Molecular Diagnostics: A Global Strategic Business Report
San Jose, California (PRWEB) November 15, 2012
Follow us on LinkedIn – Molecular diagnostics constitute one of the most critical elements in the vitro diagnostics sector. With rising incidences of chronic disorders around the world along with inevitable phenomenon of graying population, the importance of laboratory testing has perhaps become profounder than ever. Molecular diagnostics are increasingly being developed for applications in pre-implantation screening, genetic testing, neurological testing, blood screening testing, food pathogen testing, cardiovascular disease testing, tissue typing testing and oncology testing to name a few. Almost all of donated blood is currently screened using molecular methods. Cancer screening tests and genetic testing are growing at a rapid rate. Under the category, market for HPV (Human Papillomavirus) testing projects the highest scope, primarily owing to its cancer causing properties. HPV for long has been known to be the causative agent for cervical as well as various forms of anogenital cancers. The market for molecular diagnostics products has rapidly evolved for clinical use, with new tests being developed creating new diagnostic capabilities.
Despite the rise in number of cancer and critical infectious diseases, the pace of growth of molecular diagnostic tests has been relatively slow primarily due to the lack of reimbursement. Molecular diagnostics are faced with increasing scrutiny by regulatory bodies, which are expected to thwart market growth and adoption of molecular diagnostics. The industry requires improved reimbursement for costly and esoteric personalized medicine products. The regulatory regime needs to be matched in line with advances in molecular diagnostics industry. Also, high costs for assay validation and restricted automation capability caused due to intrinsic protocol complexity of molecular diagnostics assays in high-volume test sites are other key growth limitations.
Recent advancements in molecular diagnostics include a shift towards near-patient testing practices, increasing number of innovative biomarkers, and an increased effort for clinically validating tests. In addition, the market is experiencing increasing competition, modifications in the regulatory environment, an improved role of personalized medicine, as well as consolidation within the area of molecular diagnostics.
The United States represents the largest market worldwide, as stated by the new market research report on Molecular Diagnostics. Europe trails behind the US, with the two regions accounting for nearly three-fourths of the global molecular diagnostic market. However, Asia-Pacific is expected to spearhead growth offering the highest growth potential among all regions.
Application-wise, Infectious Disease Testing, including tests for detection of infectious disease agents, as part of patient diagnosis and donated blood screening, captures a lion’s share of molecular diagnostics market. On the other hand, Pharmacogenomics and Cancer Screening applications are projected to be the key drivers of growth in the market.
Molecular Diagnostics form part of the larger In-Vitro Diagnostics market. As such, the competitive environment in the global market for Molecular Diagnostics mirrors that of the In-Vitro Diagnostics market, and is concentrated among a few major companies. Major players in the global marketplace include Abbott Laboratories, Life Technologies Corporation, bioMérieux, CytoCore Inc., ELITech Group, GE Healthcare, Genzyme Corp., Hologic Inc., Laboratory Corporation of America Holdings, MiraiBio Inc., Novartis Diagnostics, QIAGEN N.V, Quest Diagnostics Inc., Roche Diagnostics, Siemens Healthcare Diagnostics Inc., and Tecan Group Ltd.
The research report titled "Molecular Diagnostics: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the Molecular Diagnostics markets, current market trends, key growth drivers, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides market estimates and projections for Molecular Diagnostics (in US$) by Infectious Disease Testing, Pharmacogenomics, and Cancer Screening applications. Geographic markets analyzed include the United States, Canada, Japan, Europe (France, Germany, Italy, UK, and Rest of Europe), Asia-Pacific, and Rest of World.
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Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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