The Molecular Diagnostics Market to grow at a CAGR of 8.5% during the forecast period 2017–2023 to aggregate $14.48 billion by 2023
Factors, such as the increasing prevalence of infectious diseases, growing adoption of point-of-care testing, increasing demand for biomarker-based test, and the high growth of the market in emerging countries, are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Molecular Diagnostic Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (August 2017).
According to Infoholic Research, currently, the PCR market is dominating the global molecular diagnostics market. But a lot of new players are focusing on developing microarray and next-generation sequencing technologies to gain future business opportunities. Significant investments in R&D in this market is seen to develop novel technologies. As a support, many companies are receiving funding to develop advanced technology products from diagnostics associations and other venture capitalists. For instance, in November 2016, QuantuMDx received funding from the Bill & Melinda Gates Foundation to develop the CAPTURE-XT pathogen concentration technology and Q-POC molecular diagnostic platform for rapid low-cost TB detection and drug susceptibility testing (DST). According to Infoholic Research, the Global Molecular Diagnostics market is expected to grow at a CAGR of 8.5% during the forecast period 2017–2023 to touch an aggregate of $14.48 billion by 2023.
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The molecular diagnostics market is analyzed based on four segments, namely application, technology, end-users and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US is set to be the leading country. Europe is set to be the second leading region and held more than 26.5% of the market share in 2015. Germany is one of the leading countries in Europe in terms of revenue. In Asia Pacific, India is one of the most attractive countries for the players as it holds huge business opportunities. ROW is set to be an emerging market in the next 5–6 years.
The application areas covered in the report are oncology, infectious diseases, blood testing, genetics, tissue typing, and other segments, which are expected to gain more market share by 2023. Stringent regulatory approval and lack of skilled labors represent the major challenges for growth of the molecular diagnostics market. The infectious diseases segment held more than 40% of the global market share in 2016. The market is expected to be on a positive year on year growth rate, as oncology and infectious disease prevalence is expected to increase during the forecast period.
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“Among all the in-vitro diagnostics segments, molecular diagnostics market is expected to have the highest growth rate. Increasingly sophisticated examination genomics and proteomics led to the development of novel technologies. But the lack of expertise to handle these instruments and use the technologies for better diagnosis of diseases are the major challenges. As molecular diagnostics has a lasting application in oncology, proper training for the technicians will eventually result in market growth.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report also aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals
- Provides complete details about the various types of molecular diagnostics overview
- Provides details about the analysis of top 10 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies