Molecular Diagnostic Market Scope
Molecular diagnostics is defined as the collection of techniques which is used to analyze biological markers in the genome as well as proteome. It is used to diagnose and monitor disease and detect risk. It also classifies therapies as per individual patient’s requirement. It also helps in identifying a disease by studying molecules, namely proteins, deoxyribonucleic acid, and ribonucleic acid, in a tissue or fluid. Numerous types of cancer, the upsurge in awareness as well as acceptance of personalized medicines, growth in the biomarker identification are likely to be a prime driver of the global molecular diagnostics market. It is expected to expand at a CAGR of 10.1% from 2018 to 2026
The market study is being classified by Type (Instruments, Reagents and Others), by Application (Infectious Disease, Blood Screening, Genetic Testing and Oncology Testing) and major geographies with country level break-up.
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Molecular Diagnostic market throughout the predicted period.
Bio-Rad Laboratories, Inc. (United States), Abbott Laboratories (United States), Siemens Healthcare GmbH (Germany), Alere, Inc. (United States), Dako (Denmark), Bayer AG (Germany), Hologic, Inc. (United States), Danaher Corporation. (United States), Sysmex Corporation (Japan) and Novartis AG (Switzerland) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Johnson & Johnson (United States), Qiagen N.V. (Germany), Becton, Dickinson and Company. (United States), Roche Diagnostics (Switzerland), bioMerieux SA (France) and Cepheid (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Molecular Diagnostic market by Type, Application and Region.
On the basis of geography, the market of Molecular Diagnostic has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. PCR will boost the Molecular Diagnostic market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals will boost the Molecular Diagnostic market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On September 2017, the Becton Dickinson and Company (United States) has entered into a distribution agreement with Euroclone (Italy) Company for distribution of molecular tests. This would help in increasing the customer base as well as the expansion of the company, and On November 2015, the Thermo Fisher Scientific (United States) Company has entered into an agreement with Novartis International AG (Switzerland) and Pfizer Inc. (United States) Company in order to develop and commercialize a multi-marker, universal next-generation sequencing (NGS) oncology test. In addition, it will serve as a companion diagnostic (CDx) for non-small cell lung cancer (NSCLC). This strategy has helped in the expansion of the company worldwide.
On March 2018, the QIAGEN (Germany) Company has introduced the GeneReader NGS System, which is designed for any laboratory to deliver actionable results. It would help in the expansion of the product portfolio of the company., and On April 2014, the Merck & Co., Inc., (United States) Company capital arm financed AdvanDx (United States ) Company with more than USD 12 million for research and development of pathogen screening for major hospital-acquired infections. This will, in turn, propel the growth of the molecular diagnostics market in the future.
Market Trend
- Technology Advancement of the Molecular Diagnostics
Market Drivers
- Increase in the Prevalence of the Infectious Diseases
- Increasing Geriatric Population Worldwide
- High Prevalence of Infectious Diseases and Various Types of Cancers
- Growth in the Biomarker Identification Market in addition to Advancements in Molecular Techniques
Opportunities
- Advances in Genomics and Proteomics
- Growth Opportunities in Emerging Markets such as China, India and others
Restraints
- Multifaceted Regulatory Frameworks Delaying the Approval of New Molecular Diagnostic Tests
Challenges
- Dearth of Trained Professionals Limiting the Appropriate Use of New Molecular Diagnostic Technologies
- Rising Cost of Disease Diagnostics
Key Target Audience
Academic Institutes, Research Institutes, Reference Laboratories, Diagnostics Suppliers, Blood Banks, Home Health Agencies, Market Research and Consulting Firms, Regulatory Bodies, Venture Capitalists, Manufacturers and Distributors of Molecular Diagnostic Instruments and Hospital Laboratories
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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