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Rising Demand for Effective Screening Diagnostics to Drive Molecular Diagnostics Market
August 19, 2019 | PRNewswireEstimated reading time: 3 minutes
Transparency Market Research (TMR) finds that the global Molecular Diagnostics Market is gaining traction on the back of rising geriatric population, which is prone to the several diseases and demands for the advanced patient care. Additionally, rising awareness and growing usage of molecular diagnostics is driving growth of the global molecular diagnostics market. A continuous development in the field of molecular diagnostics coupled with robust investment for research and development is likely to further fuel the growth of the global molecular diagnostics market. These innovations and product advancements are enhancing the effective screening of diseases.
Rising Incidences of Life Threatening Diseases to Drive the Market
Further, rising prevalence of life threatening diseases such as STDs, Neisseria gonorrhea, and Chlamydia trachomatis is developing the need for advanced and effective diagnosis options. This in turn drives growth of the global molecular diagnostics market and is estimated to be a key factor responsible for growth in coming years. TMR's report estimates that the molecular diagnostics market stood at the value of US$7.1 bn in 2015 and by expanding at a CAGR of 11.6%, the market will likely to be worth US$18.9 bn by the end of 2025. Further, the growth is backed by the comfort and simplicity offered to the clinicians by the molecular diagnostics devices.
However, delays in approvals from the Food and Drugs Administration (FDA) are likely to hinder the growth of the global molecular diagnostics market. Additionally, absence of proper reimbursement policies is hampering its demand, thus restraining growth of the molecular diagnostics market. Nonetheless, the trend of accepting personalized treatments in the several countries including developed as well as under developing countries offer several opportunities for growth in coming years.
North America Dominates the Market
Regionally, the global molecular diagnostics market is dominated by North America in 2016 by accounting share of 39.1% in the year. This is attributable to the prevalence of infectious diseases and growing affordability of the advanced diagnostics options in the region. However, Asia Pacific is estimated to expand at a faster pace owing to concerns about health in the region along with robust investments for medical infrastructure in the region.
Thanks to the growing investments and focus of key players for improving the products, the market is becoming more competitive. The market for molecular diagnostics is consolidative; top three players including F. Hoffmann-La Roche AG, Danaher Corporation, and Abbott Laboratories accounted for 54.0% share in the overall revenue of the year 2015. Other prominent players in the market are bioMérieux SA, Dickinson and Company, and Becton. The key players are investing heavily in the research and development activities for further improvement in devices. Additionally, the players are carrying out mergers and acquisitions in order to fortify their product offerings and innovations.
Additionally, the improved molecular testing tools are offering clinicians better alternatives for detecting the countless infectious bacteria and other pathogens such as viruses with accurate results. The initiatives led by the WHO to increase penetration of these diagnostic programs in the region are fuelling growth of the global molecular diagnostics market. Moreover, rising healthcare spending, expansion of R&Ds for improving the drug discovery and development, and awareness among patients are estimated to drive the global molecular diagnostics market in coming years. This factor is likely to offer robust development opportunities for growth of the market in future.
About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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