Molecular Diagnostics Market Growing at a CAGR of 9.1% During 2016 to 2021 - ReportsnReports.com
12 Jun, 2017, 15:00 BST
PUNE, India, June 12, 2017 /PRNewswire/ --
Molecular Diagnostics Market size is projected to reach $10.12 Billion from $6.54 Billion in 2016, at a CAGR of 9.1% from 2016 to 2021; market is broadly segmented by products & services, application, technology, end user, and region while North is expected to be largest share of Molecular Diagnostics Market.
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The global molecular diagnostics market is projected to reach USD 10.12 billion by 2021 from USD 6.54 billion in 2016, at a CAGR of 9.1% from 2016 to 2021. High prevalence of infectious diseases and various types of cancer, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market and advancements in molecular techniques; and reforms in the reimbursement system in the U.S. are the major factors driving the growth of the molecular diagnostics market. Advances in genomics and proteomics, increasing adoption of point-of-care testing, developing markets in Asia-Pacific such as China, India, Brazil, Mexico, and South Africa offer lucrative opportunities for players in the market.
The Molecular Diagnostics Market is broadly segmented on the basis of technology, applications, products & services, end user, and region. The major technologies studied in the report include PCR, INAAT, microarrays, hybridization, DNA sequencing, and Next-generation sequencing (NGS), and other technologies (electrophoresis, flow cytometry, and mass spectrometry). Among these technologies, PCR is expected to command the largest share and microarray segment is expected to be the highest growth segment.
By products & services, the Molecular Diagnostics Market is segmented into instruments, reagents& kits, and services & software. The reagents &kits market is expected to account for the largest share and highest CAGR of the market in 2016.
The molecular diagnostics market, by application, is classified into infectious diseases, oncology, genetics, blood screening, microbiology, and other applications (cardiovascular diseases, neurological diseases, DNA fingerprinting, tissue typing, and food pathogen detection testing). The infectious diseases segment will account for the largest share of the global market in 2016, followed by the blood screening and oncology segments.
Based on end users, the Molecular Diagnostics Market is sub segmented into hospital & academic laboratories, reference laboratories, and other end users (blood banks, local public health laboratories, home health agencies, nursing homes, point-of-care settings, and self-testing). As most diagnostic tests are performed in-house, the hospital & academic laboratories segment is expected to dominate the market. On the other hand, newly launched, complex, and highly specialized tests are mostly offered only at a few large reference laboratories. Hence, the segment will grow at the fastest pace during the forecast period.
On the basis of region, North America is expected to account for the largest share of the global molecular diagnostics market in 2016, followed by Europe. The growth of the North American molecular diagnostics market is majorly driven by the factors such as the availability of government funds, growing applications of MDx in genetic disorders and cancer screening, and ease of use of self-monitoring techniques.
Innovative product launch was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.
Research Coverage of Molecular Diagnostics Market Research Report:
This research report focuses on qualitative data, market size, and growth of various segments and sub segments, competitive landscape, and company profiles. The qualitative data covers various levels of industry analysis such as market dynamics (drivers, restraints, opportunities, and threats), winning imperatives, and burning issues.
The report also offers market sizes and data on the growth of various segments in the industry. It focuses on emerging and high-growth segments, high-growth regions, and initiatives of governments. The competitive landscape covers growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on key players in the molecular diagnostics market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future.
The abovementioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in approach, R&D investments for innovations in products and technologies, and levels of output to remain successful.
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