Molecular diagnostics is a crucial field in the molecular biology that analyzes genomes and proteomes for the biological markers. Use of this method is crucial for the field of medical testing and diagnosis and monitoring of various diseases. This process also helps in detection of the risk factors and planning a plan of treatment for various diseases based on their nature and severity. Growth in the instances of infectious diseases and rising number of aging population is driving more and more research institutes towards adoption these diagnostics methods. Rising demand around the world is also a strong driving factor for the global molecular diagnostics market.
Scope of Research – Segmentation in the Industry
The global molecular diagnostics market is segmented on the basis of the types of applications, technologies, end-users, products and geographic regions. The basic applications are divided into genetics, oncology, infectious diseases, microbiology, blood screening and other such applications. Technologies in the market include hybridization, PCR, DNA sequencing and NGS, INAAT, microarray and others. Basic products in the market include reagents, instruments, software and services. On the basis of geographic regions, the market is divided into North America, Asia, Europe, and rest of the world. Analysis of all these factors proves vital for understanding the basic growth prospects for the industry.
What Drives the Market?
Increased awareness towards healthcare, acceptance of companion diagnostics and personalized medicines is considered to be a strong driver for the global molecular diagnostics market. Apart from that, development of biomarker identification techniques and research and development activities in molecular testing market are also expected to goad the global market. Global reformations of the reimbursement systems are also expected to set the pace for the industry. Another vital driver for the market is the growth in the aging population of the world. Rising instances of infectious diseases and chronic diseases is also spurring the growth in this market.
What to Expect – Forecasts
According to the experts, the global market is restrained by several essential factors. These factors include issues in reimbursement, rising costs of diagnostic tools, complex platforms and lack of skilled labor, and complex regulatory frameworks in the industry. Lack of skilled labor and budget are also considered to be the essential threats to the global molecular diagnostics market. However, the industry is set to make a steady growth at a projected CAGR of over 9% by 2018. At the estimated growth rate, it is anticipated to reach past $7.9 billion by the end of the year 2018. During the forecasting period, North America is expected to maintain largest market share. Europe and emerging markets on the other hand are expected to witness impressive growth during the forecasting period.