Molecular diagnostics is part of in vitro diagnostics industry and gained substantial momentum in the global market. Growing introduction of tests such as Chlamydia trachomatis and Neisseria gonorrhea (CT/NG) and HIV are growing growth of the global molecular diagnostics market. The introduction of tests have augmented the demand for PCR technology has augmented the demand for the molecular diagnostics technology. Additionally, these tests offers the advantages such as effective screening of genetic disease, hepatitis virus, cancer, and hospital-acquired infections.
On the basis of technology, the global molecular diagnostics market is segmented into PCR and real-time PCR, hybridization, microarray, transcription-mediated amplification, and next-generation sequencing. Out of these, the polymerase chain reaction accounted for the largest share in the overall market by accounting 39.1% of shares in 2016. This demand for technology is attributable to cost-effectiveness.
On the basis of application, the global molecular diagnostics market is segmented into infectious diseases, oncology, blood screening, microbiology, genetic testing, and women’s health. On the basis of end user, the global molecular diagnostics market is segmented into hospitals, diagnostic laboratories, blood banks, academics, and research.
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Rising pool of the geriatric population which are more susceptible to these diseases, growing demand for patient-centric healthcare, and increasing awareness about usage of molecular diagnostics. The aforementioned factors are propelling growth of the market as their adoption is relatively higher due to continuous development in the field of molecular biology. Additionally, the market is expected to be driven by the increasing investments in research and development activities for improvement in molecular diagnostic kits and its accuracy.
According to the report by TMR, the global molecular diagnostics market was valued at around US$7.1 bn in 2015 and is anticipated to expand with a CAGR of around 11.6% from 2016 to 2025 to attain value of US$18.9 bn by the end of 2025.
On the basis of region, the global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, in 2016, North America accounted for leading share of 39.1% in the global market. This dominance is attributable to high prevalence of infectious diseases. Also, high number of initiatives by governments to raise awareness and emerging trend of using molecular diagnostics tests owing to its affordability. However, Asia Pacific is expected to expand with higher CAGR owing to growing concerns about health and rising disposable income among the population.
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Key players operating in the molecular diagnostics market include F. Hoffmann-La Roche Ltd., bioMérieux SA, Becton, Abbott Laboratories, and Dickinson and Company. In 2016, F. Hoffmann-La Roche Ltd dominated the global market followed by the Abbott Laboratories. Additionally, these players are adopting the strategies such as mergers, acquisitions, and partnerships for accounting major share in global market for molecular diagnostics.