Molecular Diagnostics Market Outlook: Surging Point of Care (PoC) diagnostics demand to stimulate the industry growth
Rampant use of advanced PoC (point of care) diagnostics devices across the healthcare sector will spur molecular diagnostics market growth. A swift rise in the aging population prone to chronic ailments is expected to offer huge potential for the industry growth. As per UN reports, the older population (> 65 years) is expected to rise from 901 million in 2015 to nearly 2.1 billion by 2050. According to Global Market Insights, Inc., “Molecular Diagnostics Market size is anticipated to exceed USD 10 billion by 2023.” Furthermore, heavy demand for personalized drugs as well as companion diagnostics along with high expenditure on activities pertaining to medical diagnostics clinical research will drive the market trends over the coming six years.
Germany Molecular diagnostics market size, by technology, 2012-2023 (USD Million)
DNA/RNA Purification, PCR (Polymerase chain reaction), and Real-Time PCR are some of the key molecular diagnostics technologies. PCR, which accounted for 46% of molecular diagnostics industry share in 2015, is expected to contribute significantly towards the overall revenue over the coming timeframe. Real time PCR is also expected to make substantial contributions towards molecular diagnostics market size, driven by breakthroughs in clinical microbiology, molecular biology, and instrumentation.
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Contagious diseases such as tuberculosis, hepatitis C, flu, RSV (Respiratory syncytial virus), meningitis, hepatitis B, HPV (human papillomavirus), Dengue, and STD (Sexually Transmitted Disease) are projected to contribute significantly towards molecular diagnostics market revenue over the next few years. STD, which covered a major portion of the overall revenue in 2015, is expected to offer lucrative growth opportunities for the industry over the next few years. High occurrence of sexually transmitted diseases along with the use of advanced diagnostic procedures will drive the growth. HPV is anticipated to nurture molecular diagnostics industry growth over 2016-2023. Rise in HPV infections across the globe is expected to drive the growth.
Below are the regional trends influencing molecular diagnostics market over 2016-2023
- APAC molecular diagnostics industry size is expected to grow considerably over the coming timeframe. Rise in incidence of contagious diseases as well HAIs (hospital acquired infections), high patient population base, fast economic development, and preventive healthcare legislations will be the key driving factors. China, Malaysia, and India are predicted to be the major regional revenue contributors.
- Introduction of new technologies, enhanced healthcare facilities, increase in patient awareness level regarding early diagnosis of the ailment, and heavy funding for R&D activities associated with drug discovery will boost North America molecular diagnostics market revenue over the coming six years. U.S. is expected to be the key regional growth driver.
- Large acceptance of modern technologies along with high investments across the healthcare sector to improve the care services is expected to accelerate Europe molecular diagnostics industry growth. Germany is projected to contribute considerably towards the regional share.
- Africa molecular diagnostics industry revenue, estimated at over USD 130 million in 2015, is expected to grow at a rate of 9.5% over 2016-2023. High acceptance of novel technologies such as PoC diagnostic kits plus rise in occurrence of contagious diseases is forecast to drive the regional growth.
Market players will try to expand their product portfolio through strategic collaborations and joint ventures. Key industry participants include Johnson & Johnson, bioMerieux, Becton Dickinson, Abbott Laboratories, Danaher Corporation, Cepheid, Bio-Rad Laboratories, Bayer Healthcare, F. Hoffmann-La Roche AG, Siemens Healthcare, Dako, and Novartis.
Author Name : Dhananjay Punekar