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Molecular Diagnostics Market statistics and research analysis released in latest report

Author : Rahul Sankrityayan | Published Date : 2019-04-11 

Molecular Diagnostics Market size is set to exceed USD 12.5 billion by 2024; according to a new research report by Global Market Insights. Infectious and genetic diseases are one of the key causes of mortality across the globe. Early and accurate detection of these diseases allows better management while late diagnosis makes treatment difficult. Conventional diagnostic techniques fall short  in terms of accuracy and rapid turnaround time required for diagnosis at early stage. It has created intense need for superior diagnostic methods. Increasing incidences of infectious and genetic diseases and associated mortality rates are predicted  to catalyze the adoption of molecular techniques for early diagnosis and better management of infectious diseases. Complex nature of the regulations and excessive cost of advanced molecular techniques are expected to hinder the industry growth to some extent.

Technological advancements and consequent development of superior molecular diagnostic techniques for early and accurate diagnosis of chronic diseases will drive molecular diagnostics market growth over the forecast period. Consumers in developed economies are far more informed about the availability of these advanced technologies and plays crucial role in driving the demand. Moreover, the accessibility as well as awareness levels are also rising in developing regions that is expected to influence industry growth.

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Genetic testing application segment is estimated to witness 10.2% CAGR from 2018 to 2024. Genetic testing carefully analyze the human DNA, RNA and chromosome to provide deeper insights regarding diseasing causing genes. This enables personalized treatment best suited to individual rather than generalized treatment approach. Increasing incidences of genetic diseases coupled with ongoing technological advancements in the field of genetics will augment the segment growth.

PCR technology segment dominated molecular diagnostics market 2017 with revenue USD 3.1 billion in 2017 and the scenario is likely to remain so for the near future.  Technological advancements such as development of real time PCR that is considered as fast and accurate platform will further support segment growth. However, other technologies such as DNA sequencing are expected to grab significant revenue share from PCR technology segment over the forecast period.

U.S molecular diagnostics market dominates the industry with USD 3.1 billion in 2017. Preference for precise and early detection of infectious and other chronic disease coupled with rising prevalence of such chronic diseases will augment the demand for molecular diagnostics tests. Well established presence of industry players conducting robust research and development will support industry growth.

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China Molecular diagnostics market will witness 12.4% CAGR over the analysis period. The market is at initial stages of development and will provide lucrative growth opportunities in near future. Substantial number of molecular diagnostics tests are being conducted in china using domestically produced kits. Ongoing infrastructure development, rising incidences of infectious diseases and increasing awareness levels will boost industry growth.

Some of the key industry players operating in global molecular diagnostics market are BioMerieux’s, Siemens Healthcare, Roche diagnostics, Qiagen Gaithersburg, Danaher Corporation, Cepheid, Agilent (Dako), Johnson and Johnson, GenMark diagnostics, Analytik Jena and Alere Inc. Industry players are adopting inorganic as well as organic growth strategies such as partnership and innovative product lauch to garner higher market share.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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