The global market for molecular diagnostics is expected to reach USD 8,020.1 million by 2020, according to a new study by Grand View Research, Inc. Growing demand for personalized medicine and theranostics, and the subsequent introduction of advanced cancer diagnostic technologies are expected to be key factors driving market growth over the next six years. Moreover, the growing global base of geriatric population and chronic diseases such as cancer, coupled with disease triggering lifestyle habits such as smoking and excessive alcohol consumption will positively impact market growth.
Molecular diagnostic reagent products dominated the overall market, accounting for over 50% of global revenue in 2013. Reagent market revenue is expected to reach USD 4,739.9 million by 2020, growing at a CAGR of 9.9% from 2014 to 2020. High consumption rates of molecular diagnostic reagents and the growing number of research and development initiatives pertaining to the field of molecular diagnostics are two key drivers of this product segment. The point of care end-use market for molecular diagnostics is expected to be the fastest growing product segment, at an estimated CAGR of 13.3% from 2014 to 2020, on account of factors such as the growing demand for point of care diagnostic procedures as an effective diagnostic tool rendering rapid and accurate results and the introduction of government initiatives such as CLIA (Clinical Laboratory Improvement Amendments) waived tests.
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Further key findings from the study suggest:
- North America dominated the overall market in terms of revenue share in 2013 at 44.6%. The presence of sophisticated healthcare infrastructure, encouraging government initiatives and high patient awareness levels are some of the drivers of this market. In addition, the presence of enhanced R&D activities in the U.S. pertaining to advanced diagnostic technologies attributes to its large market share.
- The Asia Pacific molecular diagnostics market is expected to grow at the fastest rate of 12.7% from 2014 to 2020. High unmet medical needs in disease segments such as cancer, diabetes and cardiovascular diseases and the introduction of healthcare reforms in emerging markets such as India and China are some of the factors driving regional market growth.
- PCR based molecular diagnostic technology market revenue was estimated to be USD 2,144.3 million in 2013 and is expected to dominate the market over the next six years. Growing demand for genetic testing as an effective tool to develop personalized medicine based products is one of the most significant growth drivers of this market.
- Oncology applications dominated the overall market in 2013, accounting for over 30% of total revenue. Unmet medical needs, high global prevalence rates of cancer and the introduction of advanced cancer diagnostic technologies such as companion diagnostics are some of the factors accounting for its large market share.
- Some of the key players of this market include Roche Diagnostics, Novartis, Qiagen, bioMerieux, Cepheid, Siemens Healthcare, Hologic, Becton Dickinson and Company, Abbott Laboratories and others.
For the purpose of this study, Grand View Research has segmented the global molecular diagnostics market on the basis of product and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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