Molecular Diagnostics Market Overview:
The rising incidence of infectious diseases is fueling demand in the Global Molecular Diagnostics Market. Fortune Business Insights (FBI) has published 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”.
According to the report, the global molecular diagnostics market is expected to reach a value of US$ 13,873.6 Mn by 2025 from US$ 8,012.7 Mn in 2017. The market is expected to rise at a CAGR of 7.1%, driven by rising microbial outbreaks.
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Some of the major companies that are present in the Global Molecular Diagnostics Market are;
- BioMérieux SA.
- Danaher Corporation
- Hologic Inc.
- Novartis AG
- Siemens Healthcare GmbH
- Hoffmann-La Roche Ltd.
- Other players
“Lucrative Reimbursement Policies to Support Growth Pathology Labs and Hospitals Segment”
Among techniques available in the market, the report predicts the demand for sequencing techniques to rise at a higher rate. The demand for amplification techniques is also expected to rise during the forecast period. This is because amplification techniques are used for the detection of micro-organisms, quantification and genotyping and their demand is more as compared to the other segments.
Among products available in the Molecular Diagnostic, the report predicts the demand for reagent and consumables to rise at a higher rate. Similarly, on the basis of end user, the clinical and pathology labs and hospitals segments are expected to show higher demand for molecular diagnostics. Growth in these segments is attributable to lucrative reimbursement policies offered by governments around the world.
“Increasing Incidence of Hospital-Acquired Infections to Fuel Demand for Molecular Diagnostics”
According to 2019 report by World Health Organization, the average rate of infections acquired from hospitals in Europe is 7.1% and that in the U.S. is 4.5% respectively. This is indicative of the increasing incidence of hospital acquired infections. This, coupled with rising prevalence of infectious diseases, is boosting the market for molecular diagnostics. Besides this, advanced molecular diagnostic techniques facilitate the diagnosis of infectious diseases as they provide accurate and prompt results. This factor will further drive the market in the long run.
On the flipside, stringent rules of approval for molecular diagnostic processes may hamper the market to an extent. Manufacturers often face uncertainties regarding the commercialization of their products because of the strict rules imposed by governments, which may adversely impact the global molecular diagnostics markets.
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Furthermore, the absence of a strong framework for genomic and personalized medicine in mature markets such as in the U.S. is anticipated to create hindrances for the market. Despite a large population, the lack of well-defined regulatory guidelines and framework in the diagnostic sector may hamper the growth of the market for molecular diagnostics in emerging nations such as China and India.
Molecular Diagnostics Market Segmentation
By Product Type
- Reagents & Consumables
- Infectious Disease
- Blood Screening
- Hospitals Amplification Techniques
- Hybridization Techniques
- Sequencing Techniques
- Clinical & Pathology Labs
“Huge Investments by Major Players to Propel Growth”
Increasing government funding for clinical studies in molecular diagnostics will propel growth in the molecular diagnostics market. This is aimed at curbing the incidence of microbial outbreaks. For instance, recent bacterial and viral outbreaks in the Middle East and Africa compelled several research institutions and governments organizations to conduct researches on molecular diagnostics.
Such initiatives will also pave way for the advent of novel therapeutics in molecular diagnostics. For example, organizations such as Oracle Partners, Oracle Institutional Partners, and Schuler Family Foundation invested about US$ 19.5 million in diagnostics for developing and distributing infectious disease IVD tools and tests. Such investments will bode well for the molecular diagnostics market in the long run.
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