ALBANY, New York, September 12, 2018 /PRNewswire/ --
According to TMR reports, the global molecular diagnostics market CAGR of 11.6% within the forecast period of 2016 and 2025. By the end of the forecast period, the market is predicted to reach a valuation of US$18.9 bn as compared to that of US$ 7.1 bn in 2016.
Transparency Market Research states that the competitive landscape of the global molecular diagnostics market has gained speed in recent years. Owing to the continuous development in the field of molecular biology, the market is also expected to benefit from the increasing investments in research and development of improved molecular diagnostic kits that conveys accurate results. Growth in this market is mainly driven because of the high prevalence of various types of cancers and other infectious diseases, along with advancement in molecular techniques, growth in biomarker identification market, and increasing awareness and acceptance of personalized medicine and companion diagnostics.
Increase in number of Sexually Transmitted Infections Boosting Market Growth
Constant prediction of a vast range of infectious diseases such as HIV and hepatitis are contributing to boost the market growth. Other than this there is a swelling demand for biomarkers to conduct rapid diagnosis which is expected to be the determining factor for market growth. Investment in research and development biomarkers is observed to serve both emerging as well as developed nations.
There has been a rise in occurrence of sexually transmitted infections (STIs) such as Neisseria gonorrhoeae and Chlamydia trachomatis which accounts for an equally frequent need of diagnostics. Hence, the demand for molecular diagnostics have stayed decent in the past few years. The adoption of molecular diagnostics is anticipated to be strengthened by convenience offered to clinicians and ease of operation.
Restricting Approvals from Food and Drug Administration Hampering Market Growth
Owing to prolonged approvals required from the food and drug administration (FDA) and other regulatory authorities, the revenue growth of the international molecular diagnostics market is predicted to be hampered. This has led to shortage of advanced molecular diagnostics tools for doctors to treat chronic infections and diseases. Adding to that, the adoption of molecular diagnostics is predicted to be discouraged due to lack of promising reimbursements policies.
Although there is shortage of advanced diagnostics tools for physicians to treat various infections, the molecular diagnostics demand has been predicted to grow due to the rising prominence of personalized therapies in various developed countries. Adding to that, the surging requirement of customized healthcare in developed regions can increase the demand in years to come. The use of molecular diagnostics plans in point-of-care settings could further help expose profitable directions in the years to come.
Leading players in the global molecular diagnostics market are Dickinson and Company, Danaher Corporation, Thermo Fisher Scientific Inc., Abbott Laboratories, and F. Hoffmann-La Roche Ltd. These companies are listed as key players due to number of factors such as SWOT analysis, product portfolio, business strategies, financial overview, and company overview.
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