Overview: Molecular diagnostics includes the measurement and analysis of nucleic acids, proteins, and metabolites to study the genotypes and occurrence of any biochemical changes in the body. This is mainly used to examine disease occurrence in blood, tissue, or even in the bones. The importance of DNA in defining the vital cellular process has facilitated medical advancements in different disease diagnosis. The detection of cancer and various infectious diseases at an early stage is an important advantage of this technology. The capacity of molecular diagnostics to systematize molecular reactions for the enhancement of the clinical diagnosis has put healthcare in front line.
The market for molecular diagnostics is driven by the increasing prevalence of infectious diseases, growing adoption of point-of-care testing, increasing demand for biomarker-based test, and high growth of the market in emerging countries. The growing significance of companion diagnostics, increased number of M&A, and the increased adoption of DNA probe-based diagnostics are providing market growth opportunities. However, stringent regulatory approval and lack of skilled labors are hampering the market growth.
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The Global Molecular Diagnostics Market is estimated to witness a CAGR of 8.5% during the forecast period 2017–2023. The Molecular Diagnostics market is analyzed based on four segments, namely application, technology, end-users, and regions.
The regions covered in the report are the North America, Europe, Asia Pacific, and Rest of the World (ROW). North America holds the major share of the molecular diagnostics market followed by Europe. Various countries in the Americas are taking initiatives for the elimination of viral hepatitis and the major challenge remains in the diagnosis of this disease. This is providing an opportunity for the manufacturers to enhance their market presence. Asia Pacific is expected to have the fastest growth rate due to the high infectious diseases prevalence, large patient pool, and increasing awareness. This is followed by rest of the world, in terms of the growth rate during the forecast period.
Technologically, PCR is the primary technique performed before the start of any molecular diagnostic examination and is the golden standard technique for DNA amplification. Thus, the PCR technique holds the largest share among all the molecular diagnostic techniques. The advantages of microarray technology and its wide application range has made it the fastest growing segment in the market.
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The infectious diseases are the largest application segment in 2016 due to a large number of patients suffering with sexually transmitted diseases (STDs), hepatitis, hospital acquired infection, respiratory infection, pathogen ID detection, and others. The market for oncology is expected to have the fastest growth rate during the forecast period due to its rising prevalence of cancer globally.
F. Hoffmann-la Roche, Hologic, Inc, Danaher Corporation, Abbott Laboratories, and Siemens Healthineers Inc. are the key players in the market. Becton Dickenson and Company, Bio-ad Laboratories, Inc, Qiagen NV, bioMerieux S.A, Thermo Fisher Scientific are the other predominate and niche players.
Currently, the PCR market is dominating the global molecular diagnostics market, but a lot of new players are focusing on developing microarray and next-generation sequencing technologies to gain future business opportunities. Significant investments in R&D in this market is seen to develop novel technologies. As a support, many companies are receiving funds to develop advanced technology products from diagnostics associations and other venture capitalists. For instance, in November 2016, QuantuMDx received funding from the Bill & Melinda Gates Foundation to develop the CAPTURE-XT pathogen concentration technology and Q-POC molecular diagnostic platform for rapid low-cost TB detection and drug susceptibility testing (DST).
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The report provides complete details about the usage and adoption rate of molecular diagnostics in various therapeutic verticals and regions. Thus, the key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are impacting the market growth. Additionally, the report gives complete details about the business opportunities to key stakeholders to expand their business and capture the revenue in these specific verticals to analyze before investing or expanding the business in this market.