ALBANY, New York, March 13, 2019 /PRNewswire/ -- TMR predicts that the global molecular diagnostics market will register a robust 11.6% CAGR during 2016-2025. The market is expected to reach US$18.9 bn by 2025 end. The market is expected to almost triple its initial evaluation of US$7.1 bn in 2016. Real-time PCR and polymerase chain reaction (PCR) are witnessing a healthy demand in the market. The technologies combined held a dominating 39.1% share of the total revenues in 2016. Their widespread and specialized application makes these technologies essential for applications such as investigating crimes among many others.
North America region is expected to dominate the growth story of the global molecular diagnostics market. The region held a dominant share of the market in 2016, leading with a 39.1% share of the total revenue. Growth of infectious diseases and rising awareness due to government initiatives are expected to drive the growth of the molecular diagnostics market in the near future. Asia Pacific region is expected to witness fastest growth during 2016-2025 period.
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Rising Cases of Diabetes a Boon for the Molecular Diagnostics Market
The rising number of diabetes cases around the world are expected to drive growth of the molecular diagnostics market in the near future. Diabetes like many other diseases is a rare condition which is found in monogenic forms. Molecular diagnostics have transformed the medical investigation of diabetes in recent past, by helping to identify several genetic mutations that lead to the disease. Additionally, identification of these sub-types of diabetes is significant for prediction of prognosis and choice of treatment. Hence, rising number of diabetics due to detection and various lifestyle choices are expected to help the growth of the molecular diagnostics market considerably.
Several challenges are expected to restrain the growth of the molecular diagnostics market in low and middle income countries. Lack of quality professional analysis, poor logistics, and costs remain a significant challenge in emerging markets. However, growing focus on infrastructure development on healthcare in Asia Pacific is a major positive development.
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Polymerase Chain Reaction Technology Remains Popular among Medical Professionals
The popular technology such as polymerase chain reaction is expected to register robust growth in the near future. Increasing funds for forensic analysis, rising number of infectious diseases, and lifestyle diseases such as diabetes are expected to provide a major boost to the market. Additionally, the technology remains extremely popular in the market due to its cost-effectiveness as compared to alternatives such as hybridization, microarray, transcription-mediated amplification, and next-generation sequencing. The rising popularity of polymerase chain reaction and its cost-effectiveness are expected to drive the molecular diagnostics market in the near future.
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The global molecular diagnostics market depicts a consolidated landscape, reports Transparency Market Research (TMR). The major three players in the market hold a combined 54.0% share in the market. These three leading companies are F. Hoffmann-La Roche AG, Abbott Laboratories, and Danaher Corporation.
These major players in the market are engaging in innovation-led competition. The main focus of key players is developing molecular diagnostic kits with enriching functionalities for end users. Additionally, large investments in research and development are also helping these companies expand their product portfolio. TMR expects more partnerships and collaborations in the near future as main players in the global molecular diagnostics market continue on their innovative journey.
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The information presented in this review is based on a TMR report, titled "Molecular Diagnostics Market (Technology - PCR and Real-time PCR, Hybridization, Microarray, Transcription-mediated Amplification, Next-generation Sequencing, and Mass Spectrometry; Application - Infectious Diseases (Virology and Bacteriology), Oncology, Blood Screening, Microbiology, Genetic Testing, and Women's Health; End User - Hospitals, Diagnostic Laboratories, Blood Banks, and Academics and Research) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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