Molecular diagnostics is extensively used in clinical settings for diagnosing and predicting various genetic diseases, cancer, and hospital-acquired infections. Molecular diagnostic kits are also used to screen donated blood for infectious disease agents such as HIV and hepatitis virus. According to a recent report from Transparency Market Research, the global molecular diagnostics market is expected to progress at a CAGR of 11.6% between 2016 and 2025. The report states that the global market is expected to be worth US$18.9 bn by the end of 2025 as compared to US$7.1 bn in 2016.
The report suggests that the growth of the global molecular diagnostics market is being driven by the following factors:
- the rising pool of the geriatric population, growing demand for personalized health care, and increasing awareness about molecular diagnostics
- the continuous development in the field of molecular biology
- increasing investments in research and development of improved molecular diagnostic kits that deliver accurate results
Based on technology, the market is divided into polymerase chain reaction, and Real-Time PCR, hybridization, microarray, transcription-mediated amplification, next-generation sequencing and others. With a share of 39.1% in 2016, the polymerase chain reaction dominates the overall market. The next generation sequencing segment is anticipated to showcase a rapid growth rate due to its phenomenal throughput, improved speed, and enhanced flexibility during the forecast period. Techniques such as hybridization, microarray, and transcription-mediated amplification are also expected to shine by 2025.
The report segregates the market geographically as: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held the leading share of 39.1% in the global market in 2016 due to factors such as the high prevalence of infectious diseases, rising number of initiatives by governments to raise awareness and the emerging trend of patients opting for molecular diagnostic tests as they are affordable,.
Analysts expect Asia Pacific to offer several beneficial opportunities to the global market during the forecast period. The demand for molecular diagnostics in Asia Pacific is expected to increase due to factors such as the rising disposable income among the population, growing concerns about health, and improving awareness about molecular diagnostic tests.
The key players operating in the market are F. Hoffmann-La Roche Ltd., Abbott Laboratories, bioMérieux SA, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation, Siemens AG, and Thermo Fisher Scientific Inc. According to the report, F. Hoffmann-La Roche Ltd dominated the global competitive landscape in 2016 due to its wide product portfolio and sprawling presence. The report suggests that Abbott Laboratories is in second place, while Danaher Corporation ranks number three in the global market.