Market Research Future (MRFR) has announced a new release on the global molecular diagnostics market. The research presents detailed forecasts regarding the market’s growth prospects in the 2018-2023 forecast period, on the basis of a comprehensive assessment of the market’s present conditions and segmentation. Rising Prevalence of Cancer, Infectious Diseases to Drive Molecular Diagnostics Market
Molecular diagnostics is a vital tool for ensuring early diagnosis of major diseases such as cancer. It is an integral part of in-vitro diagnostics and comprises a collection of techniques used to analyze a variety of biomarkers in genomics and proteomics studies. Diseases that warrant treatment at a molecular level are the ones majorly targeted by molecular diagnostics. The growing prevalence of such diseases, including infectious diseases and cancer, is likely to be the major driver for the global molecular diagnostics market over the forecast period. The rapid advent of polymerase chain reaction, or PCR technology has been a vital driver for the market and has completely revolutionized the growth outlook of the global molecular diagnostics market. The growing use of PCR for the diagnosis of a number of diseases is likely to be a major driver for the global molecular diagnostics market over the forecast period.
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Key players for Global Molecular Diagnostics Market
Leading companies in the global molecular diagnostics market include QIAGEN NV, Hoffman-La Roche Ltd., Grifols, Hologic Inc., Siemens Healthcare GmbH, BD, Abbott, Beckman Coulter Inc., Bio-Rad Laboratories Inc., Cepheid, and bioMerieux SA.
Several companies in the molecular diagnostics market are looking to collaborate with research institutes in order to advance their own product development programs. Recently, EZLife announced a collaboration with the UCLA to expand EGFR lung cancer assay into RUO offerings. Such collaborations are likely to be common among key players in the molecular diagnostics market.
Molecular Diagnostics Industry Updates
- Recently in 2018, Agilent Technologies Inc. acquired Lasergen Inc., a company devoted towards R&D of technologies for DNA sequencing. Through the collaboration, the company intends to strengthen its hold in the molecular diagnostic market and develop an integrated clinical workflow solution and provide mass access to molecular diagnostics.
- Agendia, a leading medicine, and molecular cancer diagnostics has entered into a marketing agreement with Angsana Molecular & Diagnostic Laboratory, to market Agendia’s MammaPrint and BluePrint tests. These tests will aid physicians in treatment management for early breast cancer and Angsana will market these tests in Southeast Asia.
- Myriad Genetics, Inc., a leading company pioneering molecular diagnostics has announced seven new payer coverage decisions for Prolaris, a standard 46-gene RNA-expression test for detection and measurement of prostate cancer. 25 leading insurer in the U.S. are included in the payers.
Segmental Analysis:
The global molecular diagnostics market is segmented on the basis of end use, application, and technique.
On the basis of technique, the global molecular diagnostics market is segmented into PCR and real-time PCR, microarray, fluorescence in-situ hybridization, next-generation sequencing, and transcription-mediated amplification. PCR dominates the global molecular diagnostics market and accounted for more than a third of the global market in 2018. The segment is likely to remain the dominant contributor in the global molecular diagnostics market over the forecast period, along with next-generation sequencing and transcription-mediated amplification.
On the basis of application, the global molecular diagnostics market is segmented into oncology, infectious diseases, genetic testing, blood screening, pharmacogenomics, coagulation, human leukocyte antigen typing, and others. Oncology and infectious diseases are likely to remain the major contributors to the global molecular diagnostics market over the forecast period thanks to the growing prevalence of diseases such as cancer and TB.
On the basis of end use, the global molecular diagnostics market is segmented into hospitals, diagnostic laboratories, and academics and research institutes.
Regional Analysis:
On regional basis, the molecular diagnostics market is segmented into America, Europe, Asia Pacific and Middle East & Africa.
America dominates the global market for molecular diagnostics due to increasing demand for the advanced techniques and molecular diagnostics and higher expenditure in life science domain are the major factors for the growth of American market. Moreover, due to well-developed technology, increasing patient with bone disorders, high healthcare spending, and increasing government support for research & development. Furthermore, increased R&D activities and the concentration of major companies have fuelled the growth of the market in this region
Europe records the second largest market share followed by Asia Pacific. Increasing prevalence of lifestyle and chronic diseases, increasing number of private diagnostic centres are the major factors responsible for growth of the market. Lack of proper reimbursement policies in the developing countries and strict FDA regulations are the main restraints for the growth of molecular diagnostics market.
According to American Cancer Society, Asia Pacific region, contributes 44% of all cancer cases (6.4 million out of 14.1 million) and 51% of all cancer deaths (4.3 million out of 8.2 million) globally, whereas China representing the majority of the cancer burden. Incidence rates vary, being highest in the Republic of Korea (307.8 per 100,000). Furthermore, increasing demand for quality devices in the healthcare projected to lead to the use of advanced equipment, which, in turn, will increase the market growth of the molecular diagnosticsr in the region.
On the other hand, in the Middle East and Africa, blood disorders have become a huge problem due to limited screening, ignorance of diseases, and poor access to treatment
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