San Francisco, Sept. 13, 2016 (GLOBE NEWSWIRE) -- Global molecular diagnostics market is expected to reach over USD 17.9 billion by 2024, based on a new report by Grand View Research, Inc. Increasing prevalence of infectious diseases including human papillomavirus and influenza is expected to be the primary driving force for the growth of the molecular diagnostics market. In the underdeveloped regions of Africa and Nigeria, other infections, such as HIV and tuberculosis, are soaring at a high growth rate since the last few years. This is estimated to increase the demand for early and accurate diagnostic techniques to curb their growth rate.
Prenatal genetic testing, performed for the purpose of early detection of abnormalities that develop in the fetuses of carrier parents, is also expected to widen the client base for the molecular diagnostics market. Moreover, the high adoption of unhealthy lifestyles further resulting in a large patient count afflicted with chronic diseases, such as diabetes and cardiovascular disorders, is also projected to positively impact the growth.
Browse full research report with TOC on “Molecular Diagnostics Market Analysis by Product, by Test Location (PoC, Central Lab), by Technology (PCR, In-situ Hybridization, INAAT, Microarrays, MS, NGS, TMA), by Application (Oncology, Breast, Prostate, Cervical, Pharmacogenomics, Infectious Diseases, MRSA, C.Difficile, Vancomycin-resistant Enterococci, Carbapenem-resistant, Flu, RSV, Candida, TB, Meningitis, GIT Testing, Chlamydia, Gonorrhea, HIV, HCV, HBV, Genetics, Neurological, Cardiovascular), And Segment Forecasts to 2024” at: http://www.grandviewresearch.com/industry-analysis/molecular-diagnostics-market
Further key findings from the study suggest:
- The overall market is dominated by reagents with revenue generation of over USD 2.3 billion in 2015 owing to their elevated usage rates. Reagents are key products used in academic and research institutes to perform various molecular biology protocols further contributing toward the dominance of this segment.
- Instruments, such as PCR and next generation sequencing platforms, are being widely preferred by central laboratories and diagnostic institutes due to the rapid nature of these tests in delivering quick & reliable results and the high volume of diagnostic procedures in this segment. Thus, this segment is expected to maintain a constant growth at a CAGR of around 9.0%.
- Central laboratories led the global molecular diagnostics market by test location with revenue generation of around USD 4.0 billion in 2015 owing to their established base in the remote and developing regions
- On the other hand, the point of care devices segment witnessed the fastest growth with a CAGR of over 14.0%. The associated advantages include the user-friendly nature of these tests and quick healthcare delivery, which are estimated to propel the molecular diagnostics market.
- Infectious diseases held the largest share of over USD 2.9 billion in 2015. Molecular testing tools provide clinicians with better alternatives to detect countless infectious bacteria, virus, and pathogens in short time while delivering highly accurate results. Initiatives led by organizations, such as the WHO, in conducting diagnostic programs in regions with high risk areas is estimated to be a high rendering driver.
- The oncology segment is expected to exhibit a CAGR of around 13.0% over the forecast period. Rising awareness levels among people as well as healthcare professionals for cancer diagnosis is a key attribute propelling the market growth.
- The PCR segment dominated the market with revenue generation of over USD 2.6 billion in 2015, attributable to the growing applications of multiplex PCR over the conventional PCR procedure and the introduction of easy-to-use PCR handling kits.
- North America was observed to be the largest regional segment in 2015 with a share of over 45.0%. Key factors contributing toward the large share are well-established healthcare infrastructure, rising healthcare spending, increasing awareness levels among patients, and expansion of R&D activities related to drug discovery and development.
- Asia Pacific is identified as a lucrative segment with a CAGR of approximately 17.0% over the forecast period. Rising demand for improved diagnostic technologies employed for the prevention of epidemics, unaddressed clinical needs, and recent activities by key players targeting expansion in this region are the major factors supporting the market growth.
- Some of the major players include Novartis AG (Grifols), Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., Alere, Inc., Danaher Corporation, bioMérieux SA, Sysmex Corporation, Becton, Dickinson and Company, Johnson & Johnson Services, Inc., Bio-Rad Laboratories, Inc., Bayer AG, Qiagen, Hologic, Inc. (Gen Probe), Cepheid, F. Hoffmann-La Roche Ltd, and Dako
- The key players are advancing strategic collaborations with major technology-based companies & diagnostic centers and expanding into the developing regions in an attempt to increase their market share and attain stability
Browse related reports by Grand View Research:
Grand View Research has segmented the global molecular diagnostics market on the basis of product, technology, applications, test location, and region:
Global Molecular Diagnostics Product Outlook (Revenue, USD Million, 2013 - 2024)
Global Molecular Diagnostics Technology Outlook (Revenue, USD Million, 2013 - 2024)
- In-situ Hybridization
- Chips and microarrays
- Mass spectrometry
- Transcription mediated amplification
Global Molecular Diagnostics Application Outlook (Revenue, USD Million, 2013 - 2024)
- Breast cancer
- Prostate cancer
- Colorectal cancer
- Cervical cancer
- Kidney cancer
- Liver cancer
- Blood cancer
- Lung cancer
- Infectious Diseases
- Methicillin-resistant Staphylococcus Aureus (MRSA)
- Clostridium difficile
- Vancomycin-resistant enterococci
- Carbapenem-resistant bacteria testing
- Respiratory syncytial virus (RSV)
- Tuberculosis and drug-resistant TB
- Gastrointestinal panel testing
- Hepatitis C
- Hepatitis B
- Other Infectious Diseases
- Genetic Testing
- Newborn screening
- Predictive and presymptomatic testing
- Neurological diseases
- Cardiovascular diseases
Global Molecular Diagnostics Test Location Outlook (Revenue, USD Million, 2012 - 2024)
- Point of care
- Self test or OTC
- Central laboratories
Molecular Diagnostics Regional Outlook (Revenue, USD Million, 2012 - 2024)
- North America
- Asia Pacific
- New Zealand
- Sri Lanka
- Latin America
- South Africa
- Saudi Arabia
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519
Source:Grand View Research