Global Molecular Diagnostics Market Expected to Reach USD 8.7 Billion in 2019
Albany, New York, USA (PRWEB) February 17, 2014 -- According to a new market report published by Transparency Market Research “Molecular Diagnostics Market (PCR, Next Generation Sequencing, Microarray, Infectious diseases, Genetic disease, Oncology testing, Blood donor screening) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” the global molecular diagnostics market was valued at USD 4.3 billion in 2012 and is expected to grow at a CAGR of 11.1 % from 2013 to 2019, to reach an estimated value of USD 8.7 billion in 2019.
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Molecular diagnostics is defined as a class of diagnostic tests that identifies proteins or nucleic acid at a molecular level. This class of test assists in identification of genetic markers of patient or nucleic acids in foreign organism. Currently, molecular diagnostics forms relatively a small portion of the overall diagnostics market but is identified as the fastest growing sector. The growth of this segment is being supported by rapid turnaround time, low cost, convenient workflow and high sensitivity. Moreover, growth of this segment is fuelled by rising incidence of chronic disorders, increasing geriatric population and adoption of personalized medicines. Molecular diagnostics test is rapidly being developed for genetic testing, infectious diseases testing, blood screening, oncology testing, cardiovascular testing and others.
Molecular diagnostics is rapidly an evolving market supported by increasing R&D activities for biomarker identification coupled with emergence of new applications of these tests. Infectious disease alone captures 60% share of the total molecular diagnostics applications market and remaining one third is attributed to genetic testing and blood donor screening. The growth of this segment is driven by rising incidence of cervical cancer caused due to Human Papilloma Virus (HPV). HPV is known to be a causative agent for cervical cancers hence HPV testing is projected to have a CAGR of 14.8% during the forecast period of 2013-2019. Hospital acquired infections (HAI)is anticipated as the fastest growing segment within infectious diseases and is expected to show CAGR of 15.1% from 2013-2019. Oncology testing and HLA typing testing are also projected to grow at a rapid rate during the same forecast period.
Technology wise, PCR accounts for the largest share followed by Transcription Mediated Amplification (TMA), with these two technologies accounting for nearly 50% of the share of molecular diagnostics market. Next generation sequencing is expected to witness the highest growth rate in the near future. High sensitivity, reliability and rapid turnaround time are some of the factors that are expected to trigger market growth. Microarray and hybridization techniques are also expected to show moderate growth. However, issues with reimbursement policies and strict regulatory requirements are some factors, expected to hinder the growth of molecular diagnostics market.
Geographically, North America and Europe comprises majority of the molecular diagnostics market share. Increasing investments in genomics and proteomics, rising awareness and acceptance of personalized medicines along with increasing incidence of chronic diseases are some of the factors that have driven the molecular diagnostics industry in these regions. However, Asia-Pacific is projected to witness fastest growth rate during the forecast period, reporting a CAGR of more than 14%. Economic developments and rising patient awareness towards wellness, preventive medicine and access to technologically advanced products are some of the key growth factors in this region. Additionally, growth in this market is fuelled by spread of infectious diseases such as H1N1, HIV, rise in aging population, and robust government support.
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Molecular diagnostics market is highly fragmented comprising small and large vendors. Roche Diagnostics is expected to lead the market owing to its extensive product portfolio in the molecular diagnostics segment. Other players of this market include Novartis Diagnostics, Abbott Laboratories, Qiagen, Hologic Gen-Probe, among others.
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Sheela AK, Transparency Market Research, http://www.transparencymarketresearch.com, +1 518-618-1030, [email protected]
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