Molecular Diagnostics Market worth $7.9 Billion by 2018, According to a New Study on ASDReports

Wednesday 25 June 2014, Amsterdam

The "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” report, now available on ASDReports, provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the global molecular diagnostics market along with the estimates and forecasts of the revenue and share analysis.

The global molecular diagnostics market will reach $7,956.9 million by 2018, growing at a CAGR of 9.7% during the forecast period (2013–2018).

The global molecular diagnostics market is segmented on the basis of application, technology, end user, product, and geography. Based on application, the market is further segmented into infectious diseases, oncology, genetics, blood screening, microbiology, and others. Infectious diseases secured the largest market share, whereas oncology was the fastest growing segment amongst the rest. The driving forces of the molecular diagnostics market include the rising incidences of infectious diseases, genetic disorders, cancer, and technological developments like portability of equipment. The technology segment of the molecular diagnostics market comprises of polymerase chain reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), hybridization, DNA sequencing and NGS, microarray, and others. Among these, the PCR segment had the largest share in 2013 of the total molecular diagnostics technology market, whereas the microarray segment will be the fastest growing segment by 2018.

Based on products, the molecular diagnostics market is segmented into instruments, reagents, and services & software. Reagents occupy the largest market share and will also register the maximum growth rate in the forecasted period 2013-2018. These reagents include assays that detect and diagnose diseases and are also used as biomarkers that predict the biological properties of the potential drug compounds.

Based on end users, hospitals was the largest segment in 2013, whereas reference laboratories will grow at the highest CAGR between 2013 and 2018. Reference laboratories carry out complex, specialized, and obscure tests. The government regulations to cut down healthcare costs will lead to the rise in the reference laboratories segment. Therefore, reference laboratories are estimated to grow at highest CAGR.

North America accounted for the largest share in 2013 and is poised to grow at a high rate in the forecast period 2013 to 2018. The growth can be attributed to the rising infectious diseases, cancer prevalence, and genetic disorders that are further adding to the overall prevalence of chronic diseases. Europe was the second leading contributor to the molecular diagnostics market in 2013. However, the growth of this region is expected to be sluggish in the forecast period and is estimated to grow at a lower CAGR than North America, due to factors such as the uneven reimbursement policies and the European economic crisis.

Asia is the most promising region for molecular diagnostics in the coming five years. It is expected to grow at a higher CAGR than North America and Europe over the forecast period. The high population base and improved purchasing power of patients are the major drivers of this market. Moreover, the economic instability in the western countries enables companies to focus on the Asian region in order to meet their revenue targets.

The key players in the molecular diagnostics market are Roche Diagnostics (Switzerland), Gen-Probe (Hologic) (U.S.), QIAGEN (Netherlands), Becton, Dickinson & Company (U.S.), Siemens Healthcare (Germany), bioMérieux (France), Abbott Laboratories (U.S.), Novartis AG (Switzerland), Cepheid (U.S.), and Beckman Coulter (U.S.).