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The global molecular diagnostics market has been estimated at around USD 7000 million in 2017. The market is expected to register a CAGR of approximately 9% during the forecast period, 2018 to 2023. North America accounted for the largest market, followed by Europe, in the molecular diagnostics market. Asia-Pacific was estimated to register approximately 15% CAGR through the forecast period, 2018-2023.
Point-of-Care Diagnostics Demand
Point-of-care testing is an emerging field in diagnostics. This generalized term encompasses tests that are portable and provide rapid results. The genetic material of an infectious agent used for detection is one of the fastest-growing point-of-care test types. Near-patient and POC tests, currently, exist for a number of pathogens, such as influenza, tuberculosis (TB), and other respiratory viruses, such as Chlamydia, gonorrhea, and group A Streptococcus (GAS). These include antigen tests (most commonly lateral-flow immunochromatographic membrane-based assays and nucleic acid tests. The POC tests are widely accepted because many tests are portable, fast, fairly simple to use, and inexpensive. Along with other factors, such as large outbreaks of bacterial and viral epidemics in the world, the rapidly evolving technology is driving the molecular diagnostics market.
Budget Limit
The end users of the market include, academic and research laboratories Fluctuation in the R&D budget can adversely affect the market growth; R&D funding fluctuates by the change in spending priorities and institutional budget. There is significant uncertainty concerning government and academic research funding worldwide, as governments in the United States and European countries, in particular, focus on reducing fiscal deficits, while confronting uncertain economic growth. Funding for life science research in some emerging countries is declining. Government funding for R&D depends on the political process, which is inherently fluid and unpredictable. Focus on programs, like defense or general efforts to minimize budget deficits can be a high priority of the government. Hence, factors, like limited budgets for R&D and economic slowdown, are restraining the growth of the market, along with other factors, such as the need for high-complexity testing centers, which are also limiting the growth of the market.
North America to Dominate the Market Growth
North America accounted for the largest market, accounting for around 44% of the global market share. The availability of robust healthcare infrastructure in North America has propelled the demand for molecular diagnostics. Along with North America, Europe is also the leading region in the global molecular diagnostics market. Asia-Pacific is fastest-growing region for molecular diagnostics and portrays huge potential for growth in the future, due to increasing government initiatives, corporate investment to standardize biopharmaceutical and healthcare industries in this region. and are projected as the fastest growing markets during the forecast period.
Key Developments in the Market
• December 2017: Saudi Arabia announced the exemption of certain medications and medical equipment from the 5% VAT, which is scheduled to be implemented from January of 2018. Saudi Arabia is imposing VAT in coordination with other governments in the Gulf Cooperation Council as they seek new sources of revenue in a bid to close budget deficits caused by low oil prices.
• October 2017: Abbott completed acquisition of Alere Inc. It is a global manufacturer of rapid point-of-care diagnostic tests.
• July 2017: Agilent Technologies had acquired molecular and sample barcoding patent portfolios of Population Genetics Technologies.
Major Players: ROCHE DIAGNOSTICS, ILLUMINA INC., HOLOGIC CORPORATION, AGILENT TECHNOLOGIES/DAKO, QIAGEN, MYRIAD GENETICS, ABBOTT LABORATORIES, CEPHEID INC., GENOMIC HEALTH INC., GRIFOLS SA amongst others.
Reasons to Purchase this Report
• Current and future molecular diagnostics market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The segment that is expected to dominate the market.
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Point-of-Care Diagnostics Demand
Point-of-care testing is an emerging field in diagnostics. This generalized term encompasses tests that are portable and provide rapid results. The genetic material of an infectious agent used for detection is one of the fastest-growing point-of-care test types. Near-patient and POC tests, currently, exist for a number of pathogens, such as influenza, tuberculosis (TB), and other respiratory viruses, such as Chlamydia, gonorrhea, and group A Streptococcus (GAS). These include antigen tests (most commonly lateral-flow immunochromatographic membrane-based assays and nucleic acid tests. The POC tests are widely accepted because many tests are portable, fast, fairly simple to use, and inexpensive. Along with other factors, such as large outbreaks of bacterial and viral epidemics in the world, the rapidly evolving technology is driving the molecular diagnostics market.
Budget Limit
The end users of the market include, academic and research laboratories Fluctuation in the R&D budget can adversely affect the market growth; R&D funding fluctuates by the change in spending priorities and institutional budget. There is significant uncertainty concerning government and academic research funding worldwide, as governments in the United States and European countries, in particular, focus on reducing fiscal deficits, while confronting uncertain economic growth. Funding for life science research in some emerging countries is declining. Government funding for R&D depends on the political process, which is inherently fluid and unpredictable. Focus on programs, like defense or general efforts to minimize budget deficits can be a high priority of the government. Hence, factors, like limited budgets for R&D and economic slowdown, are restraining the growth of the market, along with other factors, such as the need for high-complexity testing centers, which are also limiting the growth of the market.
North America to Dominate the Market Growth
North America accounted for the largest market, accounting for around 44% of the global market share. The availability of robust healthcare infrastructure in North America has propelled the demand for molecular diagnostics. Along with North America, Europe is also the leading region in the global molecular diagnostics market. Asia-Pacific is fastest-growing region for molecular diagnostics and portrays huge potential for growth in the future, due to increasing government initiatives, corporate investment to standardize biopharmaceutical and healthcare industries in this region. and are projected as the fastest growing markets during the forecast period.
Key Developments in the Market
• December 2017: Saudi Arabia announced the exemption of certain medications and medical equipment from the 5% VAT, which is scheduled to be implemented from January of 2018. Saudi Arabia is imposing VAT in coordination with other governments in the Gulf Cooperation Council as they seek new sources of revenue in a bid to close budget deficits caused by low oil prices.
• October 2017: Abbott completed acquisition of Alere Inc. It is a global manufacturer of rapid point-of-care diagnostic tests.
• July 2017: Agilent Technologies had acquired molecular and sample barcoding patent portfolios of Population Genetics Technologies.
Major Players: ROCHE DIAGNOSTICS, ILLUMINA INC., HOLOGIC CORPORATION, AGILENT TECHNOLOGIES/DAKO, QIAGEN, MYRIAD GENETICS, ABBOTT LABORATORIES, CEPHEID INC., GENOMIC HEALTH INC., GRIFOLS SA amongst others.
Reasons to Purchase this Report
• Current and future molecular diagnostics market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The segment that is expected to dominate the market.
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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