Global Molecular Diagnostics Market is expected to grow at a CAGR of 9.6% during forecasted period 2018-2023. Molecular diagnostics is a branch of diagnostics which utilizes molecular biology to detect and measure the presence of genetic material or proteins related to a specific health condition. Molecular diagnostics is the fastest growing branch in vitro diagnosis as it has been able to achieve highest diagnosis accuracy and enables early diagnosis and prevention of diseases. The global molecular diagnostics market is expected to grow remarkably as it possesses the ability to conduct genetic tests that were previously not possible and it has the potential to replace the present microbiological and clinical methods of diagnosis. Market Research Future (MRFR), asserts that the global molecular diagnostics market is set to capture a CAGR of 9.6 % during the forecast period (2017-2023).
PCR-based testing is domineering the market at present; however, other similar technologies are expected to gain traction in the coming years. Developments such as integrated chip devices and proteomic-based testing will improve the future of molecular diagnostics but would also pose challenges for implementing such technologies. The market for molecular diagnostics is anticipated to continue its growth due to the rise in number of cancer patients and the change in the approach of the medical line from treatment to prevention.
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Key players for Global Molecular Diagnostics Market
The global molecular diagnostic market is an oligopolistic market with very limited number of companies possessing the core technologies who account for 70-80% of the market. Abbott (U.S.), Siemens Healthcare GmbH (Germany), Beckman Coulter Inc. (U.S.), Hoffmann-La Roche Ltd. (U.S.), Bio-Rad Laboratories, Inc. (US), Hologic, Inc. (U.S.), Grifols (Spain), BD (U.S bioMérieux SA (France), QIAGEN N.V. (the Netherlands), and Cepheid (U.S.) are some of the key players of the market.
Molecular Diagnostics Industry Updates
Regional Analysis for Global Molecular Diagnostics Market
On the basis of region, the global molecular diagnostics market is segmented into America, Europe, Asia-Pacific and Middle East & Africa. America is responsible for a significant share of the molecular diagnostic market owing to factors such as the presence of key companies in the region, developed medical sector and higher expenditure on healthcare facilities, rising government aid for R&D activities, well-developed technology. The Europe market for molecular diagnostics ranks second in terms of market share, followed by Asia-Pacific. Strong growth is anticipated in Asia-Pacific region due to rising demand for clinical tests and analysis, however, improper reimbursement policies may hinder the growth of the market in developing countries. The market in Middle East& Africa is expected to expand owing to increased blood disorders in the region.
Segments Molecular Diagnostics Market
The global market for molecular diagnostics is segmented based on techniques, end-users and applications. By techniques, it is segmented into PCR (Polymerase Chain Reaction) and real-time PCR, transcription-mediated amplification, fluorescence in-situ hybridization, microarray, and next-generation sequencing. By applications, it is segmented into blood screening, coagulation, oncology, genetic testing, human leukocyte antigen typing, infectious diseases, pharmacogenomics and others. By end-users, it is segmented into academics and research institutions, hospitals, diagnostic laboratories.
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