Global Molecular Diagnostics Market set to exceed USD 12.5 billion by 2024; according to a new research report by Global Market Insights.
Genetic testing application segment is estimated to witness 10.2% CAGR from 2018 to 2024. Genetic testing carefully analyzes the human DNA, RNA and chromosome to provide deeper insights regarding diseasing causing genes. This enables personalized treatment best suited to individual rather than generalized treatment approach. Increasing incidences of genetic diseases coupled with ongoing technological advancements in the field of genetics will augment the segment growth.
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U.S molecular diagnostics market dominates the industry with USD 3.1 billion in 2017. Preference for precise and early detection of infectious and other chronic disease coupled with rising prevalence of such chronic diseases will augment the demand for molecular diagnostics tests. Well established presence of industry players conducting robust research and development will support industry growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Agilent Technologies
- Bio-Rad Laboratories
- Alere Inc.
- Danaher Corporation
- Analytik Jena AG
- Genomic Health
- Myriad Genetics
- Roche Diagnostics Middle East
- Sysmex America, Inc.
- BioFire Diagnostics, LLC
- GenMark Diagnostics
PCR application segment accounted for USD 3.1 billion in 2017 and is estimated to dominate the industry throughout the analysis period. Technological advancements resulting in the development of superior techniques such as Real Time PCR that offers better results will augment the segment growth. However, the segment will lose some revenue to new and innovative technologies such as sequencing in the coming years.
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Technological advancements and consequent development of superior molecular diagnostic techniques for early and accurate diagnosis of chronic diseases will drive molecular diagnostics market growth over the forecast period. Consumers in developed economies are far more informed about the availability of these advanced technologies and plays crucial role in driving the demand. Moreover, the accessibility as well as awareness levels are also rising in developing regions that is expected to influence industry growth.
Molecular Diagnostics Market, by Technology, 2013-2024, (USD Million)
- In Situ Hybridization
- Chips and microarrays
- Mass spectrometry
- Isothermal Amplification