DUBLIN--(BUSINESS WIRE)--The "Molecular Diagnostics Global Market - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
According to the publisher's analysis, the molecular diagnostics global market is estimated to reach $18,668.9 million by 2026 growing at a high single-digit CAGR from 2019 to 2026. As per the publisher's research estimations, the consumable global market commanded the largest revenue in 2019 and is projected to grow at double-digit CAGR from 2019 to 2026.
The molecular diagnostics global market is a competitive market and all the existing players in this market are involved in developing new and advanced molecular based techniques for diagnosis to maintain their market shares and also acquiring companies for product expansion.
There is an emerging trend towards precision health in today's world to enhance disease diagnosis, treatment, prevention and monitoring by using innovative diagnostic technologies with broader range and bioinformatics. Molecular diagnostic tests are the key drivers for the better management and treatment of diseases thereby providing critical information to patients for the right medical decisions. By providing rapid and precise information about the disease, molecular diagnostics have revolutionized the healthcare system across the world.
Some of the advantages of molecular diagnostics are, up to 70% of the healthcare decisions are influenced by molecular based tests, improve the quality of personalized care of the patient, potential improvement in the patient outcome and facilitate early detection of diseases with sensitive assays thereby reducing the cost of healthcare of an individual.
The molecular diagnostics global market is segmented based on product, technology, application and end-users. The product market is further categorized into instruments, consumables and software and services.
Molecular diagnostics end-users market is segmented into hospitals, clinical/centralized laboratories, academics and research and other end users. Clinical/centralized laboratories accounted for the largest revenue due to the rapid adoption of technology and economies of scale in testing a large number of samples collected from affiliated hospitals.
Geographical wise, North America region commanded the largest revenue in 2019 and is expected to grow at a mid-single-digit CAGR from 2019 to 2026 owing to the high demand for early detection, treatment selection and prevention of diseases with advanced technology due to diseases associated with the lifestyle. However, the Asia-pacific region is expected to grow at an early teen CAGR from 2019 to 2026 attributing to increasing awareness of the molecular based test for the better outcome.
The molecular diagnostics global market by technology is divided into PCR, microarray and microfluidics, isothermal nucleic acid amplification tests, in-situ hybridization, NGS and other technologies. PCR accounted for the largest revenue in 2019 and is expected to grow at a double-digit CAGR from 2019 to 2026 due to low cost and is a common and indispensable technique used for diagnosis when compared to other instruments such as NGS and also due to technological advancements in PCR and their subtypes such as digital droplet PCR with precise and highly sensible results.
The molecular diagnostics by application market is classified into infectious diseases, oncology, genetic testing, transplantation, blood screening and other diseases such as metabolic disorders and diseases associated with the central nervous system. The largest revenue was contributed by infectious diseases segment in 2019 and this market is expected to grow at a high single-digit CAGR from 2019 to 2026 due to high incidence of bacterial and viral infections.
Factors Influencing Market:
Drivers and Opportunity
- Increasing Incidence of Infectious Diseases
- Rising Incidence of Cancer and Non-Infectious Diseases
- Technological Advancements
- Favorable Reimbursements
Investment by Major Players
Restraints and Threats
- Lack of Skilled Professionals
- High Cost of Molecular Diagnostics Products
- Lack of Standardization of the Molecular Diagnostics Test
- Stringent and Time-Consuming Regulatory Issues
- Lack of Reproducibility and Repeatability
- Biochemical and Alternative Tests
- Abbott Laboratories
- Becton, Dickinson and Company
- Danaher Corporation
- Exact Sciences Corporation
- Grifols, S.A.
- Hologic, Inc.
- Myriad Genetics, Inc.
- Qiagen N.V.
- F. Hoffmann-La Roche Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/c6bvq5