Connect with us

Market Foresight

Global molecular diagnostics market to reach USD 18.9 billion

The global molecular diagnostics market stood at USD 7.9 billion in 2017 and is projected to reach USD 18.9 billion by 2025, reflecting an impressive CAGR of 11.6 percent, projects Transparency Market Research. The market is driven largely by the rising demand for biomarkers for the rapid diagnosis and the reliable prognosis of a wide spectrum of infectious diseases, notably HIV and hepatitis. The rising R&D investment in biomarkers in various developing and developed nations is a notable factor boosting the molecular diagnostic market. The advent of tests to diagnose sexually-transmitted infections, such as for the presence of Neisseria gonorrhea and Chlamydia trachomatis, has accentuated the growth of the market in years. Recent advances made in biomarkers have markedly reduced the computational time of common multiplexed platforms and offer clinicians convenient and easy mode of operation, thereby bolstering the uptake.

The extensive demand for molecular diagnostics platforms and kits for diagnosing a wide range of ailments such as genetic diseases, cancer, and hospital-acquired infections (HAI), is boosting the market. The growing number of geriatric population in several developing and developed economies had stoked the demand for biomarkers for the rapid diagnosis of various infectious and chronic diseases. In addition, recent advances made in molecular biology, coupled with their growing awareness among clinicians and patients alike, is a prominent factor boosting the market.

The prolonged approval by prominent regulatory agencies, such as the US FDA, is a key factor adversely affecting the revenue of the market. The delay in approvals has led to the marked paucity of advanced molecular diagnostic tools available with clinicians treating infections and chronic ailments. In addition, the lack of favorable reimbursement policies in some regions has also hindered the growth of the market to an extent. Nevertheless, the soaring demand for customized healthcare in developed nations and the growing popularity of personalized therapies in a number of developed nations are anticipated to fortify the demand for molecular diagnostics platforms over the years.

Copyright © 2024 Medical Buyer

error: Content is protected !!