LONDON, Oct. 3, 2016 /PRNewswire/ -- Global molecular cytogenetics market is expected to reach nearly USD 3.6 billion by 2022, according to a new report by Grand View Research, Inc.
Increasing instances of both, chromosomal anomalies implicated in genetic disorders and cancer, coupled with technological advancements in the molecular cytogenetic techniques is expected to positively reinforce the market growth.
Technological advancements in molecular diagnostic techniques, such as the Fluorescence In-situ Hybridization (FISH) and the Comparative Genomic Hybridization (CGH) are enabling rapid analysis of patient data to identify the potential risk factors. Increasing applications of FISH and CGH in molecular diagnostics are expected to propel the market growth in the next seven years.
The advent of the genome wide screening technique, the Next Generation Sequencing (NGS) technology enables the detection of a number of chromosomal variations in parallel by comparing genomic sequences of patient and control samples.
The NGS technique empowers the clinicians in taking therapeutic decisions based on in-depth information regarding an individual's genetic profile; and hence, the introduction of such technologies is expected to positively reinforce the market growth during the forecast period. Initiatives such as the precision medicine initiative announced by the U.S. president are expected to further drive the demand for the molecular cytogenetic tests.
In 2014, the CGH in the technology segment held the maximum market share of 52% owing to enhanced technical specifications such as high speed, accuracy, and high resolution images as compared to the FISH technology. Furthermore, the CGH technology is also expected be the fastest growing segment with a lucrative CAGR of nearly 26% over the forecast period.
In 2014, the application of molecular cytogenetics in cancer held the largest market share of over 42%. The high demand for preventive screening and diagnosis, which significantly aids the early detection of risk factors that lead to oncogenesis, are amongst the key factors responsible for the cancer segment's high share. Cancer was followed by the personal medicine segment with a market share of over 23%. In conclusion, the cancer segment is expected to be the fastest growing market with a high CAGR of 24.1% over the forecast period.
Further key findings from the study suggest:
In 2014, North America held the largest market share of 47.6%. The large share is attributed to the presence of high-tech R&D facilities, well established manufacturing infrastructure, and active collaborations between private stakeholders, such as technology companies, research centers, universities, patients, as well as government agencies such as the U.S. FDA and CDC that ensure that the new technologies are validated.
Asia Pacific is expected to witness lucrative CAGR of nearly 26% in the next seven years owing to the high unmet medical needs such as the increasing prevalence of cancer, genetic, and other hereditary diseases.
Key factors contributing to the swift growth ar the rapid development in fast growing Asian economies such as India, China, and others, the increasing healthcare expenditure to improve R&D activities, rapid proliferation of advanced diagnostic technologies, and the increasing awareness about the genetic and molecular screening tests; these crucial factors are expected to synergistically propel the market growth over the forecast period.
The global molecular cytogenetics market is dominated by players such as Abbott Laboratories Inc., Illumina, Inc., Agilent Technologies, Inc., Applied Spectral Imaging, Inc., PerkinElmer, Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., and others.
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