Global Molecular Diagnostics Market is valued approximately at USD 8.4 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 8.5% over the forecast period 2020-2026. The molecular diagnostics is a technique used to examine biological markers involved in a broad range of human ailments. Molecular diagnostic tests are the basic part of a successful healthcare system. Molecular diagnostic tests deliver vital information that helps healthcare patients and providers to make accurate medical decisions for better outcome of a medical procedure. This technique often provides quantitative measurements that inform each stage of care and facilitate successful management of health circumstances.
Molecular diagnostics tools enhance the clinical setting, offer sensitive and rapid approaches for the identification and monitor various infectious diseases such as types of cancer, and other chronic diseases. Thus, rise in the incidences of infectious diseases and cancer owing to growing elderly population, along with the growing awareness and acceptance of personalized medicine and companion diagnostics are the few factors responsible for high CAGR of the market over the forecast period.
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According to the International Agency for Research on Cancer (IARC), in 2018, there were around 17.0 million new cancer cases and 9.5 million cancer deaths registered throughout the world. Also, the global burden of cancer is expected to grow to almost 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. This, in turn, is expected to accelerate the demand for Molecular Diagnostics, thus contributing to the growth of the global market. However, complex regulatory frameworks delaying the approval of new molecular diagnostic tests are the few factors expected to hamper the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Molecular Diagnostics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising prevalence of cancer and infectious diseases, presence of a well-developed healthcare infrastructure and rapid rise in clinical laboratories across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to increased healthcare spending by a larger population base and growing aging population in the countries like China and India.
Major market player included in this report are:
Becton, Dickinson and Company
Agilent Technologies, Inc.
Thermo Fisher Scientific, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.