Albany, NY, July 09, 2018 (GLOBE NEWSWIRE) -- According to the research report, the global molecular diagnostics market was worth US$7.1 bn in 2016. Expanding at a CAGR of 11.60% during the period from 2017 to 2025, the market is projected to reach US$18.9 bn by the end of the forecast period. In terms of the technology, the PCR and Real-time PCR segment is expected to surpass other segments in the years to come, states the research report.
North America and Europe to Remain Dominant
The report also analyzes the global molecular diagnostics market based on its geographical distribution. The markets in North America and Europe collectively accounts for the largest share in the global market for molecular diagnostics owing to their high investments in the field of proteomics and genomics. The increase in the awareness and utilization of personalized medicines provides added advantage to these regional markets.
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Apart from this, the market for molecular diagnostics in Asia pacific is expected to register highest growth in the coming years. The rising awareness of patients regarding health and wellness, utilization of preventive medicines, availability of technically advanced medical products and devices, and developing economy in the region are the major causes fueling the growth, states the research report.
Rising Prevalence of Influenza and Infections to Support Growth
“The global molecular diagnostics market is gaining from the rising geriatric population and the increasing prevalence of chronic diseases in the global arena,” says a TMR analyst. Besides this, the rise in the number of cervical cancer incidences caused by Human Papilloma Virus (HPV), giving rise to HPV testing, is also supporting the growth of the global market significantly. Over the coming years, the technological advancements in diagnostic techniques are likely to boost this market, states the report.
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The global market for molecular diagnostics is displaying a highly competitive business structure, finds a new research study by Transparency Market Research (TMR). Abbott Laboratories, bioMerieux, Becton Dickinson & Company, Bio-Rad, Danaher Corporation, Cepheid, F. Hoffmann-La Roche Ltd., Myriad Genetics, Inc., Hologic, Inc., Novartis International AG, Quest Diagnostics, Inc., Qiagen, Thermo Fisher Scientific, and Siemens AG are some of the key players operating in this market. The leading vendors of molecular diagnostics are expected to take up strategic partnerships, states the market study.
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The review is based on a report by Transparency Market Research, titled “Molecular Diagnostics Market (Technology - PCR and Real-Time PCR, Hybridization, Microarray, Transcription-mediated Amplification, and Next-Generation Sequencing; Application - Infectious Diseases, Oncology, Blood Screening, Microbiology, Genetic Testing, and Women’s Health; End User: Hospitals, Diagnostic Laboratories, Blood Banks, Academics, and Research) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
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