Molecular diagnostics is a collection of techniques primarily used in analysis of biological markers in the genome — an individual’s genetic code – by application of molecular biology in medical testing. Molecular diagnostics is widely used to diagnose and monitor various diseases, detect risks, and also to decide which therapies will be most beneficial for treatment of individual patients. Molecular diagnostics in simple terms, is the process of identifying a disease by studying molecules, such as proteins, DNA, and RNA, in a tissue or fluid.
Increasing adoption of point-of-care (POC) testing in emerging economies is expected to fuel growth of the global molecular diagnostics market
Increasing incidence of infectious diseases and various types of cancer in developed and developing economies is a key factor driving growth of the global molecular diagnostics market. In addition, growing awareness, and increasing acceptance of personalized medicine by individuals are major factors expected to fuel growth of the global molecular diagnostics market over the forecast period.
However, high cost of molecular diagnostics, and stringent regulatory framework in developed economies are major factors hampering growth of the global molecular diagnostics market. Additionally, lack of proper reimbursement policies, and lack of skilled professionals in developing economies are other factors anticipated to restrain growth of the global molecular diagnostics market over the forecast period.
Technological advancements in molecular diagnostics, and developments in point-of-care testing (POC) in developing economies can be major opportunities for major players in the market to expand their revenue share and market presence.
The global molecular diagnostics market report has been segmented on the basis of technology, application, and region. On the basis of region, the global molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in North America dominates the global molecular diagnostics market in revenue terms owing to high adoption of molecular diagnostics in genetic testing and cancer screening, and high awareness levels about early diagnosis among individuals in the region. The market in Europe accounted for second-highest revenue share in the global molecular diagnostics market, due to high healthcare expenditure by governments of countries, and high disposable income, followed by markets in Asia Pacific, and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to presence of a large patient pool, rising demand for early diagnosis, and rise in government initiatives for the improvement of healthcare facilities in countries in the region.
Prominent players in the global molecular diagnostics market include Roche Diagnostics, QIAGEN N.V., Abbott Laboratories, Hologic Inc., Grifols, Cepheid Inc., Genomic Health, Inc., Sequenom, Luminex Corporation, Myriad Genetics, Inc., Foundation Medicine, Inc., and Natera Inc.