A new study based report by Global Market Insights Inc. projects the Molecular diagnostics market to be valued at USD $5.4 billion in the year 2015 and is likely to witness growth at over CAGR 8.1% which is approximately USD$10 billion by the year 2023.Molecular diagnosis helps in timely detection of severe infectious diseases, genetic diseases and detection of cancer at an early stage. Expenditure on healthcare products and its awareness has been the reason for growing demand in the industry.
As per the WHO (World Health Organization), an increase in elderly population who are suffering with common occurrences of infectious ailments is anticipated to grow by 8% by the year 2050. Furthermore, as per the reports by CDC (Centers for Disease Control and Prevention, every year roughly 19 million people are infected by STD (sexually transmitted diseases) ranging in the age group of 15 to 25 years of age. In the year 2015, the Molecular diagnostics market was conquered by STD (sexually transmitted diseases) by generating revenue up to USD $1 billion, followed by HIV. The HPV market is expected to grow over 9.8% CAGR in the coming years. Hence the market is witnessing upsurge in the number of clinical studies and research conducted every year, which has eventually accelerated the creation and demand for new medicines.
North America molecular diagnostics market size, by infectious diseases, 2014 - 2023 (USD Million)
The United States is projected to be the largest market in the segment of the market which is also foreseeing a grown of USD $402 billion by the year 2023. Attributing factors are high awareness levels amongst the patients, high research & development resulting in drug discovery and healthcare infrastructure. The molecular diagnostics market in Asia Pacific region is expected to grow by 16% of global revenue by 2023, followed by China & India displaying strong infrastructure and promotion of preventive healthcare treatments. Malaysia is probably coming up as a rewarding market in the coming years in the field of modern molecular diagnostic tools, planned for a CAGR growth over 11% in the coming years.
Molecular diagnostics market share of 40% was acquired by Abbott Laboratories, Danaher Corporation and Roche Diagnostics in the year 2015. Other active players in the market are Bayer Healthcare, Novartis, and Siemens Healthcare amongst others. Sedentary lifestyle, decreased immunity levels and lack of awareness gives rise to the patient base resulting in the growth in the market. Methods of prevention of epidemics and its medicines is the platform for the economic growth of this market.
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Written By : Dhananjay Punekar