The global molecular diagnostics market is projected to reach USD 10.12 billion by 2021 from USD 6.54 billion in 2016, molecular diagnostics market at a CAGR of 9.1% from 2016 to 2021.
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On the basis of region, North America is expected to account for the largest share of the global molecular diagnostics market in 2016, followed by Europe. The growth of the North American molecular diagnostics market is majorly driven by the factors such as the availability of government funds, growing applications of MDx in genetic disorders and cancer screening, and ease of use of self-monitoring techniques.
On the basis of products & services, the molecular diagnostics market is segmented into instruments, reagents & kits, and services & software.
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The reagents & kits market is expected to account for the largest share and the highest CAGR of the market in 2016.
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High prevalence of infectious diseases and various types of cancer, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market and advancements in molecular techniques; and reforms in the reimbursement system in the U.S. are the major factors driving the growth of the molecular diagnostics market.
Advances in genomics and proteomics, increasing adoption of point-of-care testing, developing markets in Asia-Pacific such as China, India, Brazil, Mexico, and South Africa offer lucrative opportunities for players in the market.
Key Stakeholders of this molecular diagnostics market
- Manufacturers and distributors of molecular diagnostic instruments & assays
- In vitro diagnostic (IVD) companies
- Hospital laboratories
- Reference laboratories
- Pharmaceutical and biotechnology companies
- Research and consulting firms
- Health insurance players
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Major players operating in the molecular diagnostics market are Roche Diagnostics (U.S.), QIAGEN N.V. (Netherlands), Hologic Inc. (U.S.), Grifols (Spain), Abbott Laboratories (U.S.), Siemens Healthcare (Germany), Becton, Dickinson and Company (U.S.), Beckman Coulter Inc.
(U.S.), bioMérieux SA (France), and Cepheid Inc. (U.S.).
The market is broadly segmented on the basis of technology, applications, products & services, end user, and region. The major technologies studied in the report include PCR, INAAT, microarrays, hybridization, DNA sequencing, and Next-generation sequencing (NGS), and other technologies (electrophoresis, flow cytometry, and mass spectrometry).
Among these technologies, PCR is expected to command the largest share and microarray segment is expected to be the highest growth segment.
The molecular diagnostics market, by application, is classified into infectious diseases, oncology, genetics, blood screening, microbiology, and other applications (cardiovascular diseases, neurological diseases, DNA fingerprinting, tissue typing, and food pathogen detection testing). The infectious diseases segment will account for the largest share of the global market in 2016, followed by the blood screening and oncology segments.
Innovative product launch was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.