The global molecular diagnostics market is projected to grow with rising technological developments in molecular diagnostic techniques. These advancements are intended to offer higher accuracy, cost-effectiveness, and portability which further drives the market. This information was published by Fortune Business Insights in a report, titled “Molecular Diagnostics Market Size, Share and Global Trend By Product Type (Instruments Reagents & Consumables), Application (Infectious Disease, Blood Screening, Histology & Oncology), Technique (Hospitals Amplification, Hybridization & Sequencing Techniques), End User (Hospitals, Clinical & Pathology Labs) and Geography Forecast till 2025” offering insights on factors influencing growth.
The global market covered a value of US$ 8012.7 Mn in the year 2017 and is projected to reach US$ 13873.6 Mn by 2025. As per the report, the global market is expected to garner a healthy CAGR of 7.1% throughout the forecast period.
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some of the key players in the global Molecular Diagnostics Market:
- bioMérieux SA.
- Grifols, S.A.
- Hologic Inc.
- Novartis AG
- Siemens Healthcare GmbH
- Hoffmann-La Roche Ltd.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/molecular-diagnostics-market-100086
Infectious Diseases: The Largest Growing Segment Among Other Applications
Among applications, infectious diseases segment is expected to account for a majority of share in the global molecular diagnostic market. The scope of this segment is increasing owing to the rising number of patients suffering from infections and microbial outbreaks. Moreover, the infectious diseases segment covered a share of 60% in the year 2017. Development of tests for several diseases and rising awareness about the benefits of adopting molecular diagnostic technologies may prevent the occurrence of infectious diseases. Global organizations such as World Bank and the World Health Organization (WHO) are planning to conduct awareness programs to increase the talent pool for molecular diagnostics. Adoption of molecular diagnostic systems is rising among end-users such as clinics, hospitals, emergency centers, and pathology labs.
Lack of Experts to Conduct Molecular Diagnostic Tests May Hamper the Growth
Although the market is growing at a rapid pace, there are certain factors that may restrict the growth. The molecular diagnostic tests are expensive, which makes it difficult for people with low-income groups to afford these tests. Also, lack of experts to handle such instruments especially in developing countries may impede the growth to some extent. However, with the advent of advanced technology, introduction of new molecular diagnostic systems may help to overcome such challenges.
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