Dublin, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The "Global Molecular Diagnostics Market: Focus on Product Type (Kits and Consumables, Systems, Software & Others), Applications, Technologies, End-User, Country Data (15 Countries), and Competitive Landscape: Analysis and Forecast: 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The market is expected to continue to grow with a double digit CAGR of 10.89% during the forecast period, 2018-2028. Growing at a CAGR of 11.08% during the forecast period of 2018-2028, the kits and consumables product segment is anticipated to generate a value of $20.33 billion in 2028. However, the global market for software and other products is anticipated to grow at the fastest CAGR of 11.74% during the forecast period 2018-2028.
The growth of the precision medicine market over the last few years (2010-2017) has been colossal and has significantly contributed to giving rise to a number of parallel fields of study and possible healthcare implementations. Molecular diagnostics have revolutionized the overall precision medicine industry by adopting highly advancing technologies, further giving rise to several inclusive applications including core molecular diagnostics, companion diagnostics, liquid biopsy, and non-invasive prenatal testing.
As one of the most transformative, and dynamic areas of diagnostics, molecular diagnostics have made significant strides in research and treatment dissemination that have been continuously revolutionizing healthcare across a broad continuum of diseases and health conditions. The evolution of molecular diagnostics into a more integrative aspect of healthcare routines has been widely established by significant laboratory tests in infectious disease and genetic screening, and a continuously increasing number in oncology. The insurgence of massively parallel methods is increasingly allowing the sequencing of entire genomes at very low costs.
Further, owing to the rapid advancements being undertaken in the industry and being led by revolutionary initiatives of developing mobile point-of-care systems and optimizing assays with the confluence of multiplexing at low costs, the global molecular diagnostics industry is set to witness significant evolution into more precise and accurate diagnostics. With a critical role in the global precision medicine phenomenon, molecular diagnostics are responsible for ensuring safe and effective application of targeted therapeutics, thus enabling better care with the ultimate aim of lowering the economic burden of diseases on populations.
The increasing prevalence of chronic disorders and an overall increased demand for preventive medication with minimal/no side-effect are promoting the growth of the global molecular diagnostics market, providing platform for the designing and development of highly enhanced and optimum products that would direct patients to their appropriate treatment modules. These individualized care regimes are improving quality of life of the patients and reducing economic, societal, and clinical burden, projecting a future of prosperity.
Presently, product categories within the molecular diagnostics market include kits and consumables, systems, and software and others. Till date, the healthcare industry has witnessed a number of successful products that have contributed significantly to the enhancement of technological advancements in making molecular diagnostics more precise. However, the consistent evolution of the market has further necessitated the insurgence of more advanced research initiatives that look to devise the optimum assay with the confluence of multiplexing and low cost. Additionally, with systems being developed at the interface of different technologies, precision diagnostics is soon to become a widespread reality.
As of 2018, the molecular diagnostics can be seen to have exposure in almost all the developed countries. However, with the rapid advancements taking place and an exponential progression in the number of companies entering the space, access to consumers is bound to become easier, thus significantly increasing the exposure in less-developed countries. The global molecular diagnostics market has been witnessing a steady growth since the end of the Human Genome Project in 2003.
Based on the region, the global molecular diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World (RoW). North America is the leading contributor to the global molecular diagnostics market and was responsible for a 46.29% share of the global market values in 2017. However, the Asia-Pacific region is expected to grow at the fastest pace among all other regions with a CAGR of 12.80% during the forecast period 2018-2028.
