Growing prevalence of cancer patients owing to adoption of sedentary lifestyles and decrease in immunity levels are estimated to increase industrial growth rate. Furthermore, large variations in both cancer incidence and mortality rates in different sub-regions of developing countries such as Brazil, Mexico, South Africa, and India are also anticipated to enhance the usage of molecular diagnostics to increase survival rates by early detection and validation.
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Further key findings from the study suggest:
Breast cancer accounted for largest market share in 2014 with revenue estimated at around USD 170.0 million. Molecular diagnostic assays for breast cancer prognostic are expected to increase the adoption of molecular diagnostics in the near future.
Colorectal cancer is estimated to witness lucrative growth over the forecast period owing to the availability of technologically advanced microarrays & assays such as miRNA microarrays.
On the basis of product, reagents dominated the overall market with a share of over 55% in 2014 owing to high usage rates. Growing initiatives by researchers in this field for detection of disease related novel biomarkers for drug development purpose are estimated to be the key factors attributing to this segment’s growth
Clinics and other establishments dominated the overall market in 2014 due to the presence of high procedure volumes and the extensive presence of ancillary support in terms of man power and infrastructure. PoC testing for oncology on the other hand is anticipated to witness significant growth supported by rapidly changing customer preferences.
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In situ hybridization was identified as the most preferred molecular diagnostic technique for breast cancer owing to the advantages associated with FISH technology such as accuracy, sensitivity, and speed. It held over 31.0% of the market in 2014. Whereas, PCR was the extensively preferred technique for lung cancer diagnosis in 2014.
Sequencing is estimated to be the fastest growing segment with CAGR estimated at over 19.0% during 2015 to 2022. Development of next generation sequencing techniques providing high throughput analysis and sequencing of genomic data is one of the key drivers for significant growth.
North America on account of the presence of established healthcare infrastructure, high patient awareness levels, increasing disposable income, and high R&D pertaining to drug discovery and development led the market in 2014 in terms of share at over 35.0%
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Asia Pacific is also estimated to witness significant growth over the forecast period owing to the presence of a large number of target population, rising awareness levels for cancer detection, and increasing government initiatives in this region enabling the achievement of the largest market share
Key players of this market include Abbott Laboratories, Bayer Healthcare, Becton Dickinson, Cepheid, Danaher Corporation, Gen Probe, Roche Diagnostics, Siemens Healthcare and Sysmex Corporation.
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