Molecular Diagnostics Market will hit USD 12.5 billion by 2024

China Molecular diagnostics market will witness 12.4% CAGR over the forecast time-period owing to ongoing infrastructure development, rising incidences of infectious diseases and increasing awareness levels.

U.S molecular diagnostics market dominates the industry with USD 3.1 billion in 2017. Preference for precise and early detection of infectious and other chronic disease coupled with rising prevalence of such chronic diseases will augment the demand for molecular diagnostics tests. Well established presence of industry players conducting robust research and development will support industry growth.

Global Molecular Diagnostics Market will exceed USD 12.5 billion by 2024; according to a new research report by Global Market Insights, Inc. Technological advancements and consequent development of superior molecular diagnostic techniques for early and accurate diagnosis of chronic diseases will drive molecular diagnostics market growth over the forecast period. Consumers in developed economies are far more informed about the availability of these advanced technologies and plays crucial role in driving the demand. Moreover, the accessibility as well as awareness levels are also rising in developing regions that is expected to influence industry growth.

Increasing accessibility to diagnostic services and consequent increase in availability of molecular diagnostic methods to masses, especially those belong to developing regions will drive the molecular diagnostics market over the forecast period. Robust research and development in the field of molecular diagnostics aimed at the development of superior products, increasing incidences of infectious diseases and rising geriatric population will further support molecular diagnostic market growth. However, the industry face some challenges such as high cost and lack of clear regulatory framework that is expected to impede its growth to some extent.

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Infectious disease application segment accounted for more than 45% revenue share in the global molecular diagnostics market in 2017. Infectious diseases including HIV and tuberculosis are responsible for significant mortality and morbidity across the globe and government authorities are trying to curb the economic burden associated with these infectious diseases. As the molecular diagnostics allows better management of infectious diseases and enables early and accurate diagnosis, its demand will augment over the forecast period.

PCR technology segment estimated to witness 6.6% CAGR over the analysis period. The segment currently represents largest portion of molecular diagnostics market and it is likely to retain its position in near future. Ongoing technological advancements such as development of real time PCR will further drive the segment growth.

India Molecular diagnostics market accounted for USD 202.7 million in 2017 and is forecasted to witness robust growth in coming years. Presence of large patient pool suffering from infectious diseases like tuberculosis and HIV has created immense unmet need of superior diagnostic technologies. Rising accessibility to healthcare services and developing healthcare infrastructure will boost the Indian molecular diagnostics market.

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Some of the notable players operating in global molecular diagnostics market include Siemens Healthcare, BioMerieux?s, Qiagen Gaithersburg, Roche diagnostics, Cepheid, Agilent (Dako), Johnson and Johnson, GenMark diagnostics, Alere Inc. and Analytik Jena. Key industry players primarily focus on acquisitions, strategic partnerships, and new product development retain their market position.

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Name: Arun Hegde
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Organization: Global Market Insights, Inc.

Release ID: 461965