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The Global Molecular Diagnostics Market size was USD 8.01 Bn in 2017 and is projected to reach USD 13.87 Bn by 2025, exhibiting a CAGR of 7.1% in the forecast period (2018-2025)
During the last decade, molecular diagnostics has emerged as a superior methodology and achieved the goal of faster disease diagnosis along with minimal complexities. The demand for these procedures is higher, particularly for the diagnosis of infectious diseases. The growing prevalence of infectious diseases in both developing and developed nations is boosting the demand for molecular diagnosis. Major viral and bacterial outbreaks in the Middle East & Africa forced all governments and research institutions across the globe to adopt molecular diagnostic techniques to inhibit the microbial outbreaks. In terms of techniques, the amplification techniques segment is projected to hold considerable share in the global market. Consumables and reagent segments are also expected to hold considerable share in this market.
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Infectious Diseases are expected to drive the molecular diagnostics market growth
Currently, managing the microbial outbreaks and infections across the globe is a big challenge faced by all the governments worldwide. Huge amount of resource engagement in terms of technology, expertise and finance serves, and favorable environment for the imitation of research projects, particularly for infectious diseases is boosting the market for molecular diagnostics. The Infectious diseases application segment accounted for a market share of 60.0 % in 2017. Moreover, rise in awareness programs initiated by global organizations such as World Health Organization (WHO), World Bank and others for infectious diseases are expected to encourage the talent pool to step forward with the aim to achieve higher utilization of such diagnostic technologies.
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Based on applications, the global molecular diagnostic market segments includes infectious diseases, blood screening, histology, oncoloogy, and others. Infectious diseases held an estimated 60.0% of the market share in 2017. Based on the product type, the global molecular diagnostic market includes reagents and consumable. In terms of techniques, the global molecular diagnostic market is categorized as hospitals amplification techniques, hybridization techniques, sequencing techniques, and others. Various end users in the global market are clinical & pathology labs, hospitals, and others (physicians’ offices, clinics, emergency centers, long-term & urgent care centers, etc). Lucrative reimbursement strategies offered by the government for the implementation of molecular diagnostics signifies considerable growth in the execution of these diagnosis systems in clinical & pathology labs as well as in hospitals.
Reinforcement Strategies of Government Institutions for Molecular Diagnostics Reflected as Higher Growth of the Market in North America
North America Molecular Diagnostics Market Size, 2017
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North America generated revenue of USD 3.64 Bn in 2017, and is anticipated to emerge dominant in the molecular diagnostics market share during the forecast period. Growth witnessed in the region is likely to be driven by the increasing association and collaborative efforts taken by both large academic institutions and research hospitals. Moreover, the increasing interactions between hospital research organizations and academic institutions for process improvements will help boost the market. The utilization of large amount of molecular diagnostics for improvisation of clinical efficiency are projected to offer significant growth for the molecular diagnostic market during the forecast period. Moreover, the rising emphasis of bigger hospital research and clinical microbiology organizations, and their collective efforts to increase the level of molecular diagnostics are expected to drive the market in Europe. Though, improvements in Asia Pacific and Latin America are currently in premature stage, rapidly developing infrastructure and increasing investments in research and development are anticipated to serve huge potentials for the growth of the market in Asia Pacific.
QIAGEN, F. Hoffmann-La Roche Ltd., Danaher Corporation, and Abbott Laboratories Expected to Hold Considerable Share in the Global Market
Giant organizations such as QIAGEN, F. Hoffmann-La Roche Ltd., Danaher Corporation, Abbott Laboratories are expected to lead the global market during the forecast period. Optimal research & development strategies, robust supply chain network, increasing investments in research & development and cost management are projected to serve huge opportunity for the aforementioned market players to lead this market during the forecast period. Moreover, higher potential for intense penetration of advanced diagnostics in the Asia Pacific market may offer significant share for the companies in terms of revenue in the global molecular diagnostics market.
Molecular Diagnostic Market Players
The science of medical diagnostics is witnessing remarkable achievements in terms of new diagnostic domains and philosophies. The popularity of molecular diagnostics is continuously increasing in life sciences due to its extensive applications, promising solutions, and methodologies for disease diagnosis on molecular level.
The molecular diagnostics market report provides both qualitative and quantitative insights on molecular diagnostics industry trends and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented into product type, application, technique, and end user. On the basis of product type, the global market is categorized into instruments and reagents & consumables. Based on applications, the market is segmented into infectious disease, blood screening, histology, oncology, and others. Based on techniques, this market is segmented into amplification techniques, hybridization techniques, sequencing techniques, and others. Various end users covered in the report are clinical and pathology laboratories, hospitals, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These regions are further categorized into countries.
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Along with this, the report analysis includes market dynamics and a competitive landscape. Various key insights provided in the report are Porter’s five forces analysis, recent advancements in molecular diagnostics, key mergers & acquisitions, and others.
By Product Type
By End User
Molecular Diagnostic Industry Developments
Based on the detailed study conducted by Fortune Business Insights, the molecular diagnostic market was valued at USD 8.01 Billion in 2017.
Fortune Business Insights has estimated the value of the molecular diagnostic market at USD 13.87 Billion in 2025.
The molecular diagnostic market is projected to grow at a CAGR of 7.1% during the forecast period.
In 2017, North America dominated the molecular diagnostic market by generating a revenue of USD 3.63 Billion.
Increasing prevalence of infectious diseases is driving the growth of global molecular diagnostic market.
BD, Danaher and Grifols, S.A. are the companies that dominated the molecular diagnostic market in 2017
Based on the analysis done by Fortune Business Insights, the molecular diagnostic market is expected to witness significant opportunities owing to the increasing demand of molecular diagnostic in treatment of different infections.
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