Demand for Personalized Medicine, Innovative Molecular Diagnostic Tests Spurring Big Growth, According to BCC Research
Wellesley, Mass. (PRWEB) July 06, 2015 -- Discovery of new biomarkers for patient screening and development of simpler and cheaper molecular diagnostic tests are key drivers of the global molecular diagnostics market. BCC Research reveals in its new report that the projected growth of personalized medicine and the introduction of new companion diagnostic tests will increase demand for inexpensive and accurate tests for genetic compatibility for newly developed therapies in oncology and infectious disease
The global molecular diagnostics market was valued at almost $21.7 billion in 2014. The total market is projected to grow at a five-year compound annual growth rate (CAGR) of 12.5% to reach nearly $25.2 billion in 2015 and $45.2 billion in 2020. The market for polymerase chain reaction (PCR)-based diagnostic assays, the largest technology, is projected to grow at a five-year CAGR of 11.1% to reach nearly $11.5 billion and $19.4 billion in 2015 and 2020, respectively. The fastest-growing technology, the biochip or lab-on-a-chip market, should reach $3 billion in 2015 and nearly $6.5 billion in 2020, reflecting a CAGR of 16.5%.
Molecular diagnostics and molecular imaging for diagnostics are benefiting greatly from research since the completion of the Human Genome Project. Biomarkers are playing increasingly important roles, and one disease area, cancer, is getting much attention in this regard. Technologies such as DNA microarrays are being used to analyze biological samples in molecular diagnostics to identify high-risk patients, predict response to therapy and monitor patients during treatment to either determine effectiveness of treatment or detect recurrence of disease. Numerous companies are developing molecular oncology diagnostics tests.
DNA-based assays continue to move from research settings into the clinic; therefore, they represent one of the fastest-growing segments of diagnostics. As nucleic acid testing becomes routine, a number of related issues have come to the fore, including government regulation, reimbursement through insurance, and patient confidentiality and other legal ramifications.
“Currently, the major clinical application of DNA microarrays is not expression profiling but rather the examination of a patient’s genome. In this context, diagnostic arrays are used to detect the presence of specific mutations, to ascertain the allelic state of one or several genes or to identify gene deletions or gene duplications in the patient’s DNA,” says BCC research analyst Jon Evans. “In these applications, the array format provides a more convenient tool for determining whether specific DNA sequences are found in a patient.”
Molecular Diagnostics: Technologies and Global Markets (BIO063C) examines the global market for assays used to detect specific nucleic acid sequences. The report analyzes each technology in detail, determines major players and current market status, and presents forecasts of growth over the next five years.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven(dot)cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information(at)bccresearch(dot)com.
Steven Cumming, BCC Research, http://www.bccresearch.com, +1 (781) 489-7301 Ext: 632, [email protected]
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