The global molecular diagnostics market is highly consolidated in nature, observes Transparency Market Research. The leading players accounted for a share of 54% in the overall market in 2015. F. Hoffman-La Roche Ltd., Abbott Laboratories, and Danaher Corporation have dominated the global market in the past few years. The broad product portfolio and strategic mergers and acquisitions have been the winning strategies of these players to remain dominant.
According to the research report, the global molecular diagnostic market is estimated to reach a valuation of US$18.9 bn by the end of 2025 as compared to US$7.1 bn in 2016. Between the forecast years of 2016 and 2025, the global market is estimated to expand at a steady CAGR of 11.6%.
Well-established Healthcare Infrastructure in North America Bodes Well for Regional Market
On the basis of technology, the global molecular diagnostics market is segmented into PCR and real-time PCR, hybridization, microarray, transcription-mediated amplification, next-generation sequencing, and others such as mass spectrometry. Of these, the PCR and real-time PCR technology segment is anticipated to show a significant progress during the forecast years. This segment is projected to expand at a CAGR of 11.1% between 2016 and 2025. The extensive usage of this technology is expected to play significant role in its growth.
On the basis of geography, the global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Of these, North America is estimated to account for a share of 39.6% in the overall market by the end of 2025. This segment is likely to thrive due to the changing demographics, high prevalence of cancer, evolving lifestyles, and well-established healthcare infrastructure.
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Investments in Research and Development Ensure Uptake of Molecular Diagnostic Kits
The global molecular diagnostic market is anticipated to be driven by the growing investments in research and development of biomarkers. The increasing uptake of biomarkers for diagnosis and prognosis as well as prediction and assessment of ongoing has augmented the demand for molecular diagnostics. Several kits designed for molecular diagnostics allow safe, quick, and accurate detection of infectious diseases such as HIV and hepatitis. Thus, the growing interest of big companies in expanding their business through developing biomarker solutions is expected to benefit the overall market.
The continuous evolution in the field of molecular biology has changed the way diseases are being diagnosed and treated. The new methods have the ability to detect bacteria, viruses, and genetic variations in less time in with absolute precision. Thus, the upgrades in technology, which have significantly customized health care have boosted the demand for molecular diagnostics in recent years. Analysts also predict that the wide range of technologies for diagnosis of diseases will give the global market a shot in the arm during the forecast period.
Poor Awareness and Low FDA Approvals to Restrain Market Growth
The long lead time for FDA approvals for molecular diagnostics is severely restraining the growth of the global market. Molecular diagnostics haven’t had a clinical impact on medical practice as was predicted earlier as delays in approvals have created potential hurdles. The market is also being hampered due to the poor reimbursement policies. The low awareness and lack of clarity pertaining to the diagnostic techniques used for detecting various injections and chronic conditions is a key challenge to the growth of the overall market.