May 26, 2020
As per the report titled ‘Molecular Diagnostics Market Size By Application, By Technology, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global molecular diagnostics market is expected to display extensive traction over 2020-2026 in terms of growth rate.
Rising prevalence of various infectious diseases & cancer, growing awareness regarding personalized medicine & early disease diagnostics, and advancements in research and development of molecular techniques are among the major growth drivers of molecular diagnostics market.
Molecular diagnostics is a field of diagnostic tests that evaluates the genetic structure to assess the health of a person. Patients as well as families generally rely on molecular diagnostics for disease prediction, family planning, and health-care management as these procedures help determine the best possible cure and diagnosis suited for the individual. This factor coupled with increasing integrality of the industry on account of the wide applicability of molecular diagnostics in drug regimen selection, patient stratification, detection of predisposition to disease, toxicity avoidance, and therapeutic monitoring, will foster the industry growth in the following years.
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Elaborating on the application scope, genetic testing segment is projected to register a CAGR of 11% through 2026, owing to improvement and accuracy in sensitivity and specificity of genetic testing, poweredby the continuous advancements in diagnostics tools. Furthermore, the wide application area of genetic testing ranging from multiple medical disciplines to detection of highly penetrant disorders in newborn; and pre-symptomatic and predictive testing for adult-onset and complex disorder is enhancing the segment growth.
With respect to technology, in situ hybridization (ISH) segment is set to accrue USD 3 billion by 2026. The growth can be credited to technological advancements that have made low cost gene mapping and diagnostics possible. ISH is a method that allows localization of a particular part of nucleic acid in a histologic section. This technique is particularly useful in neuroscience, but also find applications in pathology, microbiology, developmental biology, phylogenetic analysis, and karyotyping, thereby stimulating the segment growth.
As per the regional assessment, Latin America molecular diagnostics market is estimated to reach a valuation of over USD 1 billion by 2026. Growing awareness about cost-effective molecular diagnostics option and improving healthcare infrastructure are driving the regional market growth.
Key players operating in global molecular diagnostics market are Agilent (Dako), Abbott Molecular, Analytik Jena AG, Biocartis Group NV, Becton, Dickinson and Company, BioFire Diagnostics, Bio-Techne, Biomerieux, Bio-Rad Laboratories, Cepheid, Cleaver Scientific, GenMark Diagnostics, Danaher Corporation, and Hologic (Gen Probe) among others.