Molecular Diagnostics Market to Record over 7% Growth Rate and Hit USD 13873.6 Million by 2025; Advancements in this Field to Increase Productivity Level, states Fortune Business Insights™
Pune, India, Nov. 25, 2020 (GLOBE NEWSWIRE) — Global Molecular Diagnostics Market covered a value of USD 8012.7 Million in the year 2017 and is projected to reach USD 13873.6 Million by 2025. As per the report, the global market is expected to garner a healthy CAGR of 7.1% throughout the forecast period. The global molecular diagnostics market is projected to grow with rising technological developments in molecular diagnostic techniques. These advancements are intended to offer higher accuracy, cost-effectiveness, and portability which further drives the market. This information was published by Fortune Business Insights in a report. In 2017, North America market was valued at US$ 3639.4 Mn and is likely to lead the global landscape through the forecast period. The rising collaborations and association between research hospitals and academic institutions encourages growth of the market in this region.Molecular Diagnostic Industry Developments:In May 2019, Qiagen, a Germany based company got FDA approval for its QIAstat-Dx syndromic testing system. The newly FDA approved system is equipped with an advanced DiagCORE technology which enables effective detection of around 20 types of pathogens.In April 2018, altona Diagnostics GmbH launched an advanced marked AltoStar Molecular Diagnostic Workflow with an aim to streamline the workflow in real-time PCR infectious disease testing.In July 2015, Rosetta Genomics Ltd. launched OncoGxSelect, a next generation sequencing oncology panel. The new system enables detection of 5 types of genes which are associated with the lung cancer.
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Infectious Diseases: The Largest Growing Segment Among Other ApplicationsAmong applications, infectious diseases segment is expected to account for a majority of share in the global molecular diagnostic market. The scope of this segment is increasing owing to the rising number of patients suffering from infections and microbial outbreaks. Moreover, the infectious diseases segment covered a share of 60% in the year 2017.Development of tests for several diseases and rising awareness about the benefits of adopting molecular diagnostic technologies may prevent the occurrence of infectious diseases. Global organizations such as World Bank and the World Health Organization (WHO) are planning to conduct awareness programs to increase the talent pool for molecular diagnostics.
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North America Continues to Maintain Its Stronghold until 2025“Well-established healthcare infrastructure, combined with the rising incidence of cancer is helping the market grow in North America,” stated a lead analyst at Fortune Business Insights. “Developed healthcare systems further helps in the easy availability and accessibility of advanced instruments such as molecular diagnostics.In 2017, this regional market was valued at US$ 3639.4 Mn and is likely to lead the global landscape through the forecast period. The rising collaborations and association between research hospitals and academic institutions encourages growth of the market in this region. Both the bodies are involving in continuous discussions for process improvements in molecular diagnosis.The market in Europe is also expected to witness considerable growth with growing emphasis on clinical microbiology and hospital research organizations. This is mainly done to increase the number of molecular diagnostic techniques. Rapidly developing healthcare infrastructure and rising investments in research and development activities are factors responsible for creating good growth opportunities.
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Abbott Launched a Next Generation System Used for Molecular DiagnosisThe global molecular diagnostics market is expected to be dominated by companies such as Danaher, Abbott, QIAGEN, and F. Hoffmann-La Roche Ltd. Strong supply chain network, rising research and development (R&D) activities, and development strategies are likely to create growth opportunities for the above companies.In 2016, Abbott announced the introduction of a next-generation system called Alinity. This system is used for plasma and blood screening, haematology procedures, molecular diagnostics, and clinical chemistry. Companies are focussing on to develop new molecular diagnostic tests, which may foster growth of the market.In 2018, Banyan Biomakers received marketing authorization from the U.S. FDA on its first blood diagnostic test. This test was developed to treat traumatic brain injuries which is also referred to as concussion among adults. These developments are likely to have a positive impact on the overall market.
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Molecular Diagnostic Market Players:bioMérieux SA.BDDanaherGrifols, S.A.Hologic Inc.Novartis AGQIAGENSiemens Healthcare GmbHF. Hoffmann-La Roche Ltd.Other players
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Molecular Diagnostic Market Segmentations:By Product Type • Instruments• Reagents & ConsumablesBy Application • Infectious Disease• Blood Screening• Histology• Oncology• OthersBy Technique • Amplification Techniques• Hybridization Techniques• Sequencing Techniques• OthersBy End User • Hospitals• Clinical & Pathology Labs• OthersBy Geography • North America (USA and Canada)• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)• Latin America (Brazil, Mexico and Rest of Latin America)• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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