Molecular Diagnostics Market is Subject To Witness a Substantial Growth over the Forecast Period 2019-2026

[Apr, 2019] The global molecular diagnostics market size is expected to reach USD 19.8 billion by 2026, progressing at a CAGR of 9.1% over the forecast period. Increasing prevalence of infectious diseases, such as human papillomavirus and influenza, is expected to be the primary force driving the market.

Instruments such as PCR and next generation sequencing platforms are widely preferred by central laboratories and diagnostic institutes due to rapid nature of these tests in delivering quick and reliable results and high volume of diagnostic procedures in this segment. Associated advantages including user-friendly nature of these tests and quick healthcare delivery are estimated to propel the point-of-care segment growth.

In underdeveloped regions of Africa and Nigeria, other infections such as HIV and tuberculosis are increasing at a high rate since the last few years. This is estimated to increase demand for early and accurate diagnostic techniques to curb their surge.

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Molecular testing tools provide clinicians with better alternatives to detect countless infectious bacteria, virus, and pathogens in a short time while delivering highly accurate results. Initiatives led by organizations such as the WHO to conduct diagnostic programs in regions with high risk areas are estimated to be a high rendering driver.

Prenatal genetic testing, performed for the purpose of early detection of abnormalities that develop in the fetuses, is also expected to widen the client base for the molecular diagnostics market. Moreover, high adoption of unhealthy lifestyles resulting in a large patient count afflicted with chronic diseases such as diabetes and cardiovascular disorders is projected to positively impact the growth.

Rising healthcare spending, increasing awareness among patients, and expansion of R&D activities related to drug discovery and development are expected to drive the market in North America and Europe. 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 in Asia Pacific.

Key players are advancing strategic collaborations with major technology-based companies and diagnostic centers and tapping developing regions in an attempt to increase their market share and attain stability.

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Further key findings from the study suggest:

• On the basis of product, reagents were the largest revenue generating segment in 2018 owing to their elevated usage rates. Reagents are key products used in academic and research institutes to perform various molecular biology protocols, further contributing towards the growth of this segment

• Based on test location, central laboratories led the market with the largest market share in 2018 owing to their established base in the remote and developing regions. The point-of-care segment is expected to witness the fastest growth over the forecast period

• On the basis of application, infectious diseases dominated the overall molecular diagnostics market in 2018. The oncology application segment is expected to exhibit a CAGR of around 11.8% over the forecast period due to rising awareness among people as well as healthcare professionals pertaining to cancer diagnosis

• Based on technology, the polymerase chain reaction (PCR) dominated the market in terms of revenue in 2018, attributed to growing applications of multiplex PCR over the conventional PCR procedure and introduction of easy-to-use PCR handling kits

• North America emerged as the largest regional segment in 2018, followed by Europe, primarily driven by well-established healthcare infrastructure. Asia Pacific is expected witness the fastest growth over the forecast period

• Some of the major players are 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.

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