Molecular Diagnostics Market

Product Launches & Approvals are the Key Growth Strategies Adopted by Players in the Global Molecular Diagnostics Market

The key players operating in the global molecular diagnostics market are Roche (Switzerland), Hologic (US), QIAGEN (Netherlands), Abbott (US), and Danaher (US). The global molecular diagnostics market is projected to reach USD 11.54 Billion by 2023 from USD 7.71 Billion in 2018, at a CAGR of 8.4%. The high prevalence of infectious diseases and various types of cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques are the major factors driving the growth of the molecular diagnostics market.

Most companies focus on product launches and approvals to compete in the market. The players also focus on increasing their presence in high-growth markets through acquisitions, agreements, partnerships, collaborations, and expansions. Abbott (US), Hologic (US), and Roche (Switzerland) focus on product launches and approvals to strengthen their positions in the market.

Roche is the leading player in the molecular diagnostics market and offers different test kits and systems. The company retained its global leadership position through its broad range of innovative products. The company’s Cobas series of instruments and reagents are the leading products in the molecular diagnostics market. The company focuses on organic and inorganic strategies. In the past three years, Roche launched 13 products in the area of molecular diagnostics. In 2015, the company also acquired GeneWEAVE BioSciences, Inc. (US) and Kapa Biosciences (US). Such developments help the company to further strengthen its position in the molecular diagnostics market.

QIAGEN is among the leading players in the global molecular diagnostics market. The company focuses on strengthening its position in the market by adopting organic and inorganic strategies such as product launches, acquisitions, collaborations, and expansions. In the past three years, QIAGEN launched 8 products in the area of molecular diagnostics. In addition to this, the company entered into a collaboration with DiaSorin (Italy) to develop new tests for DiaSorin’s LIAISON family of analyzers in June 2017. With these strategies, the company is expected to witness significant growth in the molecular diagnostics market during the forecast period.

Related Reports:

Molecular Diagnostics Market by Application (Infectious Disease (Hepatitis, HIV), Oncology, Genetic Testing), Technology (PCR, DNA Sequencing & NGS), End User (Hospital/Academic Laboratory), Product & Service (Reagent, Software) - Global Forecast to 2023

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Report Code
MD 2521
Published ON
May, 2018
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