San Francisco, California, January 02, 2018: The global market for molecular diagnostics is gaining traction from consumers on account of the applicability of such diagnostics in medical tests, treatments mechanisms, and patient’s genetic information. Molecular diagnosis is essentially a collection of techniques used to obtain the genetic code of patients. The market has been growing due to the employability of such techniques in regulating diseases, generating patient-specific therapies, and detecting the possibility of risks in humans. A report by TMR titled, “Molecular Diagnostics Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025” elucidates the various elements that coexist in the market and regulate the demand of the molecular diagnostics. The market is set to expand at a respectable rate in the coming years because of the increasing scope of molecular diagnostic techniques. Microbiology extensively deploys these techniques for a variety of operations and the field of oncology has gained better flow of processes through them. The availability of instruments, kits, reagents, and other services in the market creates room for applications in blood screening and genetic tests, which further brightens the market prospects.
The molecular diagnostics methods have proved its efficiency in treating complex diseases and aiding the medical fraternity. This has been the prime driver for the market which has further sprouted a range of factors that could revolutionize the market. The in-vitro diagnostics (IVD_ industry has become a substantial booster to the use of molecular diagnostics, making it a key segment within the industry. Moreover, the methodologies employed for these diagnostics are characterized by accuracy and cost-effectiveness, which gives persuades medical circles to entrust them during the treatment work flow. The market for personalized medicines has benefitted from the advent of molecular diagnostics that give specific genetic information for each individual. Moreover, the rising instance of cancers and other chronic diseases has ensured superfluous demand within the market.
The domain of molecular diagnostics has to withstand threats from the prolonged approval times of the nascent molecular test, which hampers the market growth. The regulatory framework for this diagnostics inherits complexity, posing a hurdle for the stakeholders. However, these tests have been relied upon by a range of medical professionals for a number of treatments and tests, which shall keep harnessing positive results for the market.
The regional analysis of the market reveals that North America reigns over other pockets, and is expected to register the highest market share during the period between 2017 and 2025. The success of North America can be attributed to the state-of-the-art laboratories, pragmatic government initiatives, and awareness campaigns with regards to molecular diagnostics. Succeeding North America is Asia Pacific where the growth prospects seem incredibly high on account of the market potential in India and China. Besides this, the gap of unmet needs along with the rising geriatric population are also expected to bolster the market. Other geographical markets cover Latin America, Europe, and the Middle East and Africa.
Stiff competition is expected to pervade the market for molecular diagnostics as a number of companies are getting into mergers and acquisitions to attain a larger market share. Furthermore, the market players are aligning with biotech firms as part of strategic partnerships to obtain the advantages of better production techniques. It is speculated that the intense research by various players would broaden the product portfolio of these players, making the market immensely competitive. The current players in the market include Hologic, Inc. (Gen Probe), Dako, Siemens Healthcare, Alere Inc., Qiagen,Dickinson and Company, Bayer AG, Bio-Rad Laboratories, Inc., Danaher Corporation, Novartis AG, Becton, Abbott Molecular, F. Hoffmann-La Roche Ltd, and Johnson & Johnson Services Inc.
Get Sample Copy of this Report