There is an emerging trend towards precision health in today’s world to enhance disease diagnosis, treatment, prevention and monitoring by using innovative diagnostic technologies with broader range and bioinformatics.
New York, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Molecular Diagnostics Global Market - Forecast to 2026" - https://www.reportlinker.com/p05844658/?utm_source=GNW
Molecular diagnostics is a set of techniques used for detection and monitoring of genetic variants such as DNA, RNA and proteins associated with a disease. Molecular diagnostic tests are the key drivers for the better management and treatment of diseases thereby providing critical information to patients for right medical decisions. By providing rapid and precise information about the disease, molecular diagnostics have revolutionized the healthcare system across the world.
Some of the advantages of molecular diagnostics are, up to 70% of the healthcare decisions are influenced by molecular based tests, improve the quality of personalized care of the patient, potential improvement in the patient outcome and facilitate early detection of diseases with sensitive assays thereby reducing the cost of healthcare of an individual.
According to the analysis, molecular diagnostics global market is estimated to reach $18,668.9 million by 2026 growing at a high single digit CAGR from 2019 to 2026. Among the overall molecular diagnostic market is increasing prevalence of different types of cancers, infectious diseases, genetic disorders and other diseases, increasing awareness in personalized medicine and companion diagnostics and also growth in the point of care testing and sequencing-based tests and other molecular techniques. Molecular diagnostics plays a pivotal role in the evaluation of the disease and for the effective response for specific therapy. However, the complex regulations for the approval of molecular diagnostic tests, availability of competing/alternative technologies, high cost of the tests, and also shortage of technical experts are some of the restrains for the growth of the molecular diagnostics market.
The molecular diagnostics global market is segmented based on product, technology, application and end-users. The product market is further categorized into instruments, consumables and software and services. As per the research estimations, the consumable global market commanded the largest revenue in 2019 and is projected to grow at double digit CAGR from 2019 to 2026.
The molecular diagnostics global market by technology is divided into PCR, microarray and microfluidics, isothermal nucleic acid amplification tests, in-situ hybridization, NGS and other technologies. PCR accounted for the largest revenue in 2019 and is expected to grow at a double digit CAGR from 2019 to 2026 due to low cost and is a common and indispensable technique used for diagnosis when compared to other instruments such as NGS and also due to technological advancements in PCR and their subtypes such as digital droplet PCR with precise and highly sensible results.
The molecular diagnostics by application is classified into infectious diseases, oncology, genetic testing, transplantation, blood screening and other diseases such as metabolic disorders and diseases associated with central nervous system. The largest revenue was contributed by infectious diseases segment in 2019 and this market is expected to grow at a high single digit CAGR from 2019 to 2026 due to high incidence of bacterial and viral infections.
Infectious diseases are further segmented into bacterial, viral and other diseases. The viral diseases commanded the largest revenue in 2019 and the market is expected to grow at a strong double digit CAGR from 2019 to 2026. Viral diseases are further segmented into HIV, hepatitis, HPV, influenza and other viral infections. Among theses, HIV accounted for the largest revenue in 2019 and is expected grow at a double digit CAGR from 2019 to 2026. The bacterial diseases are sub-segmented into sexually transmitted diseases (STD) caused by bacteria, hospital acquired infections, tuberculosis and other diseases such as sepsis, pneumonia and meningitis etc. Sexually transmitted disease accounted for the largest revenue in 2019 and is expected to grow at high single digit CAGR from 2019 to 2026. The growth is attributed to the increase awareness about the molecular based kits available for the diagnoses of STD’s and also increase in the prevalence.
Under genetic testing segment the market is segmented into NIPT, cystic fibrosis and other genetic testing, among them NIPT commanded the largest revenue in 2019 and is expected to grow at a double digit CAGR from 2019 to 2026 as NIPT provides a safer alternative to invasive tests and it analyzes fetal cell-free DNA (cfDNA) from the mother’s circulation, making early detection of genetic disorders such as Down syndrome and other chromosomal aberrations easier.
Based on type of cancer, the oncology market is segmented into lung, breast, colorectal, prostate, ovarian, melanoma, ovarian and other cancers. The largest revenue under oncology was accounted by colorectal cancer with the revenue in 2019 and breast cancer is expected to grow at double digit CAGR from 2019 to 2026. Based on the cancer care, oncology segment is sub divided into early screening, companion diagnostics, prognosis and recurrence. Early screening contributed for largest revenue in 2019 and companion diagnostics is expected to grow at double digit CAGR from 2019 to 2026. Further, transplantation market is segmented into kidney, heart and other transplantation such as lung and pancreatic transplantation. Among them, kidney transplantation commanded the largest revenue in 2019.
Molecular diagnostics, end users market is segmented into hospitals, clinical/centralized laboratories, academics and research and other end users. Clinical/centralized laboratories accounted for the largest revenue due to the rapid adoption of technology and economies of scale in testing large number of samples collected from affiliated hospitals.
Geographical wise, North America region commanded the largest revenue in 2019 and is expected grow at a mid single digit CAGR from 2019 to 2026 owing to the high demand for early detection, treatment selection and prevention of diseases with advanced technology due to diseases associated with the lifestyle. However, Asia-pacific region is expected to grow at a early teen CAGR from 2019 to 2026 attributing to increasing awareness of the molecular based test for the better outcome.
The molecular diagnostics global market is a competitive market and all the existing players in this market are involved in developing new and advanced molecular based techniques for diagnosis to maintain their market shares and also acquiring companies for product expansion.
Some of the key players in molecular diagnostics global market are Abbott Laboratories (U.S.), F.Hoffmann-LA Roche AG (Switzerland), BioMerieux (France), Qiagen (Netherlands) Exact Sciences (U.S.), Grifols (Spain), Danaher Corporation (U.S.), Hologic, Inc. (U.S.), and Myriad Genetics, Inc. (U.S.)
The report provides an in-depth market analysis of the above-mentioned segments across the following regions:
• North America (U.S. and Rest of N.A.)
• Europe (Germany, France, Italy and Rest of E.U.)
• Asia-Pacific (Japan, China, India and Rest of APAC)
• Rest of the World (RoW) (Brazil, Rest of Latin-America and Middle East & Others)
Read the full report: https://www.reportlinker.com/p05844658/?utm_source=GNW
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