The global molecular diagnostics market is projected to grow at a CAGR of 10.38% during the period 2016-2020.
Molecular diagnostics is a technique that involves measurement and analysis of DNA and RNA at the molecular level to detect changes in biochemical pathways. The aim of performing these tests is to determine the location of a disease and its activity. Wide scope of application, specificity, and quick turnaround time are factors that are contributing to its importance in the IVD market.
Advances in nanotechnology and genomics have led to the development of nano-platform-based theranostics, which combines therapeutics with diagnostics and provides personalized medicine. It uses the person's genotype for the selection of medication. It helps determine whether a certain disease is likely to respond positively to a particular treatment. Theranostics is an emerging segment in the field of IVD, with many players focusing on R&D in this segment, as it provides an opportunity to combat cancer and many other diseases.
According to the report, cancer, a leading cause of death worldwide, can be detected early with the help of molecular diagnostic tests and is, therefore, the primary growth driver for this market. The use of molecular diagnostics will help to reduce healthcare costs for patients by avoiding unnecessary chemotherapy, medical care, and drugs. It can also be used to detect cancer biomarkers, which in turn will help to improve the survival rate of patients. The ability of molecular diagnostics to validate cancer biomarkers and improve patient care will lead to the growth of this market during the predicted period.
Further, the report states that the growth of the global molecular diagnosis market is hampered by reimbursement issues.
Roche Diagnostics (a division of F. Hoffmann-La Roche Ltd.)
Siemens Healthcare GmbH
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Companion diagnostics: Promising business model