Molecular Diagnostics Market (US-specific Market Assessment) to reach revenue of $15.86 billion by 2024
The global molecular diagnostics market is expected to witness a CAGR of 8.7% during the forecast period 2018–2024 to reach revenue of $15.86 billion by 2024
Bangalore, India, May 7, 2018:
With its recently published study “Global Molecular Diagnostics Market (US-specific Market Assessment) – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2024”, Infoholic Research forecasts that the global molecular diagnostics market will continue to grow due to the rising prevalence of infectious diseases, increasing adoption of POC testing, increasing demand for biomarker-based tests, and high market growth in emerging countries. The growing significance of companion diagnostics and increasing adoption of biomarker-based molecular diagnostics are providing opportunities for the market growth.
Various technologies covered in the report include polymerase chain reaction (PCR), isothermal nucleic acid amplification (INAAT), microarray, hybridization, DNA sequencing, and others. PCR, which is a primary technique performed prior to any molecular diagnostics application, occupied a significant market share in 2017. PCR is also considered a gold standard technique for DNA amplification. Microarray and NGS are expected to grow at high CAGR during the forecast period.
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North America is the dominant region, followed by Europe and Asia Pacific, in the global molecular diagnostics market with the US contributing to major revenue. Increasing incidence of infectious and other lifestyle diseases, growing demand for point-of-care facilities, increasing funding by government and private players, and technological advancements in molecular diagnostics kits are the key contributors that make the US occupy significant share in the North American market. Large patient pool, high prevalence of infectious diseases, rising healthcare awareness, and increasing healthcare expenditure are few of the factors expected to boost the molecular diagnostics market during the forecast period.
The infectious diseases was the most significant application in 2017 due to a large number of people suffering from sexually transmitted infections (STI), hepatitis, hospital-acquired infection, respiratory infection, pathogen ID detection, and others. The cancer application segment is expected to witness the fastest growth rate during the forecast period due to rising prevalence of the disease globally.
“Among various in-vitro diagnostics, molecular diagnostics is expected to witness the highest growth rate. The key market vendors are developing novel technologies for the examination of genome or proteome. Low awareness about the standardization of certain molecular diagnostics and lack of trained professional to conduct the test are the major challenges. With the increasing disease incidence and the introduction of emerging technologies, such as liquid biopsy, the market is expected grow at the highest CAGR.” – Arpitha Shetty, Research Analyst, Infoholic Research
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Key insights of the report:
- Major Technologies:
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- DNA Sequencing
- Key Application Areas:
- Blood Testing
- Infectious Disease
- Genetic Testing
- Tissue Typing
- Key End-users:
- Reference Laboratories
- Key Geographical Areas:
- North America
- Asia Pacific
- Rest of the World
- Industry outlook: Market trends, drivers, restraints, and opportunities