Projected to grow at a CAGR of almost 9% from 2016 to 2024, the molecular diagnostics market is expected to witness significant growth over the forecast period owing to rapid surge of infectious diseases. Molecular diagnostic is able to detect genetic disorders, cancer at earlier stages and other kinds of infectious diseases. Proliferation of enhanced technology has enabled molecular diagnostic to offer accurate and fast test results which in turn is presumed to fuel the demand for diagnostics tool over the forecast period especially in view of care facilities.
The considerable development of biomarker identification is anticipated to boost the demand for diagnostic tool in the near future owing to advancements in molecular techniques. Additionally, ongoing research on proteomics and genomics is driving the industrial progress through to 2013. Moreover, increasing awareness and acceptance of personalized medicine as well as companion diagnostic concept, is presumed to drive the industry over the next eight years.
In addition, rise up of geriatric population base leads to increase in demand for diagnostic tools. According to the WHO published estimates, the age group of 65 years and greater is expected to grow up to 16% by 2050. Further, the rise in geriatric population in Asian countries like China has untapped opportunities in view of healthcare and advances in genomics, which is expected to accelerate the industry growth during the forecast period.
Other factors such as rising healthcare expenditure and rise in healthcare awareness introduce the concept of self care management. The rising demand for home healthcare due to government initiatives such as Center for Medicare and Medicaid (CMS) and growing awareness of minimizing hospital stays by patient further boost the growth of market.
However, the factors restraining the growth in the industry are high molecular diagnostics tool’s cost, lack of skilled labor to work on enhanced and complex platforms, and the tough regulatory framework. Lack of trained professionals limiting the appropriate use of new molecular diagnostics technologies is expected to challenge the industry growth over the forecast period
The industry is segmented on the basis of application, technology, products & services, end user and geography. Based on application, major segments of this industry are infectious diseases, oncology, cardiovascular diseases, food safety, neurological disease, genetics test, blood screening, microbiology and pharmacogenomics. Application areas are prioritized on the basis of need for early diagnosis, disease burden and increased prevalence.
Infectious diseases dominated the market by revenue share of around 50% in 2014. Infectious diseases consist of Hepatitis B, Hepatitis C, Human Immunodeficiency Virus (HIV), Tuberculosis, Chlamydia, HPV and MRSA. The presence of commercialized products like multiplex PCR for detecting numerous infectious viruses, pathogens and bacteria are expected to contribute into the market growth. Due to rising cancer rates and introduction of biomarkers for treatment, oncology is expected to grow at a CAGR of almost 12% over the forecast period.
Technology segment of the market includes polymerase chain reaction (PCR), microarrays, isothermal nucleic acid amplification technology (INAAT), hybridization (in-situ hybridization & fish), DNA sequencing and next generation sequencing. The market for PCR is the fastest growing segment which accounted for around 45% of total revenue in 2014. PCR tests such as Roche for CT/NG and HIV qualitative and quantitative tests offered by companies contributes to industry growth.
Reagents, instruments and Software & Services are included the major product segment. Reagent dominates the market by revenue share of over 50% in 2014. Key factors of industry growth includes SDS for prevention of DNA breaking, diagnosis and validation of different diseases, high usage of reagents like dextran sulfate heparin, formaldehydes, salts, and removal of proteins.
North America dominated this market with a revenue share of over 40%. Presence of sophisticated healthcare infrastructures, increasing technological development, growth in R&D investment by biotechnology and pharmaceutical companies are factors attributing to market position of the region. Moreover, Asia Pacific is projected to grow at a CAGR of around 12% owing to factors such as favorable regulatory landscape, and increasing cardiovascular diseases, diabetes and healthcare awareness.
Improving healthcare infrastructures in developing countries like India, China and South East Asia are expected to ensure future sustainability. On the basis of end user segment it consists of hospitals, blood banks and reference laboratories.
Key players in this market include Bayer Healthcare, Johnson & Johnson, Bio-Rad laboratories, Danaher Corporation, Qiagen, bioMérieux, Siemens Healthcare, Abbott, Novartis, Alere Inc., Becton Dickinson and Company, Roche Diagnostics and Sysmex Corporation. The major strategies adopted by these players are mergers and acquisitions, new product development and venture capital investments.
In April 2016, Sysmex Corporation subsidiary Sysmex Inostics launched enhanced liquid biopsy RAS testing for metastatic colorectal cancer patients in collaboration with Merck. The test results are now obtained quickly that has lead to effective and improved treatment of patients owing to the potential to provide mutation status report within days.
Becton Dickinson and Company launched BD BACTEC MGIT 320 System for low volume laboratories which provide more accurate results for tuberculosis than traditional TB diagnosis methods. This system can gain market leadership of TB detection over the years.
