Global Molecular Diagnostics Market will secure 8.4% growth till 2024
SELLBYVILLE, Del., Jan. 10, 2018 /PRNewswire-iReach/ — Global Molecular Diagnostics Market is expected to surpass USD 12.5 billion by 2024; according to a new research report by Global Market Insights. Growing geriatric population base along with rising incidences of infectious diseases will act as high impact rendering factors for molecular diagnostics market. Elderly people prone to suffer from several diseases require continuous monitoring as well as diagnostic tests for various diseases. Multifactorial benefits and applications of molecular diagnostics in therapeutic monitoring, detection of predisposition to disease, patient stratification, drug regimen selection and others will drive molecular diagnostics market growth.
Technological advancements including target specific PCR, high throughput capacity has escalated level of disease diagnosis in less time as compared to conventional method will favour molecular diagnostics market growth. Growing awareness about several diseases, diagnosis and prevention has stimulated demand for diagnostic tests.
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Growing adoption of western culture, unhealthy dietary habits and physical inactivity has led to upsurge in several chronic disease incidences. Increasing prevalence of infectious diseases in developing countries such as India coupled with growing demand for point of care diagnostic technologies (POCT) will fuel business growth.
Browse key industry insights spread across 250 pages with 220 market data tables & 12 figures & charts from the report, “Molecular Diagnostics Market” in detail along with the table of contents:
Growth of home healthcare sector coupled with technological advancements in handheld POCT devices will drive molecular diagnostics market growth. Rising demand for cost effective disease diagnostic tests has accelerated rise in R&D investment for development of molecular diagnostic platform. Significant role of molecular testing in diagnosis of cancer and sexually transmitted disease will positively impact industry growth. However, complex nature of U.S. FDA approval for molecular diagnostic technology coupled with rising costs associated with molecular testing will hinder molecular diagnostics market growth over the forecast period.
Infectious disease segment held largest revenue share in 2016 and is expected to follow similar trend over the forecast timeframe due to increasing incidences of infectious diseases in developing countries of Asia Pacific and Latin America. Growing awareness about pre-disease diagnosis will fuel molecular diagnostics market growth.
Sequencing is poised to be fastest growing technological segment during the forecast timeframe owing to advancement in next-generation sequencing technology and its application in cancer diagnosis and characterization. High throughput capability along with rising automation in pre-sequencing protocols will drive molecular diagnostics market.
U.S. molecular diagnostics market held largest revenue share in 2016 due to growing geriatric population, highly susceptible to suffer from various illnesses along with high technological adoption rate of U.S. Increasing healthcare expenditure by government as well as individual will positively impact market growth.
China molecular diagnostics market should grow at significant rate due to growing demand for advanced treatment coupled with rising prevalence of infectious diseases such as hepatitis in the country. Increasing number of baby boomers will act as primary driver for industry growth. Increasing focus of industry players towards expanding country’s molecular diagnostics platform coupled with rising adoption of PCR and locally manufactured diagnostic kits in the country will favor Chine molecular diagnostics market growth.
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Some of the key industry players operating in global molecular diagnostics market are Abbott, Alere, Becton, Dickinson and Company, Biomerieux, Bio-Rad Laboratories, Danaher Corporation, GenMark Diagnostics, HTG Molecular Diagnostics, Johnson & Johnson, MDxHealth, Novartis (Grifols), Qiagen Gaithersburg, Siemens Healthcare and Roche. Industry players are focusing their efforts towards developing new cost-effective, highly accurate and easy operative molecular diagnostic products to satisfy increasing consumer demand along with consolidate its market position. Strategic partnership, alliances, mergers and acquisitions are major strategies followed by market players.
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Point of Care (PoC) Molecular Diagnostics Market Size 2017 – 2024
Point of Care (PoC) Molecular Diagnostics Market share was over USD 1 billion in 2016, with growth forecast over 9% CAGR from 2017 to 2024. Increasing infectious diseases incidence coupled with growing public awareness levels pertaining to pre-disease detection to control its occurrence will drive PoC molecular diagnostics market growth.
Esoteric Testing Market Size 2017 – 2024
Esoteric Testing Market share was over USD 18 billion in 2016, with growth forecast over 9% CAGR from 2017 to 2024. Increasing number of commercial labs coupled with surge in outsourcing activities will fuel industry growth.
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