DUBLIN, October 20, 2016 /PRNewswire/ --

Research and Markets has announced the addition of the "Molecular Diagnostics Market Analysis By Product, By Test Location, By Technology, By Application And Segment Forecasts To 2024" report to their offering.

The global molecular diagnostics market is forecast to reach a value of USD 17.9 billion by 2024

The overall market is dominated by reagents with revenue generation of over USD 2.3 billion in 2015 owing to their elevated usage rates. Reagents are key products used in academic and research institutes to perform various molecular biology protocols further contributing toward the dominance of this segment.

Instruments, such as PCR and next generation sequencing platforms, are being widely preferred by central laboratories and diagnostic institutes due to the rapid nature of these tests in delivering quick & reliable results and the high volume of diagnostic procedures in this segment. Thus, this segment is expected to maintain a constant growth at a CAGR of around 9.0%.

Central laboratories led the global molecular diagnostics market by test location with revenue generation of around USD 4.0 billion in 2015 owing to their established base in the remote and developing regions

On the other hand, the point of care devices segment witnessed the fastest growth with a CAGR of over 14.0%. The associated advantages include the user-friendly nature of these tests and quick healthcare delivery, which are estimated to propel the molecular diagnostics market.

Infectious diseases held the largest share of over USD 2.9 billion in 2015. Molecular testing tools provide clinicians with better alternatives to detect countless infectious bacteria, virus, and pathogens in short time while delivering highly accurate results. Initiatives led by organizations, such as the WHO, in conducting diagnostic programs in regions with high risk areas is estimated to be a high rendering driver.

The oncology segment is expected to exhibit a CAGR of around 13.0% over the forecast period. Rising awareness levels among people as well as healthcare professionals for cancer diagnosis is a key attribute propelling the market growth.

The PCR segment dominated the market with revenue generation of over USD 2.6 billion in 2015, attributable to the growing applications of multiplex PCR over the conventional PCR procedure and the introduction of easy-to-use PCR handling kits.

North America was observed to be the largest regional segment in 2015 with a share of over 45.0%. Key factors contributing toward the large share are well-established healthcare infrastructure, rising healthcare spending, increasing awareness levels among patients, and expansion of R&D activities related to drug discovery and development.

Asia Pacific is identified as a lucrative segment with a CAGR of approximately 17.0% over the forecast period. Rising demand for improved diagnostic technologies employed for the prevention of epidemics, unaddressed clinical needs, and recent activities by key players targeting expansion in this region are the major factors supporting the market growth.

Companies Mentioned:

• Novartis AG (Grifols)
• Siemens Healthcare GmbH
• Bio-Rad Laboratories, Inc.
• Alere, Inc.
• Danaher Corporation
• bioMérieux SA
• Sysmex Corporation
• Becton, Dickinson and Company
• Johnson & Johnson Services Inc.
• Bio-Rad Laboratories, Inc.
• Bayer AG
• Qiagen
• Hologic, Inc. (Gen Probe)
• Cepheid
• F. Hoffmann-La Roche Ltd, and Dako

Report Structure:

1 Executive Summary

2 Market Snapshot

3 Market Variables, Trends & Scope

4 Market Categorization 1: Product Estimates & Trend Analysis

5 Market Categorization 2: Test Location Estimates & Trend Analysis

6 Market Categorization 3: Technology Estimates & Trend Analysis

7 Market Categorization 4: Application Estimates & Trend Analysis

8 Market Categorization 5: Regional Estimates & Trend Analysis, by Product, Test Location, Technology & Application

9 Competitive Landscape

For more information about this report visit http://www.researchandmarkets.com/research/h3kh7w/molecular

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SOURCE Research and Markets