Global Molecular Diagnostics Market to Reach USD 11 Billion by 2023
By LabMedica International staff writers Posted on 31 May 2018 |
The global molecular diagnostics market is expected to grow at a CAGR of 8.4% from USD 7.71 billion in 2018 to USD 11.54 billion by 2023, driven by the increasing prevalence of infectious diseases and various types of cancers, rising awareness and acceptance of personalized medicine and companion diagnostics, growth of the biomarker identification market, and advancements in molecular techniques.
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a global market research company.
Based on technology, the PCR segment is expected to account for the largest share of the molecular diagnostics market in 2018 due to the increasing use of PCR in proteomics and genomics, automation of PCR instruments, and emergence of advanced technologies such as qRT-PCR.
On the basis application, the molecular diagnostics market is expected to be dominated by the infectious diseases segment in 2018, owing to the development of advanced assays for various diseases and conditions, sharp rise in the prevalence of infectious diseases, and growing awareness about the effective use of molecular diagnostic technologies to control the occurrence and spread of infectious diseases.
Based on end-user, the hospital & academic laboratories is expected to account for the largest share of the molecular diagnostics market in 2018 primarily on account of the large number of diagnostic tests conducted in hospitals.
In 2018, North America is expected to account for the largest share of the global molecular diagnostics market, mainly due to the high prevalence of infectious diseases and cancers, presence of a highly developed healthcare system and large number of leading national clinical laboratories, easy accessibility to technologically-advanced instruments in the region, availability of government funds, and growing applications of molecular diagnostics in genetic disorders and cancer screening.
Related Links:
MarketsandMarkets
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a global market research company.
Based on technology, the PCR segment is expected to account for the largest share of the molecular diagnostics market in 2018 due to the increasing use of PCR in proteomics and genomics, automation of PCR instruments, and emergence of advanced technologies such as qRT-PCR.
On the basis application, the molecular diagnostics market is expected to be dominated by the infectious diseases segment in 2018, owing to the development of advanced assays for various diseases and conditions, sharp rise in the prevalence of infectious diseases, and growing awareness about the effective use of molecular diagnostic technologies to control the occurrence and spread of infectious diseases.
Based on end-user, the hospital & academic laboratories is expected to account for the largest share of the molecular diagnostics market in 2018 primarily on account of the large number of diagnostic tests conducted in hospitals.
In 2018, North America is expected to account for the largest share of the global molecular diagnostics market, mainly due to the high prevalence of infectious diseases and cancers, presence of a highly developed healthcare system and large number of leading national clinical laboratories, easy accessibility to technologically-advanced instruments in the region, availability of government funds, and growing applications of molecular diagnostics in genetic disorders and cancer screening.
Related Links:
MarketsandMarkets
Latest Industry News
- Thermo Fisher and Bio-Techne Enter Into Strategic Distribution Agreement for Europe
- ECCMID Congress Name Changes to ESCMID Global
- Bosch and Randox Partner to Make Strategic Investment in Vivalytic Analysis Platform
- Siemens to Close Fast Track Diagnostics Business
- Beckman Coulter and Fujirebio Expand Partnership on Neurodegenerative Disease Diagnostics
- Sysmex and Hitachi Collaborate on Development of New Genetic Testing Systems
- Sysmex and CellaVision Expand Collaboration to Advance Hematology Solutions
- BD and Techcyte Collaborate on AI-Based Digital Cervical Cytology System for Pap Testing
- Medlab Middle East 2024 to Address Transformative Potential of Artificial Intelligence
- Seegene and Microsoft Collaborate to Realize a World Free from All Diseases and Future Pandemics
- Medlab Middle East 2024 to Highlight Importance of Sustainability in Laboratories
- Fujirebio and Agappe Collaborate on CLIA-Based Immunoassay
- Medlab Middle East 2024 to Highlight Groundbreaking NextGen Medicine
- bioMérieux Acquires Software Company LUMED to Support Fight against Antimicrobial Resistance
- Roche Acquires LumiraDx's Point of Care Technology for USD 295 Million
- Bruker Acquires IVD Manufacturer ELITech Group and Cell Imaging Company Phasefocus