Global Molecular Diagnostics Market is anticipated to grow at a 8.7% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report the global molecular diagnostics market was valued at over US$ 6 Bn in 2017 and is expected to grow at a double digit in the forecasted period. The growth of this market can be attributed to the factors such as, growing number of infectious diseases, hospital acquired infections and various other diseases. It is anticipated to grow at a 8.7% CAGR from 2019 to 2030.
Molecular diagnostics is a vital tool for the cost-effective, accurate, rapid, delivery of effective and safe therapy for many diseases. Increasing cases of hospital acquired infections and (add more drivers) have led to the growing need for molecular diagnostic in hospitals facilities. According to Centers for Disease Control (CDC) in 2017, Hospitals Acquired Infections (HAI) accounted for almost 1.7 million cases with 99,000 deaths every year in the U.S.
Increasing Government Grants to Boost the Market
Increasing funding by governments and various organizations for research and clinical studies in the molecular diagnosis space are anticipated to boost the market growth. These initiatives by the government play an important role in the practice of new product development. For instance, Accelerate Diagnostics received a funding of USD 19.45 million by different organizations, including the Oracle Institutional Partners, Schuler Family Foundation, Oracle Partners, & various others, for development and sale of IVD tests and tools. Moreover, in 2015, Merck’s venture capital arm funded AdvanDx with almost USD 12 million for R&D of pathogen screening for key HAI.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Molecular Diagnostics Market by Product & Services (Reagents & Kits, Instruments, Services) Technique (PCR, Sequencing, Electrophoresis), End Users (Diagnostic & Research laboratories, Pharmaceutical & Bio Technique Companies) and Region - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/molecular-diagnostics-market/10
Technology Advancements; Creating Newer Opportunities
Technological advancements in the field of molecular diagnostics are expected to drive the market as they allow greater portability, accuracy, and cost-effectiveness. For instance, the introduction of MinION, by Nanopore Technologies offers an affordable and portable sequencer, catering to the users in point-of-care facilities and small peripheral laboratories, which is expected to boost the growth of global molecular diagnostics market.
Similarly, better throughput, improvement in nanotechnology and the introduction of point of care devices are supporting the growth molecular diagnostics as a transformative procedure.
Strict Regulatory Framework to restrict the market growth
Regulatory framework relating to the approval process has always been the critical restraining factor for the biotechnology, pharmaceutical and medical technology market. Developing countries and emerging economics , lack well-defined supervisory framework and guidelines for the diagnostic sector, which negatively impacts the growth of the market.
Regulatory approval process for molecular diagnostics create uncertainties and confusion among manufacturers regarding product commercialization. In addition, the lack of a robust reimbursement framework for personalized and genomic medicine in mature markets, such as the U.S., is expected to restrain the market growth due to limited purchasing power of buyers.
Companies are working on expanding their product portfolio to get a hold on the market
Vaarious key players are adopting strategies such as Mergers and Acquisitions (M&A) to increase their market share. For instance, Hologic acquired Gen-Probe, to expand its product portfolio with focus on various types of cancer’s diagnostics. Moreover, Cepheid launched GeneXpert Omni in 2015, which is the most portable molecular diagnostics system in the world.
Some of the major players in the molecular diagnostics market include Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Becton, Dickinson and Company, Illumina, QIAGEN N.V., Danaher Corporation, Hologic, F. Hoffmann-La Roche, and Biomerieux SA., among others.
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