NEW YORK, July 20, 2016 /PRNewswire/ -- The global molecular diagnostics market is expected to reach over USD 9.50 billion by 2022, according to a new report by Grand View Research Inc. Growing prevalence of chronic diseases and infections such as HPV and influenza is anticipated to be the key driver for molecular diagnostics market growth. Moreover, increasing demand for rapid and accurate diagnostic devices for early validation of such diseases is further expected to enhance usage rates during the forecast period.
Increasing adoption of sedentary lifestyle coupled with decrease in immunity levels is expected to provide the market with a largetarget patient base. Growing awareness levels pertaining to prenatal genetic testing for early detection of developmental abnormalities and defects is also anticipated to increase penetration levels. Technological advancement on the grounds of accuracy, portability, and cost-effectiveness isalso expected to serve this market as a high impact rendering driver.
Further key findings from the report suggest:
Reagents dominated the overall market with a revenue share of over50.0% in 2014 owing to, their high usage rates. Growing initiatives by researchers in this field for detection of disease related novel biomarkers for drug development purpose isa key factor attributing for the segment's large share.
Instruments on the other hand are expected to grow at constant CAGR of 6.2% from 2015 to 2022 owing to technological advancements and rising need for lab automation.
Central laboratories dominated the overall market in terms of revenue share in 2014. Presence of established healthcare infrastructure and trained manpower are key factors attributing to its large market share.
Increasing demand for user-friendly, portable, and rapid analysis devices is a key factor resulting in the lucrative growth of the point of care devices segment. The segment is estimated to grow at a CAGR of 11.8% over the forecast period.
Infectious diseases dominated the market with share of over 50.0% in 2014 owing to the presence of high usage rates of molecular testing tools such as multiplex PCR in the detection of a myriad of infectious diseases caused by virus, bacteria, and pathogens. Commonly diagnosed infectious diseases include Clostridium difficile infection,Flu, HIV-1, HIV-2 (HIV-AIDS), HSV-1, HSV-2 (meningitis and encephalitis), Hepatitis C and B, gastro intestinal diseases, and MRSA infection.
The molecular diagnostics based oncology market is likely to witness lucrative growth over the forecast period. Increasing application of molecular diagnostic devices in the validation and differentiation of various cancer subtypes and the development of companion diagnostics for cancer drugs are further expected to boostsegment growth.
In 2014, the polymerase chain reaction technology based molecular diagnostics marketaccounted forthe largest revenue share owing to, the introduction of technologically advanced product range and higher acceptance levels by researchers
North America dominated the market in terms of revenue in 2014, owing to the presence of sophisticated healthcare infrastructure, high patient awareness levels, high levels of disposable income, and high R&D activities pertaining to drug discovery and development
Asia Pacific is expected to witness significant growth of over 12% over the forecast period. Growing base of target disease population, increasing demand for rapid diagnostic techniques for prevention of epidemics, and significant economic growth are expected to provide market with potential platform for growth
Some key players of this market include Abbott Laboratories, Alere Inc., Bayer Healthcare, Becton Dickinson, bioMerieux, Bio-Rad Laboratories, Cepheid, Dako, Danaher Corporation, Hologic(Gen Probe), Johnson & Johnson, Novartis (Grifols), Qiagen N.V., Roche Diagnostics, Siemens Healthcare, and Sysmex Corporation
Participants are constantly engaged in the introduction of technological advancements and the development of novel diagnostic products and applications in an attempt to improve marketpresence and ensure sustainability
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