According to a new Market intelligence report by BIS Research, titled “Global Molecular Diagnostics Market- Analysis and Forecast, 2018-2028”, the market was valued at $9.54 billion in 2017 and is projected to grow over $29.68 billion by 2028. The global molecular diagnostics market is expected to witness a growth of 10.89% during the forecast period 2018-2028. The growth of the market is aided primarily by the impressive growth in the kits and consumables, systems, and software and other products.
The growth of the precision medicine market over the last few years (2010-2017) has been colossal and has significantly given rise to a number of parallel fields of study and possible healthcare implementations. Molecular diagnostics has revolutionized the overall precision medicine industry by adopting highly advanced technologies, further giving rise to several inclusive applications including core molecular diagnostics, companion diagnostics, liquid biopsy, and non-invasive prenatal testing.
Molecular diagnostics encompasses a rapidly evolving range of assays and systems to detect and analyze nucleic acid sequences and proteins. These enable pathogen detection, viral load estimation, antibiotic and antiviral therapy selection, and diagnosis of cancer and other diseases. Also, these assays and systems offer prognostic assessments as well as assistance with treatment selection and drug treatment efficacy monitoring. With the advent of this field, precision care has been considerably enhanced to realistically provide favorable therapeutic effects.
According to Aditya Chatterjee, Analyst at BIS Research, “North America is the leading contributor to the global molecular diagnostics market and contributed approximately 46.29% to the global market value in 2017. This region is expected to grow at a CAGR of 9.82%, during the forecast period from 2018 – 2028 and continue dominating the global market in 2028 as well. However, the Asia-Pacific region is expected to grow at an impressive CAGR of 12.80%, during the forecast period. The Europe region also contributed a significant share of 24.45% to the global market and is anticipated to grow at a CAGR of 10.71% during the forecast period.”
• The emergence of several advancements in the molecular diagnostic industry, spear-headed by the insurgence of multiplexing, has revolutionized the health regimes by largely targeting chronic diseases that need to be addressed immediately. With rapid developments taking place at an escalating pace, the industry is consistently evolving to provide more precise care, providing significant realization to the term precision diagnostics.
• In 2017, kits and consumables have been acknowledged as the major contributor to the global molecular diagnostics market.
• Core molecular diagnostics are expected to witness a robust growth during the forecast period 2018-2028, owing to the development and approval of multiple products targeting infectious diseases.
• Polymerase Chain Reaction (PCR) based molecular diagnostics are expected to witness a growth, owing to the rapid technological advances being achieved through systems, such as droplet digital PCR and multiplex PCR assays.
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This market intelligence report provides a multi-dimensional view of the global molecular diagnostics market in terms of market size and growth potential. This research report aims at answering various aspects of the global molecular diagnostics market with the help of key factors driving the market, restraints that can possibly inhibit the overall growth of the market, and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches & approvals, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. The research report provides a comprehensive analysis of the product sales, manufacturers and trend analysis by segments, and growth share analysis by geographical regions. Additionally, the report provides a comprehensive attractive analysis and opportunity analysis for the entire molecular diagnostics market for 2017 and 2028.
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 15 leading companies, market participants, and vendors. The report also comprises 15 detailed company profiles including several key players, such as Abbott Laboratories, Agilent Technologies, Inc., Becton, Dickinson and Company, bioMérieux S.A., Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Illumina, Inc., QIAGEN N.V., Siemens Healthineers, Inc., and Thermo Fisher Scientific Inc., among others. The report also consists of snapshot profiles of QuantuMDx Group Limited and HTG Molecular Diagnostics, Inc., which have been anticipated to be two of the fastest growing companies.
The answers to the following key questions can be derived from this report:
• What are the major market drivers, challenges, and opportunities in the global molecular diagnostics market?
• What are the underlying structures resulting in the emerging trends within the global molecular diagnostics market?
• How each segment of the global molecular diagnostics market is expected to grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2028?
• What are the key developmental strategies which are implemented by the major players in order to sustain in the competitive market? What are the key regulatory implications in developed and developing regions for molecular diagnostics?
• Who are the leading players with significant offerings to the global molecular diagnostics market? What is the current market dominance for each of these leading players?
• What would be the compound growth rate witnessed by the leading players in the market during the forecast period 2018-2028? Which molecular diagnostic product type is having the most promising growth?
• What are the key applications in global molecular diagnostics market? What are the major segments of these applications? What technologies are dominating these application segments?
• What are the major technologies that are employed in the global molecular diagnostics market? Which is the dominating technology?
• Who are the primary end-users of the global molecular diagnostics market? Which is the fastest growing end-use segment in the global molecular diagnostics market?
• Who are the key manufacturers in the global molecular diagnostics market, and what are their contributions? Also, what is the growth potential of each major molecular diagnostics manufacturer?
• What is the scope of the global molecular diagnostics market in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World? Which molecular diagnostics application dominates these regions?
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