Rising use of automation in various healthcare and biotech research processes is creating attractive opportunities in the global molecular diagnostics market. This trend is further bolstered by the rising need for incorporating automation for facilitating various processes, including extraction of DNA, amplification, and analyzing and recording healthcare data. These automated systems offer various benefits, such as higher efficiency, precise output, and reduced time required for gaining results. Based on a recent research report, the global molecular diagnostics market is estimated to rise at a CAGR of 11.1% over the forecast period of 2021 to 2028.
Growing adoption of molecular diagnostic devices in various diagnostic laboratories, biotech and pharma companies, hospitals, and research and academic institutes is creating growth opportunities for players in the global molecular diagnostics market in developed economies.
Molecular diagnostics market – Key findings of the report
- Growing Prevalence of Cancer: Increasing prevalence of cancer across the world is propelling the demand within the global molecular diagnostics market. As per a recent study by WHO or World Health Organization, cancer is responsible for around 8.3 Mn deaths worldwide every year. Since every type of cancer requires a unique course of treatment, this rising prevalence of cancer has also triggered an increased demand for personalized medicine. These trends are expected to offer new opportunities for the market players in coming years.
- Rising Investments by Governments for Enhancing Diagnostic Healthcare: A large number of governments around the world are increasing their investments in diagnostic healthcare. As per a report by the World Bank, governments across the world spend around 6% of their GDP on healthcare. In the United States, in 2015, healthcare expenditure accounted for 17.8% of the total GDP of the economy.
Molecular diagnostics market – Growth drivers
- Rise in global geriatric population, coupled with growth in demand for personalized medicine fuels expansion of global molecular diagnostics market
- Increasing prevalence of cancer propels the demand in global molecular diagnostics market
Molecular diagnostics market – Key players
Key companies operating in the global molecular diagnostics market are Becton, Dickinson and Company, bioMerieux SA, F. Hoffmann La Roche Ltd., Siemens AG, Abbott Laboratories, Bio-Rad Laboratories, Inc., Danaher Corporation, QIAGEN N.V., and Thermo Fisher Scientific Inc. Leading market players are focused on adopting various growth strategies, including launching new and technologically superior products and testing solutions, collaborations and agreements, gaining regulatory approvals for the new products, and acquisitions.
Molecular Diagnostics Market – Regional Growth Dynamics
In 2020, North America accounted for the largest share in the global molecular diagnostics market. Some of the key drivers responsible for the growth of this regional market include the growing presence of several new players, as well as the growth in the number of diagnostic facilities in the region. In addition to this, the rising support by governments in economies such as the United States and Canada for enhancing diagnostic testing capabilities in regional healthcare infrastructures is influencing the growth of North America molecular diagnostics market.
Other key drivers responsible for the development of the North America market are rising incidence of cancer, increase in the demand for personalized medicine, increasing incidence of infectious diseases caused by increasingly unhealthy lifestyles, and the presence of a large number of geriatric individuals in the region. The study also projects that Asia Pacific region will display impressive growth in the global molecular diagnostics market in coming years. This trend can be attributed to rising purchasing power of consumers, growing awareness amongst consumers about health problems, and increasing investments by regional government bodies on enhancing their disease management capabilities. Transparency Market Research inc.