NEW YORK, March 21, 2016 /PRNewswire/ -- Molecular diagnostics has revolutionized the healthcare industry by providing more rapid, sensitive and specific diagnostic tests in contrast to the traditional techniques. Since its inception, the molecular diagnostics has witnessed various technological advancements which have made this technique more efficient and effective. With growing awareness and adoption of this sophisticated technique, the molecular diagnostic market is expected to surge in the future.
According to a new analysis from RNCOS in "Global Molecular Diagnostics Market Outlook 2020" report, the Global Molecular Diagnostics Market is anticipated to grow at a healthy CAGR of 10.8% during the forecast period (2015 to 2020). The market growth is expected mainly due to the growing incidences of cancer and infectious diseases, and increasing awareness about personalized medicine and biomarkers. Furthermore, the improving reimbursement scenario and strategic alliances among major players are other factors driving the growth of the market. There are also various opportunities present for the new incumbents into the market which include overall growth of interest in genetic testing and rise of emerging markets. The report provides information on the current scenario, market outlook on the basis of application, technology and geography, and future forecasts on all prominent segments of the industry till 2020.
According to the analysis by RNCOS, the infectious diseases segment dominates the molecular diagnostics market by application; however it is the oncology segment which is expected to witness the maximum growth in the coming years. This high growth is likely to be driven by the increasing incidences of cancer and growing awareness of the new sophisticated tests available for early cancer detection. Similarly, PCR dominates the molecular diagnostics market by technology and the DNA Sequencing and Next Generation Sequencing (NGS) segment is expected to witness the maximum growth. This growth could be attributed to the availability of cost effective sequencing methods. In terms of geography, North America continues to dominate the market, but it is the Asia Pacific market, which is expected to witness the highest growth, largely due to improving medical facilities and increasing focus of various players in this region.
The later part of the report focuses on existing competition in the industry. Major players operating in this market include Roche Diagnostics, Abbott Diagnostics, Becton Dickinson, and Hologic, among others. The competitive analysis is done at each player level, including their recent developments and a SWOT analysis. To provide a thorough understanding of each player's business model, the player's current and historical financials have been analyzed. On the whole, the study included in the report provides a detailed market overview, current and future scenario, and industry trends which will likely generate key interest in investors thinking about joining the industry.
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