Molecular Diagnostics Market Analysis | CMI

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MOLECULAR DIAGNOSTICS MARKET ANALYSIS

• Molecular Diagnostics Market, by Product Type
  (Reagents Kits and Instruments), By Application
  (Oncology, Genetic Testing, Microbiology, STDs,
  Blood Screening, Virology, Tissue Typing,
  Prenatal Diagnosis, and Others), By End User
  (Hospitals, Diagnostic Laboratories, Academic and
  Research Labs, and Other) - Global Industry
  Insights, and Forecast to 2025
• The molecular diagnostics market is estimated to
  be valued at US8,623.2 Mn in 2017 and is
  expected to witness a robust CAGR of 11.5 during
  the forecast period (2017-2025).

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Market Drivers

• Molecular diagnostics are capable of detecting
  specific disease which helps in providing
  precision medicine to patients. Government of
  various economies are focused on research and
  development of precision medicine, which is
  expected to drive growth of the Molecular
  Diagnostics Market over the forecast period. For
  instance, in 2015, the U.S. government launched
  Precision Medicine Initiative (PMI), to increase
  awareness regarding advancement in the precision
  medicine field.
• High prevalence of infectious disease and
  increasing incidences of cancer are expected to
  be the major factor fueling growth of the market
  over 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.

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Molecular Diagnostics Market Share, By Product
Type ()
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Market Drivers

• Growth in biomarker identification is expected to
  foster growth of the molecular diagnostics market
• Application of biomarkers in molecular diagnostic
  is increasing, due to advantages of biomarkers
  such as aiding in early detection of specific
  diseases. For instance, biomarkers are used in
  detection of ABO haemolytic diseases in new born,
  Huntington's disease and hereditary
  haemochromatosis, and cystic fibrosis. Biomarkers
  are also used in detection of disorders related
  to chromosome structure such as Turner syndrome,
  Down syndrome, patau syndrome, and Edwardss
  syndrome. Furthermore, biomarker also have wide
  application in therapeutic areas, which includes
  neurological diseases, metabolic disorders,
  immune deregulation, and oncology.
• Increasing research and development for
  identification of biomarkers have led to
  development of new molecular diagnostic tests,
  which is expected to foster growth of the
  molecular diagnostics market. For instance, in
  February 2018, FDA granted marketing
  authorization to Banyan Biomarkes, Inc. for the
  first diagnostic blood test, for traumatic brain
  injury, Banyan BTI. Such innovations for various
  disease indication is expected to drive growth of
  the molecular diagnostics market in the near
  future.

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Regional Insights

• North America accounts for the largest share in
  the global molecular diagnostics market and this
  is attributed to increasing adoption of precision
  medicine and growing prevalence of cancer.
  According to a National Cancer Institute, 2016,
  an estimated 16.8 million new cases of cancer
  were diagnosed in the U.S., with around 595,690
  deaths from the disease. The number of people
  with cancer is expected to rise to 19 million by
  2024, in turn increasing the demand of the
  molecular diagnostics market in the near future.
• Furthermore, the U.S. government, in 2015,
  launched Precision Medicine Initiative that aimed
  to revolutionize the treatment to improve health,
  as precision medicine provides an innovative
  approach that takes into account an individuals
  differences in genes and offers tailored
  treatment. Precision Medicine Initiative have led
  to development of novel products and several new
  treatments are tailored for specific
  characteristic such as, persons genetic makeup
  or genetic profile of an individual tumor that
  helps to transform the way of treatment. The
  Precision Medicine Initiative was valued at US
  215 million in 2016 that could accelerate
  biomedical research and provide clinicians with
  new tools to select the innovative therapies
  tailored according to individual needs that, in
  turn favors, growth of the market of molecular
  diagnostic.

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Key Players

• Key players in the market are involved in new
  product launches to cater to increasing demand
  for molecular diagnostic. For instance, in August
  2016 Abbott Laboratories introduced Alinity, a
  next generation system, used for immunoassay,
  clinical chemistry, point-of-care, hematology,
  blood and plasma screening, and molecular
  diagnostics. Some of the other key players in the
  global molecular diagnostics market include
  Hologic,Inc., Grifols, S.A., Abbott Laboratories,
  Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens
  Healthineers, Becton, Dickinson and Company, and
  Beckman Coulter, Inc.

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