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The Major Players are Focusing on Introducing Innovative Technologies and Novel Assays to Meet the Increasing Demand of Consumers in the Molecular Diagnostic Market
Different methods of molecular diagnostic testing are in demand due to the rise in the infectious diseases around the world. The significant growth in the molecular diagnostics is mainly due to the rise in the awareness of its use in various applications such as cancer, infectious diseases, and blood screening. The need for less time consuming testing processes in laboratories for growing infectious diseases due to rising population has reduced the time taken, morbidity, mortality, and discomfort for millions of patient around the world. This will further boost growth in the molecular diagnostics market.
The advances in the molecular diagnostic devices have offered a wide range of new technologies that help in effective diagnosis of diseases in more mechanistic, less costly, and time saving manner. With the introduction of molecular diagnostic techniques the molecular diagnostics market will witness higher growth in the forecast period from 2013 to 2018.
The growing awareness in healthcare has fueled the demand for various technologies such as PCR, INAAT, and Microarray that are driving the growth of the molecular diagnostics segment. The largest technology segment in this market is the PCR which is expected to grow at fast pace in the coming years. As a result, the market players in this segment are increasingly introducing innovative products and assays to meet the increasing demand for the diagnosis of diseases such as CT/NG (Chlamydia and Gonorrhea), HAI (Healthcare Associated Infections), and cancer, among others.
The market on the basis of product is categorized into instruments, reagents, and software and services. Reagents is poised to be the fastest growing market in the coming five years, followed by instruments. The accessibility to a wide range of reagents and the need for reliable, specific, and faster detection of chronic diseases and genetic disorders at an early stage is expected to drive the molecular diagnostics reagent market.
In 2013, North America was the largest contributor to the molecular diagnostics market, owing to the rise in the infectious diseases, cancer, and genetic disorders. Asia, on the other hand, is the most profitable region for molecular diagnostics. It is poised to grow at a higher CAGR over the forecasted period, owing to its large population base and increased purchasing power of the rising middle class.
Molecular Diagnostics Market by Application (Infectious Disease, Oncology, Genetics, Microbiology), Technology (PCR, INAAT, DNA Sequencing), End User (Hospital, Laboratories), Product (Instruments, Reagent, Service, Software) - Global Forecasts to 2018
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