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Rising Prevalence of Major Infectious Diseases, Introduction of Reagents (Molecular Assays), and Technological Advancements (PCR, INAAT, and Microarray) Are Likely to Drive the Molecular Diagnostics Market in the Next Five Years
Molecular diagnostics (MDx) has emerged as one of the largest and fastest growing segments in the In vitro Diagnostic (IVD) industry. In the span of few years, molecular diagnostics has prospered from a non-existent market to a significant market. PCR tests such as the one from Roche for CT/NG and other tests such as HIV qualitative and HIV quantitative (viral load) are the key factors driving the expansion of the molecular diagnostics market. The private reference laboratories developed tests for infectious diseases and cancer mutations due to the rising incidences and the non-availability of FDA approved assays. The market began to expand due to the existence of different diagnostic kits for genetic diseases and the blood screening for various infectious diseases. The demand for molecular testing increased and the FDA approved molecular diagnostic tests for determining genetic variation responses against cancer drugs. As a result, molecular diagnostic testing is growing at a rapid rate due to the rising adoption of rapid and quick diagnosis.
The reagents product segment accounted for the largest share of the total molecular diagnostics market in 2013 and will continue to grow in the next five years to retain its leading position. The high growth in this segment is attributed to the growing demand for molecular assays. Moreover, the rising incidences of infectious diseases such as HBV, HIV, CT/NG, and MRSA have also contributed to the largest share of the reagents market. The hospitals end user segment accounted for the second largest share in 2013. This segment can monitor various physiological parameters of a patient in order to have an overview of the patients’ health and status. Due to the tremendous increase in the number of infectious diseases, hospitals are increasing their investments in molecular diagnostic testing.
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The PCR technology segment, on the other hand, will be the fastest growing segment in the coming years due to the evolution in technology that helps in diagnosis of various diseases. With the growing incidences and increasing awareness of various diseases this market is set to grow at a faster pace. Under this segment, the INAAT segment is also expected to grow at a higher pace in the forecast period. The microarray technology is also expected to be among the fastest growing in all other segments of the molecular diagnostics market.
In 2013, North America accounted for the largest share and will retain its leading position by 2018. This growth is attributed to the increasing prevalence of lifestyle diseases and spread of various contagious diseases. Asia is the most lucrative region for molecular diagnostics in the next five years, and is poised to grow at a CAGR of 12.2% in the forecast period. The high population base and the improved purchasing power of patients will drive this market. Moreover, the economic crisis in western countries has propelled the companies to focus on the Asian region, thus leading to the economic growth and rise in the investments in this region, which is further driving the market in a positive direction.
The grey area while estimating the market size was the overlapping nature of the applications segment and while segregating them based on the evaluation of endpoints involved. This was later clarified with the help of various experts that participated in the study.
From an insight perspective, this research report focuses on the qualitative data; market size, share, and growth of various segments and sub-segments; competitive landscape; and company profiles. The qualitative data covers various levels of industry analysis, such as market dynamics (drivers, restraints, opportunities, and threats) and technological trends, globally. It also focuses on the emerging and high-growth segments of the molecular diagnostics market and the initiatives of their respective governments.
The competitive landscape covers the growth strategies adopted by the industry players in the last three years. The company profiles comprises of the basic views on the key players in the molecular diagnostics market and their product portfolios, developments, and strategies adopted to maintain and increase their market share in the near future.
The above mentioned market research data, current market size, and forecast of the future trends will help the key players and new entrants to make necessary decisions regarding product offerings, geographic focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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Table of Contents
2 Executive Summary
3 Premium Insight
4 Market Overview
5 Global Molecular Diagnostics Market, By Application
6 Global Molecular Diagnostics Market, By Technology
7 Global Molecular Diagnostics Market, By Product Type
8 Geographic Analysis
9 Competitive Landscape10 Company Profiles
10.1 Abbott Diagnostics, Inc.
10.2 Beckman Coulter, Inc.
10.3 Becton, Dickinson & Co.
10.4 Biomérieux Business Overview
10.5 Cepheid, Inc.
10.6 Gen-Probe, Inc. (Hologic, Inc.)
10.7 Novartis AG
10.9 Roche Diagnostics
10.1 Siemens Healthcare
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