Global Molecular Diagnostics Market: Demand Analysis and Growth Forecast
Globally, cases of infectious diseases such as hepatitis, HIV, chlamydia, and others have increased in the previous decade. The consequence of such fatal diseases has increased the demands for advanced molecular diagnostic techniques in the healthcare industry. According to the National Centre for Biometrics Information (NCBI), over 200 million surgical operations are performed annually on the global scale; and despite strong awareness level, around 4,000 surgical errors occur in the United States each year. This inaccuracy has resulted in vast rates of mortality, which can be prevented by the employment of optimistic molecular diagnostic techniques.
The gathered information resonates with the business analysis report from IndustryARC that concluded the Global Molecular Diagnostics Market size to be around $16.54 billion to $17.44 billion as of 2018. The market is growing at a positive CAGR of around 4.5% to 4.8% through the forecast period of 2019 to 2025. The molecular diagnostic market is growing because of the fact that diagnostic errors exist and are responsible for a significant number of deaths.
Molecular diagnostics is a pool of techniques used to analyze biological markers in the individual’s genetic code and determine the reaction of proteins by applying molecular biology to medical testing. These tests are accessed on a range of medical issues such as pharmacogenomics, human leucocyte antigen typing, oncology, and coagulation.
Browse 74 Market Tables, 178 Figures spread through 73 slides and an in-depth TOC “Molecular Diagnostics Market (2019 - 2025)”
Global Molecular Diagnostics Market: Leading Segments
The maximum demands for the molecular diagnostics market are emerging in the North America. The region produced around 34% to 37% of the total demand share in the molecular diagnostics marketplace in 2018. The large market share is justified since the region encapsulates prominent portion of increased chronic, cardiovascular, cancer, and infectious disease as well as robust healthcare infrastructure.
Infectious disease is the dominant application segment of the global molecular diagnostics market, with an impressive CAGR of 12% to 15% during the aforementioned forecast period. According to the Centers for Disease Control (CDC), around 1.7 million infections are recorded annually which approximately leads to 99,000 deaths each year. So, an advanced molecular diagnostic system is presumed to optimize the monitoring conditions and reduce infections on a global level.
Global Molecular Diagnostics Market Trends
- The recent decade marked the advancements in the instrumentations and chemistry including integration, automation, ability, and its output to use the instrumentation in a random-access mode. Regular investments and funding in the R&D department of the diagnostic sector of the healthcare industry will lead to significant profits in the global molecular diagnostics market.
- Emerging advance IoT and machine learning based sensors in the healthcare industry are expected to change the diagnostics landscape. Integrating cognitive sensors will project the medical data at a precise level which will improve monitoring in the global molecular diagnostics market.
Global Molecular Diagnostics Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global molecular diagnostics market are: Roche, Hologic, QIAGEN, Abbott Laboratories, and Danaher Corporation.
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