Molecular Diagnostics Market to Reach $8.02 Billion by 2020: Grand View Research, Inc.

SAN FRANCISCO, September 23, 2015 /PRNewswire/ --

The global molecular diagnostics market size is expected to reach USD 8.02 billion by 2020, according to a new report by Grand View Research, Inc. The increasing prevalence of infectious and cardiovascular diseases, rising geriatric population coupled with rapid usage of molecular diagnostic tools is expected to boost the molecular diagnostics growth over the forecast period.

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The rising prevalence of lifestyle habits such as tobacco consumption, smoking, and excessive alcohol consumption coupled with growing cancer prevalence and the demand for genetics based tools are expected to fuel growth over the next six years.

Browse full research report with TOC on "Molecular Diagnostics Market Analysis By Product (Instruments, Reagents), By Technology (PCR, In Situ Hybridization, Chips & Microarrays, Mass Spectrometry, Sequencing), By Application (Oncology, Pharmacogenomics, Infectious Disease, Genetic Testing, Neurological Disease, Cardiovascular Disease) And Segment Forecasts to 2020" at: http://www.grandviewresearch.com/industry-analysis/molecular-diagnostics-market                    

Rising instances of external funding for conducting clinical studies pertinent to the field of molecular diagnosis is a major driver for this market. For example, Accelerate Diagnostics raised USD 19.5 million via external funding from entities such as the Schuler Family Foundation, Oracle Institutional Partners, Oracle Partners and others to advance the development and sale of its infectious disease IVD tests and tools.

The advent of technologically advanced CLIA waived tests pertaining to point of care molecular diagnostics and advanced cancer diagnostic technologies such as companion diagnostics is one of the most important growth opportunities for the manufacturers to capitalize on.

The molecular reagents market is poised to exceed USD 4,500 million by 2020, while registering the fastest growth over the forecast period. This dominance is primarily due to high usage rates coupled with the rising demand for advanced cancer diagnostic tests in emerging countries with larger unaddressed needs such as India, Brazil and China.

DNA sequencing is the fastest growing technology segment and is expected to register a cumulative growth of over 16.0% over the forecast period. Increase in the number of genome profiling initiatives, R&D of novel drugs and the decreasing prices and sizes of DNA SEQUENCERS are few factors attributing to the fastest growth.

Central laboratories dominated the test location segment with revenue estimated at over USD 2.9 billion in 2013. On the other hand, point of care diagnostic is expected to grow lucratively at a rate of over 11.0% over the forecast period owing to, the growing number of initiatives aimed at curbing healthcare spending via reduced hospital stay and demand for rapid diagnosis in vicinity of patient site.

Diagnosis of infectious diseases was the largest application market in 2013. Whereas, the oncology testing market is expected to register the fastest growth of over 12.0% owing to high prevalence of cancer and the development of advanced cancer diagnostic tests such as companion diagnostics.

The North America molecular diagnostics market was valued at over USD 1,990.0 million in 2013, owing to factors such as the presence of sophisticated healthcare infrastructure, government support pertaining to research and development exercises and the presence of high patient and practitioner awareness levels.

On the other hand, the Asia Pacific molecular diagnostic market is expected to reach at over USD 1.4 billion by registering lucrative growth rate throughout the forecast period. Such rapid growth is attributed to the presence of high unaddressed medical needs coupled with rapidly rising disposable income levels and healthcare expenditures in the emerging economies of India and China.

Prominent players operating in this market include bioMerieux, Novartis, Hologic, Becton Dickinson and Company, Qiagen, Siemens Healthcare, Cepheid and Abbott Laboratories.

Grand View Research has segmented the global molecular diagnostics market on the basis of product, technology, Application, End User, and region:

• Molecular Diagnostics Market Product Outlook 
  • Instruments
  • Reagents
  • Others
• Molecular Diagnostics Market Technology Outlook 
  • PCR
  • In Situ Hybridization
  • Chips and Microarrays
  • Mass Spectrometry
  • Sequencing
  • Others
• Molecular Diagnostics Market Application Outlook 
  • Oncology
  • Pharmacogenomics
  • Infectious Disease
  • Genetic Testing
  • Neurological Disease
  • Cardiovascular Disease
  • Others
• Molecular Diagnostics Market End-User Outlook 
  • Point of Care
  • Self Test or OTC
  • Hospitals and Clinics
• Molecular Diagnostics Market Regional Outlook 
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World (RoW)

Browse related reports by Grand View Research: 

• Histology and Cytology Market - http://www.grandviewresearch.com/industry-analysis/histology-and-cytology-market  

• DNA Sequencing Market - http://www.grandviewresearch.com/industry-analysis/dna-sequencing-market  

• SNP Genotyping Market - http://www.grandviewresearch.com/industry-analysis/snp-genotyping-market  

• Monoclonal Antibodies Market - http://www.grandviewresearch.com/industry-analysis/monoclonal-antibodies-market                                                                                                                              

About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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