimated to
spur regional market growth during the forecast period.
Some of the leading companies in
the global molecular diagnostics market are Siemens Healthcare GmbH; Bio-Rad
Laboratories, Inc.; Alere, Inc.; Abbott; and Dako. Most companies are expected
to adopt business strategies such as mergers and acquisitions to enhance their
market value and expand product portfolio.
Access
Press Release of Molecular Diagnostics Market@ www.grandviewresearch.com/press-release/global-molecular-diagnostics-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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