• The molecular diagnostic is the technique for identifying alterations in DNA or RNA sequence, associated with any medical condition.
• The molecular diagnostic is techniques used to analyze biological markers in an individual’s genetic code and to analyze how their cells express their genes as proteins.
• Among the technology, the polymerase chain reaction (PCR) is the most widely used method for DNA amplification for detection and identification of infectious diseases, genetic disorders, and other research purposes.
• The molecular diagnostics market is estimated to be valued at US8, 816.2 Mn in 2017 and is expected to witness a robust CAGR of 10.5% during the forecast period (2018-2025).
• Based on Application, the market is segmented into Oncology, Cardiovascular Diseases (CVDs), Infectious Diseases, Blood Screening, Microbiology, and Others.
• Infectious Diseases segment accounted for the most substantial chunk of global molecular diagnostics market share with over 50% of the total molecular diagnostic market followed by Blood Screening.
• The increasing prevalence of infectious diseases and increasing incidences of cancer is expected to be among the major factors boosting the molecular diagnostic market growth over the forecast period.
• For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015, around 5,251 deaths were reported due to influenza infection in the U.S. Furthermore, according to a National Cancer Institute, 2016, an estimated 16.8 million new cases of cancer were diagnosed in the U.S. with an estimated 595,690 deaths from the disease.
• The number of people with cancer is expected to rise to 19 million by 2024. Additionally, cancer is also a significant cause molecular diagnostic market.
• However, stringent regulation by FDA to regulate molecular diagnostic tests is expected to be major factor restraining growth of the market.
• Framework regarding regulatory approval process is been one of the major setbacks for molecular diagnostic, market.
Competitive Trends
• Product Launch, Merger and acquisition and technological advancement paving way for robust increase in the global molecular diagnostic market.
• For instance, Abbott Laboratories in August 2016 launched Alinity, a next-generation system, which is advanced in the segments such as immunoassay, clinical chemistry, point-of-care, hematology, blood and plasma screening, and molecular diagnostics.
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