Molecular Diagnostics Market Is Estimated To Reach $17.9 Billion By 2024: 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: http://www.grandviewresearch.com/industry-analysis/molecular-diagnostics-market
Further
Key Findings From the Study 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.
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