(PharmaNewsWire.Com, March 23, 2020 ) Market Overview • 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.
Application-based analysis • 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 (2019-2026). • 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.
Market Trends and Opportunities • 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.
Market Challenges • 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.
Key Companies It profiles the following companies: • Qiagen N.V. • F. Hoffmann-La Roche Ltd. • Siemens Healthineers • Others
Geographical Analysis • North America • Europe • South America • Asia Pacific • The Middle East and Africa
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