The global molecular diagnostics market was valued at USD 6 billion in 2015 and is expected to reach USD 6.58 in 2016 and USD 9.53 billion by 2021, growing at a CAGR as high as 9.7%.
Molecular diagnostic tests detect specific sequences in DNA or RNA (including single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others) that may or may not be associated with any disease.
Molecular diagnostics have been revolutionized enormously over the last few decades. It is the driving force behind the current transformation in healthcare, leading to innovations in the field of molecular biology. These innovations include next-generation sequencing, microarray technologies, liquid biopsies, early cancer detection, direct-to-consumer testing, and point-of-care assays.
The increasing incidence of infectious diseases, a rise in fatal diseases like cancer and genetic disorders, excellent prospects in the field of pharmacogenetics, increasing demand for point-of-care diagnostics and rapidly evolving technology drive the market for molecular diagnostics. The market limitations include complex regulatory framework, budget constraints, the need for high complexity testing centers, and economic turndown.
The market has been segmented by technology, products, applications, end-users and geography.
Currently, PCR contributes the largest share of market revenue. However, microarrays segment is expected to grow at the highest rate during the forecast period.
Reagents segment dominated the market with highest CAGR in 2015.
Overall, infectious diseases segment held the dominant market share in 2015, followed by the blood screening and oncology segments.
Hospitals, followed by academic laboratories segment, dominated the market in 2015.
The USA is currently the market leader for the global molecular diagnostics market and this trend is expected to continue. North America held a significant share of around 45% in 2015. However, developing nations of Asia-Pacific, including India and China, are projected as the fastest growing markets during the forecast period (2016-2021).
The key players in the diagnostic market are -
Key Deliverables in the Study