The global molecular diagnostics market is expected to exceed more than USD 12.15 billion by 2024, and expanding at a CAGR of 8.5 percent, predicts MarketWatch. Apart from this, the market for molecular diagnostics in the Asia-Pacific is expected to register the 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 the developing economy in the region are the major causes fueling the growth of the market.
The global market for molecular diagnostics is displaying a highly competitive business structure. Abbott Laboratories, bioMérieux, Becton Dickinson and 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.