Molecular Diagnostics Market Is Expected To Reach US$ 12,358.6 Mn By 2025
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Infectious disease diagnostics is the leading the segment among the application<br />
areas due to factors such as increasing number of infectious disease, and growing<br />
demand for infectious disease diagnosis in tropical countries as the weather favors<br />
the microbes and vectors transmitting such diseases. Oncology will be the fastest<br />
growing segment in the application market through the forecast period 2017-<strong>2025</strong>,<br />
majorly due to factors such as rising prevalence of cancer, increasing demand for<br />
pharmacogenomics and technological advancement in the molecular diagnostic<br />
devices. Polymerase chain reaction holds the largest market in the technology<br />
segment for the base year 2016 due to factors such as its potential to detect rare<br />
diseases, rising demand for personalized medication and pharmacogenomics, and<br />
its potential in establishing the DNA sequence of patients, which will be helpful in<br />
the prevention of several life threatening diseases. Microarray will be the fastest<br />
growing technology segment throughout the forecast period 2017-<strong>2025</strong> as it is<br />
helpful in diagnosing different types of cancer on the basis of the genetic pattern<br />
and increasing demand for toxicogenomics, which helps in determining the<br />
antibiotics of choice in cases of multiple drug resistance.<br />
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The global molecular diagnostics market is technologically driven and includes<br />
major players such as Abbott Laboratories, Inc., Novartis AG, Alere, Inc., Siemens<br />
Healthcare, Bayer AG, and F.Hoffman La Roche Ltd. etc. are few market leaders in<br />
molecular diagnostic market and compete to augment their foothold in the<br />
market.<br />
Key <strong>Market</strong> Movements:<br />
- Rising prevalence of patients suffering with critical illnesses requiring immediate<br />
diagnosis<br />
- Increase in the number of research and academic institutes utilizing diagnostic<br />
reagents and instruments<br />
- Technological advancement in the nature of diagnostic reagents and kits<br />
providing better results<br />
- Affordable reimbursement scenario
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