Current Scope And Scenario Of Molecular Diagnostics
After the successful accomplishment of the Human Genome Project, new avenues for genome-based diagnostics and therapy in healthcare sector have opened up which has in turn led to the development of personalized medicine. Advancing molecular diagnostics has been the prime agenda of biomedical scientists around the globe. Molecular diagnostics has made possible the diagnosis of the previously undetected viral nucleic acids, and helped provide a deeper understanding of the cause of disease, treatment dose, and success of the treatment depending upon the case. It has provided an immense scope of novel and more sophisticated biotechnology and biomedical tools to be employed in this sector procreating a new interdisciplinary field. Increasing R&D activities focused at developing advanced tools and techniques intended to enable rapid as well as accurate diagnosis of disease will propel molecular diagnostics’ market growth. As the demand for early diagnosis of these diseases is high, various public and private organizations are investing funds to accelerate R&D in the field of molecular diagnostics.
Recently, the infectious disease application segment accounted for the largest market share and will grow at a CAGR of 7.7 percent in the coming years. The increasing prevalence of infectious diseases such as tuberculosis, hepatitis B, and hepatitis C, coupled with tests for sexually transmitted diseases/infections like HIV and HPV will propel the segment’s growth. The genetic testing application segment will witness huge growth with a CAGR of 10 percent. Genetic testing comprises tests that identify the abnormalities in chromosomes, genes, and proteins and enables the early detection of genetic diseases. The PCR technology segment accounted for the largest market share. Real time PCR provides accurate and quick results compared to conventional PCR and its increasing usage in laboratories will further increase this segment’s growth. As a result of this, its demand is expected to increase over the years rendering a significant positive impact on the segment’s growth.
There is tremendous market growth of US molecular diagnostics because of growing use of NGS and PCR technology. Industry growth is further propelled by increased access to healthcare services and rapidly increasing government investments. Moreover, increased awareness pertaining to benefits of early diagnosis and high adoption rates for technologically advanced methods will also propel US molecular diagnostics market’s growth. Germany constitutes for the largest market share of Europe’s molecular diagnostics market and the trend is expected to continue in the near future. Rapidly growing R&D activities along with heightened cost burden of infectious diseases and cancer in the country will positively influence the growth. Furthermore, high and rapidly growing demand for the accurate and better diagnosis of infectious and genetic diseases will positively impact the market. Asia-Pacific should witness tremendous growth owing to the prevalence of infectious diseases and increasing income in developing economies such as India and China. Moreover, increasing healthcare spending coupled with the growing awareness pertaining to advancements in molecular diagnostics will fuel the Asia-Pacific molecular diagnostics market’s growth in future.
Major companies in global molecular diagnostics market are Abbott Molecular, BioMerieux, Cepheid, Danaher Corporation, Qiagen Gaithersburg, Roche diagnostics, and Siemens Healthcare. Innovative product launch and expansion through strategic partnership are foremost strategies adopted by the companies to garner a higher market share. Technological advancements and growing R&D initiatives will drive industry growth. Products with superior technologies such as broader range application equipment and multitasking reagents will continue to find a deeper penetration in the molecular diagnostics market. New technologies will also bring greater effectiveness to current methods. Technologies such as nanotechnology are also likely to support the development of the molecular diagnostics field. The molecular diagnostic market is presently at its growing stage in India and is expected to capture a significant share in the in vitro diagnostics market in the coming years.
