Transparency Market Research has published a new market report based on “Molecular Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast to 2019” in addition to its comprehensive database. According to this report, the global molecular diagnostics market was valued at US$4.3 billion in 2012. The molecular diagnostics market is considered as one of the most attractive and well-established market for clinical applications. The molecular diagnostics market is expected to grow at a CAGR of 11.1% in the forecast period, 2013 to 2019 and reach an estimated value of US$8.7 billion by 2019. Indeed, our generation has invented some of the most innovative ideas in biotechnology which is observed in the form of molecular diagnostics.
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Earlier, the use of molecular diagnostics was limited due to high cost of tests and need for highly skilled professionals. However, with recent reduction in labor cost, cost per sample analysis, improvements in advanced technologies and automation – have all stirred substantial growth in the molecular diagnostics market and the usage of molecular diagnostics tests.
Today, the molecular diagnostics market is not only a rapidly growing segment but is a market that is highly supported by increasing research and development activities for biomarker identification coupled with introduction of new application of molecular tests. The growth in the molecular diagnostics market segment is also being supported by low costs, rapid turnaround time, high sensitivity and easy workflow.
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Currently, molecular diagnostics forms relatively a minor portion of the whole diagnostics market, but is identified and anticipated to be the next fastest growing sector in the forecast period. The report observes the molecular diagnostics market as the fastest growing sector of the in-vitro diagnostics market. Since, molecular diagnostics is defined as a class of diagnostic test that explores, identifies, and evaluates genetic, nucleic acids, proteins and molecular biomarkers at a molecular level; molecular diagnostic tests are placed in the fast lane development so that all the critical and emergency medical procedures are carried out promptly.
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With increasing investments in R&D, rising chronic infections, increasing demand for personalized medicines, growing geriatric population, and rise in other R&D activities for biomarker identification, growth in the molecular diagnostics market soars. Now-a-days, the molecular diagnostics tests are performed for testing various infectious diseases such as, cancer testing, HCV, HAI, HIV, HLA testing, HPV, genetic diseases, and many others. Infectious disease standalone captures around 60% of the total share of the molecular diagnostics applications market. The remaining one third is driven to blood donor screening and genetic testing.
The market has many molecular diagnostic kits available for blood donor screening testing and pharmacogenetics processes too.
The report details the molecular diagnostics market based on different technologies and applications. The technology segment comprises transcription mediated amplification (TMA), hybridization technique, microarray, polymerase chain reaction (PCR), next generation sequencing and others. Technologically, polymerase chain reaction (PCR) segment accounts for the largest share in the market, followed by transcription mediated amplification (TMA). Together, both these technologies account for nearly 50% of the share of molecular diagnostics market. On the other hand, the next generation sequencing is likely to witness the highest growth in the forecast period.
The molecular diagnostics market is geographically segmented into four regions, North America, Europe, Asia Pacific and Rest of the World (RoW). Of all, North America and Europe are two of the most advanced markets accounting for the majority of the market share of molecular diagnostics market. They are also the leading regions in terms of adoption of molecular diagnostic testing. In addition, rising awareness, increasing investments in proteomics and genomics, and global acceptance of personalized medicines with rising incidence of chronic diseases are some of the value driven factors of the molecular diagnostics market in these regions. The report also marks a substantial growth of more than 14% CAGR in Asia-Pacific region during the forecast period.