Molecular Diagnostics Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Portugal, Italy, Russia, Denmark, Norway, Sweden, Israel, Japan, China, India and etc), Application Development status, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.
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Increasing geriatric population and associated rise in chronic disease prevalence will drive global molecular diagnostics market size. According to UN estimates, population with more than 65 years of age should witness substantial increase from 901 million in 2015 to 2.1 billion by 2050.
Molecular Diagnostics Market size will exceed USD 10 billion by 2023; according to a new research Report.
Emergence of technologically advanced diagnostic products should offer promising market growth opportunities for industry players.
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Furthermore, growing demand for point of care diagnostics (PoC) will accelerate molecular diagnostics market growth. Growing adoption of personalized medicines and companion diagnostics, improved acceptance of diagnostic devices by healthcare practitioners, and increasing research funding to conduct medical diagnostics clinical studies, should propel growth.
HPV is anticipated to expand at impressive 9.8% CAGR from 2016 to 2023. Growing HPV prevalence should provide lucrative market expansion opportunities to industry participants.
As per CDC, around 79 million people are infected with HPV in the U.S. alone. Sexually Transmitted Diseases held majority of molecular diagnostics market share, with more than USD 1 billion in 2015.
PCR held more than 45% of molecular diagnostics market share in 2016. Emergence of new technologies such as genetic sequencing and in-situ hybridization should hinder growth over the forecast period.
U.S. molecular diagnostics market size should surpass USD 4 billion by 2023 owing to improved healthcare infrastructure, high technology adoption and increased patient awareness regarding early disease diagnosis. India molecular diagnostics market size should manifest robust growth attributed to huge patient numbers suffering from infectious diseases, effective preventive healthcare policies, rapid economic development and improvement in healthcare infrastructure throughout the country.
Key industry participants include Alere, Abbott Laboratories, Becton Dickinson, Bayer Healthcare, Bio-Rad Laboratories, bioMerieux, Cepheid, Dako, Hologic (Gen Probe), Danaher Corporation, Johnson & Johnson, Qiagen, Novartis (Grifols), Siemens Healthcare, Roche Diagnostics and Sysmex.
U.S. molecular diagnostics market share drives the regional industry, with expectations to exceed USD 4.2 billion by 2023. The factors contributing to revenue growth includes rising technological advancements, increasing patient awareness levels, improved healthcare infrastructure and growing R&D activities pertaining to drug discovery.
China molecular diagnostics market size is anticipated to witness positive trend owing to increasing investments in developing healthcare infrastructure and favorable government policies promoting preventive healthcare through diagnostic testing. Malaysia revenue share is anticipated to grow over forecast period owing to rising prevalence of infectious diseases such as dengue, leptospirosis, and diarrhea.
Product portfolio expansion and strategic collaborations should be resorted as primary competitive strategies by industry participants to hold their respective business shares.
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