BANGALORE, August 6, 2015 /PRNewswire/ --

According to a new market research report, 'Global Molecular Diagnostics Market Growth, Trends and Forecasts (2015-2020)', published by Mordor Intelligence, the global market is valued at $7 billion in 2015 and is estimated to reach $12 billion by 2020, at a CAGR of 9.7% during the forecast period (2015-2020). Molecular diagnostics detect and measure the presence of genetic material or proteins associated with a specific health condition or disease, thus helping uncover the underlying mechanisms of disease and enabling clinicians to tailor care at an individual level - facilitating the practice of "personalized medicine." Molecular diagnostics combines laboratory medicine with the technology and knowledge of molecular genetics and has been enormously revolutionized over the past decades, benefiting from the discoveries in the field of molecular biology.

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The market is segmented into different categories. This segmentation is mainly categorized on the basis of application, technology and geography.

On the basis of application, infectious diseases have the major share of the market. The key driver for the growth of this market is the rise in the increase of infectious diseases and epidemic outbreaks in the world. On the basis of technology, Polymerase Chain Reaction (PCR) is the most popular and the market share is increasing rapidly.This growth can be attributed to the increasing utility of the technique and acceptance of PCR over other technologies.

The product segment of the industry is growing at a very good speed. The products are mainly instruments, reagents and services. The reagents sector is the one with the maximum potential and is a very good prospect.

From the geographic point of view, USA is the market leader at present growing twice as fast as Europe. This trend is expected to continue.

The market drivers include the clear guidance provided by the FDA, increase in the number of infectious diseases, rise of cancer, genetic disorders, blood screening and excellent prospects in the field of pharmacogenetics and point of care testing. The market limitations include budget constraints, limited availability of the technologies, cost factors and a great need for infrastructure.

The number of companies involved in molecular diagnostics has increased remarkably during the past few years. Despite strict regulations, most of the developments in molecular diagnostics have taken place in the United States, which has the largest number of companies.

The key players in the diagnostic market are Roche Diagnostics, Illumina, Hologic, Qiagen, Myriad Genetics, Abbott Laboratories, BioMérieux and Foundation Medicine.

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SOURCE Mordor Intelligence LLP