Key Topics Covered:
1 Market Overview
1.1 Introduction
1.2 Market Definition
1.3 Historical Perspective
1.4 Significant Technologies
1.5 Classification of Molecular Diagnostics
1.6 Global Footprint
1.7 Future Potential
2 Market Dynamics
2.1 Overview
2.2 Iceberg Analysis - Global Molecular Diagnostics Market
2.3 Impact Analysis
2.4 Market Drivers
2.4.1 A Highly Increasing Prevalence of Infectious Diseases and Various Types of Cancer, Globally
2.4.2 Growth in the Biomarker Identification Market and Advancements in Molecular Techniques
2.4.3 Increase in Awareness and Acceptance of Personalized Medicines on a Global Level
2.4.4 Significant External Funding for Executing Research and Development Exercises
2.5 Market Restraints
2.5.1 Uncertain Reimbursement Scenario
2.5.2 Lack of High-Complexity Testing Centers
2.5.3 Complex Regulatory Frameworks Delaying the Approval of New Molecular Diagnostic Tests
2.6 Market Opportunities
2.6.1 Massive Scope for Adoption of Molecular Diagnostics in Emerging Nations
2.6.2 Increase in the Adoption of Automation & Multiplexing of Technologies
2.6.3 Rise of Next Generation Ultrasensitive Molecular Diagnostics
2.6.4 Novel Revenue Streams
3 Competitive Landscape
3.1 Key Strategies and Developments
3.1.1 Synergistic Activities
3.1.2 Approvals
3.1.3 Product Launches and Enhancements
3.1.4 Acquisitions
3.1.5 Funding and Expansion Activities
3.2 Market Share Analysis
3.3 Growth Share Analysis (Opportunity Mapping)
3.4 Industry Attractiveness
4 Regulatory Framework
4.1 Legal Requirements and Framework in the U.S.
4.2 Legal Requirements and Framework in Europe
4.3 Legal Requirements and Framework in Asia-Pacific
4.3.1 China
4.3.2 Japan
5 Global Molecular Diagnostics Market (by Product)
5.1 Overview
5.2 Kits and Consumables
5.3 Systems
5.4 Software and Other Products
6 Global Molecular Diagnostics Market (by Application)
6.1 Overview
6.2 Core Molecular Diagnostics
6.2.1 Infectious Diseases
6.2.2 Genetic Testing
6.2.3 Blood Donor Screening
6.2.4 Oncology (Excluding Companion Diagnostics and Liquid Biopsy)
6.2.5 Human Leukocyte Antigen (HLA) Testing
6.2.6 Other Applications
6.3 Non-Invasive Prenatal Testing (NIPT)
6.4 Companion Diagnostics
6.5 Liquid Biopsy
7 Global Molecular Diagnostics Market (by Technology)
7.1 Overview
7.2 Polymerase Chain Reaction (PCR)
7.3 Sequencing
7.4 Microarray
7.5 In-situ Hybridization
7.6 Immunohistochemistry
7.7 Nucleic Acid Amplification
7.8 Isothermal Amplification
7.9 Others
8 Global Molecular Diagnostics Market (by End-User)
8.1 Overview
8.2 Hospitals
8.3 Diagnostic Centers
8.4 Out-Patient Clinics/General Practitioners
8.5 Research Laboratories
9 Global Molecular Diagnostics Market (by Region)
9.1 Overview
9.2 North America
9.2.1 The U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 Italy
9.3.4 The U.K.
9.3.5 Spain
9.3.6 The Netherlands
9.3.7 Rest-of-Europe
9.4 Asia-Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 Singapore
9.4.6 Rest-of-APAC
9.5 Latin America
9.5.1 Brazil
9.5.2 Mexico
9.5.3 Rest-of-Latin America
9.6 Rest-of-the-World
10 Company Profiles
- Abbott Laboratories
- Agilent Technologies, Inc.
- Becton, Dickinson and Company
- bioMrieux S.A.
- Bio-Rad Laboratories, Inc.
- Cynvenio Biosystems, Inc.
- Danaher Corporation
- F. Hoffmann-La Roche AG
- GUARDANT HEALTH, INC
- HTG Molecular Diagnostics, Inc.
- Illumina, Inc.
- Invivoscribe Technologies, Inc.
- MolecularMD Corporation
- QIAGEN N.V.
- QuantuMDx Group Ltd.
- Siemens Healthineers, Inc.
- Thermo Fisher Scientific Inc.
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