PUNE, India, February 2, 2017 /PRNewswire/ --
According to a new market research report "Molecular Diagnostics Market by Application (Infectious Disease (HIV, HBV, TB), Oncology, Genetics, Microbiology), Technology (PCR, Hybridization, DNA Sequencing), End User (Hospitals, Laboratory), Product & Service (Reagent, Software) - Forecast to 2021" published by MarketsandMarkets, the Market is projected to reach USD 10.12 Billion by 2021 from USD 6.54 Billion in 2016, at a CAGR of 9.1% from 2016 to 2021.
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Browse 231 market data Tables and 51 Figures spread through 241 Pages and in-depth TOC on "Molecular Diagnostics Market"
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The report Molecular Diagnostics Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue. Major factors driving the growth of the market are high prevalence of infectious diseases and various types of cancer, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market and advancements in molecular techniques, and reforms in the reimbursement system in the U.S. On the other hand, complex regulatory frameworks are a major factor restraining the growth of the molecular diagnostics market. Advancement in genomics and proteomics, increasing adoption of point-of-care testing, and high potential emerging markets such as China, India, Brazil, Mexico, and South Africa offers significant growth opportunities for the key players in the molecular diagnostics market.
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The global market is segmented on the basis of application, technology, products & services, end user, and region. By products & services, the Molecular Diagnostics Market is segmented into reagents & kits, instruments, and services & software. The reagents & kits market is expected to account for the largest share of the market in 2016. The accessibility of a wide range of reagents and need for reliable, specific, and faster detection of chronic diseases and genetic disorders at early stages are expected to drive the reagents & kits market in the future.
Based on application, the market is broadly classified into infectious diseases, oncology, genetic tests, blood screening, microbiology, and other applications (cardiovascular diseases, neurological diseases, DNA fingerprinting, tissue typing, and food pathogen detection testing). The oncology segment is estimated to grow at the highest CAGR during the forecast period. The oncology Molecular Diagnostics Market is driven by technological advancements, rising prevalence of cancer, and growing focus on personalized medicine.
By technologies, the market is broadly classified into PCR, INAAT, microarrays, hybridization, DNA sequencing, and Next-generation sequencing (NGS), and other technologies (electrophoresis, flow cytometry, and mass spectrometry). Among these technologies, PCR is expected to command the largest share and microarray segment is expected to be the highest growth segment. Factors such as the increasing need and demand for molecular-targeted drugs/therapy (personalized medicine) are expected to drive the microarray market during the forecast period.
On the basis of end users, the market is segmented into hospital & academic laboratories, reference laboratories, and other end users (blood banks, local public health laboratories, home health agencies, nursing homes, point-of-care settings, and self-testing). The reference laboratories segment is expected to grow at the highest CAGR during forecast period. This growth can be attributed to the fact that these laboratories can perform new, complex, and highly specialized tests.
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North America is expected to account for the largest share of the global Molecular Diagnostics Market in 2016, followed by Europe. The growth of the North American Molecular Diagnostics Market is majorly driven by the factors such as the availability of government funds, growing applications of MDx in genetic disorders and cancer screening, and ease of use of self-monitoring techniques.
The Molecular Diagnostics Market is dominated by established players such as Roche Diagnostics (U.S.), QIAGEN N.V. (Netherlands), Abbott Laboratories (U.S.), Hologic Inc. (U.S.), and Grifols (Germany).
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