The global molecular
diagnostics market is witnessing a significant growth since past few years. The
market is likely to register a consolidated competitive scenario in the span of
coming years, says an analyst at TMR. The three players leading the market
collectively with an aggregated share of 54.0% in 2015 are F. Hoffmann-La Roche
AG, Abbott Laboratories, and Danaher Corporation. Various well established
firms are investing heavily in the research and development activities, to
improve the functionalities of molecular diagnostics tools. The major players
are concentrating on improving their product portfolios and are working on key
business strategies such as mergers and acquisitions to fortify their presence
in the market.
According to the report
by Transparency Market Research (TMR), the global molecular diagnostics market
is estimated to project a sound CAGR of 11.6% within the forecast period from
2016 to 2025. In 2015, the global molecular diagnostics market was valued
around worth of US$7.1 bn. This market figure is anticipated to reach a
valuation worth about US$18.9 bn by the end of forecast period.
In terms of technology,
the global molecular diagnostics market is classified as hybridization,
polymerase chain reaction and real-time polymerase chain reaction,
transcription-mediated amplification, microarray, and next-gen sequencing.
Among these, the PCR segment held the highest share of 39.1% of entire
molecular diagnostics market in 2016. This rising demand is attributed to
affordability of the PCR segment. Geographically, North America region led the
global molecular diagnostics market with a major share of 39.1%. This lead is
credited to the rising cases of contagious diseases in the region. Besides, the
government is also taking several initiatives to make masses aware about the
technology, propelling the additional growth rate in the regional market.
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Rising Cases of
STDs to Support Demand in Market
With the advent of
biomarkers for unfaltered prognosis of chronic ailments such as hepatitis and
HIV, the demand in global molecular diagnostics market is also foreseen to get
boost. Moreover, increasing research and developmental activities behind the
expansion of biomarkers in developed and developing nations is another factor
contributing towards the growth of molecular diagnostics market.
The rising prevalence of
STDs, Chlamydia trachomatis and Neisseria gonorrhea that calls for an urgent
need of diagnosis of these diseases. In the span of coming years, this is
majorly expected to support a rising demand in the molecular diagnostics
market. Also, the market growth is also backed consistently by the comfort and
simplicity provided to the clinicians. In addition, upgraded biomarker have
even reduced the computational time of usual complex stages.
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Poor
Reimbursement Policies to Hamper Market Growth
The revenue growth in the
global molecular diagnostics market is estimated to be hindered by the delay in
approval from FDA and similar administrative bodies. This has resulted in the
decline in demand for molecular diagnostics devices in the global market.
Furthermore, lack of proper reimbursement policies has also brought down the
otherwise progressive growth rate of molecular diagnostics market.
However, the decline in
demand can be picked up by improving the quality of personalized treatments in
several developed countries. Besides, electrifying growth in healthcare sector
in the regions is likely to pump the market development as well in coming
years.
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The study presented here
is based on a report by Transparency Market Research (TMR), titled, “Molecular
Diagnostics Market (Technology - PCR and Real-Time PCR, Hybridization, Microarray,
Transcription-mediated Amplification, and Next-Generation Sequencing;
Application - Infectious Diseases, Oncology, Blood Screening, Microbiology,
Genetic Testing, and Women’s Health; End User: Hospitals, Diagnostic
Laboratories, Blood Banks, Academics, and Research) - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2017 – 2025.”
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