North American Molecular Diagnostics Market Growth, Trends and Forecasts (2016-2021)

The global molecular diagnostics market is valued at $6.60 billion 2013 and is estimated to reach $10.48billion by 2021, at a CAGR of 9.7% during the forecast period (2016-2021). The market drivers include the clear guidance provided by the FDA, increase in the number of infectious diseases, rise of cancer, genetic disorders and blood screening and also excellent prospects in the field of pharmacogenetics and point of care testing. The market limitations include budget constraints, limited availability of technologies, cost factors and a great need for infrastructure.

Molecular or Nucleic acids based diagnosis of human disorders is referred to as the detection of the various pathogenic mutations in DNA or RNA samples which help us in the process of detection, diagnosis, treatment, prognosis and monitoring response to the therapy. Molecular diagnostics combines laboratory medicine with the technology and knowledge of molecular genetics and has been enormously revolutionized over the past decades, benefiting from the discoveries in the field of molecular biology.

The market was segmented into different categories. This segmentation was mainly categorized on the basis of application, technology and geography.

On the basis of application, infectious disease had the major share of the market. The key driver for the growth of this market was the rise in the number of infectious diseases acquired by the patients.

On the basis of technology PCR is the one with most prospects and the market share is increasing rapidly. This growth can be attributed to the dominant nature and acceptance of PCR over other technologies.

The product segment of the industry is growing at a very good speed. The products are mainly instruments, reagents and services. The reagents sector is the one with the maximum potential and is a very good prospect.

From the geographic point of view, USA is the market leader at present with a CAGR double the value in Europe. This trend is expected to continue. The North American market is valued at $2.70 billion in 2016 and is expected to reach $4.79 billion by 2021 with a CAGR of 12.11%.

The number of companies involved in molecular diagnostics has increased remarkably during the past few years. More than 1,000 companies have been identified to be involved in developing molecular diagnostics and 340 of these are profiled in the report along with tabulation of 804 collaborations. Despite strict regulations, most of the development in molecular diagnostics has taken place in the United States, which has the largest number of companies.

The key players in the diagnostic market are Illumina, Hologic, Myriad Genetics, Abbott Laboratories, Cepheid, Genomic Health, Foundation Medicine and Beckton Dickinson and Compant.