Molecular Diagnostics Market Is Expected To Reach USD 17.9 Billion By 2024: By Grand View Research, Inc.
Global molecular diagnostics market is expected to reach
over USD 17.9 billion by 2024, based on a new report by Grand View Research,
Inc. Increasing prevalence of infectious diseases including human
papillomavirus and influenza is expected to be the primary driving force for
the growth of the molecular diagnostics market. In the underdeveloped regions
of Africa and Nigeria, other infections, such as HIV and tuberculosis, are
soaring at a high growth rate since the last few years. This is estimated to
increase the demand for early and accurate diagnostic techniques to curb their
growth rate.
Prenatal genetic testing,
performed for the purpose of early detection of abnormalities that develop in
the fetuses of carrier parents, is also expected to widen the client base for
the molecular diagnostics market. Moreover, the high adoption of unhealthy
lifestyles further resulting in a large patient count afflicted with chronic
diseases, such as diabetes and cardiovascular disorders, is also projected to
positively impact the growth.
The U.S. molecular diagnostics
market, by technology, 2013 - 2024 (USD Million)
Browse full research report on Molecular Diagnostics Market:
Further key findings from
the report suggest:
- The overall
market is dominated by reagents with revenue generation of over USD 2.3
billion in 2015 owing to their elevated usage rates. Reagents are key
products used in academic and research institutes to perform various
molecular biology protocols further contributing toward the dominance of
this segment.
- Instruments,
such as PCR and next generation sequencing platforms, are being widely
preferred by central laboratories and diagnostic institutes due to the
rapid nature of these tests in delivering quick & reliable results and
the high volume of diagnostic procedures in this segment. Thus, this
segment is expected to maintain a constant growth at a CAGR of around
9.0%.
- Central
laboratories led the global molecular diagnostics market by test location
with revenue generation of around USD 4.0 billion in 2015 owing to their
established base in the remote and developing regions
- On the other
hand, the point of care devices segment witnessed the fastest growth with
a CAGR of over 14.0%. The associated advantages include the user-friendly
nature of these tests and quick healthcare delivery, which are estimated
to propel the molecular diagnostics market.
- Infectious
diseases held the largest share of over USD 2.9 billion in 2015. Molecular
testing tools provide clinicians with better alternatives to detect
countless infectious bacteria, virus, and pathogens in short time while
delivering highly accurate results. Initiatives led by organizations, such
as the WHO, in conducting diagnostic programs in regions with high risk
areas is estimated to be a high rendering driver.
- The oncology
segment is expected to exhibit a CAGR of around 13.0% over the forecast
period. Rising awareness levels among people as well as healthcare
professionals for cancer diagnosis is a key attribute propelling the
market growth.
- The PCR
segment dominated the market with revenue generation of over USD 2.6
billion in 2015, attributable to the growing applications of multiplex PCR
over the conventional PCR procedure and the introduction of easy-to-use
PCR handling kits.
- North America
was observed to be the largest regional segment in 2015 with a share of
over 45.0%. Key factors contributing toward the large share are
well-established healthcare infrastructure, rising healthcare spending,
increasing awareness levels among patients, and expansion of R&D
activities related to drug discovery and development.
- Asia Pacific
is identified as a lucrative segment with a CAGR of approximately 17.0%
over the forecast period. Rising demand for improved diagnostic
technologies employed for the prevention of epidemics, unaddressed
clinical needs, and recent activities by key players targeting expansion
in this region are the major factors supporting the market growth.
- Some of the
major players include Novartis AG (Grifols), Siemens Healthcare GmbH, Bio-Rad
Laboratories, Inc., Alere, Inc., Danaher Corporation, bioMérieux SA,
Sysmex Corporation, Becton, Dickinson and Company, Johnson & Johnson
Services, Inc., Bio-Rad Laboratories, Inc., Bayer AG, Qiagen, Hologic,
Inc. (Gen Probe), Cepheid, F. Hoffmann-La Roche Ltd, and Dako
- The key
players are advancing strategic collaborations with major technology-based
companies & diagnostic centers and expanding into the developing
regions in an attempt to increase their market share and attain stability
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-molecular-diagnostics-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring relevant and
fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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