NEW YORK, May 21, 2018 (GLOBE NEWSWIRE) -- According to the new market research report published by P&S Market Research, global molecular cytogenetics market is forecasted to attain revenue of $3.3 billion by 2023. the market is mainly driven by growing implementation of pharmacogenomics in personalized disease management and drug development, rising cancer cases, advancements in cytogenetic techniques, and rise in genetic-based prediction of chromosomal abnormalities.
Based on offering, the molecular cytogenetics market has been categorized into consumables, software and services and instruments. Globally, the market for software and services is expected to register fastest growth, with CAGR of 10.5% during the forecast period. This can be attributed to rapid adoption of automation in laboratory process and rising preference for outsourcing of expensive services.
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Based on technology, the molecular cytogenetics market has been categorized into comparative genomic hybridization (CGH), fluorescence in-situ hybridization (FISH), immunohistochemistry, karyotyping and others. The karyotyping technology market for molecular cytogenetics is further categorized into spectral and virtual. In 2017, spectral karyotyping held larger share, of 66.0%, in molecular cytogenetics market, owing to the usage of these technique for the detection of complex chromosomal aberration as well as for identification of new leukaemia subgroups.
During the forecast period, the molecular cytogenetics market is expected to witness fastest growth in personalized medicine application, at a CAGR of 10.1%. This growth is attributable to rise in demand for precision medicine coupled with high investments in research and development.
Based on end user, the molecular cytogenetics market has been classified into clinical and research laboratories, academic research institutes, hospitals and pathology laboratories and pharmaceutical and biotechnology companies. Among these, clinical and research laboratories held the largest share as an end-user category during the historical period in this market and accounted for a 33.4 % share in 2017.
During the forecast period, the molecular cytogenetics market is projected to witness fastest growth in APAC, at CAGR of 11.8%, mainly due to the large population in the region, untapped market and entry of global players in the industry to offer cytogenetic testing. Government initiatives such as mandatory testing, funding and training programs to the researchers are some other factors that are propelling the growth of the market in the region.
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According to the World Bank, the healthcare expenditure of South Asia was 3.9% of its total GDP in 2000, which increased to 4.4% in 2014. The growing healthcare infrastructure in APAC is creating huge revenue generation opportunities for the pharmaceutical and biotechnology companies in the region.
Globally, key players in the molecular cytogenetics industry are developing new instruments and tests for the molecular diagnosing, genetic screening and other tests. For instance, in July 2017, Quest Diagnostics announced the launch of a genetic screening service, QHerit. The service is for the detection of genetic risk associated to offspring through passing of heritable disorders. The QHerit Pan-Ethnic Expanded Carrier Screen is a panel of tests for the 22 heritable diseases cited under new screening guidelines issued in March 2017 by the American College of Gynecology (ACOG).
Some of the other key players operating in the molecular cytogenetics industry include Abbott Laboratories, Danaher Corporation, Bio-Rad Laboratories Inc., F. Hoffmann La-Roche AG, PerkinElmer Inc., Illumina Inc, Agilent Technologies Inc and NeoGenomics Inc.
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