The global molecular diagnostics market has been foretold in a report by Transparency Market Research (TMR) to demonstrate a reasonably consolidated nature of its vendor landscape as three leading companies had secured a combined share of 54.0% in 2015. The three companies, viz. F. Hoffmann-La Roche AG, Abbott Laboratories, and Danaher Corporation had showcased their dominance in the recent past. In order to develop innovative molecular diagnostic kits with enhanced functionalities, you could see a number of companies making massive research and development investments. Leading companies have been largely focusing on widening their product portfolios and tactical mergers and acquisitions to stay ahead of the competition.
After closely monitoring the global molecular diagnostics market, TMR has prophesied it to expand at an 11.6% CAGR during the forecast tenure 2016-2025 to garner an US$18.9 bn by the final forecast year. In 2016, the market had attained a valuation of US$7.1 bn. In terms of technology, polymerase chain reaction (PCR) and real-time PCR have been foreseen to outgrow other segments, taking cue from their 39.1% share obtained in 2016. Accounting for the same amount of share in the same year, North America could continue taking the driver’s seat of the market.
Rising Demand for Biomarkers for Rapid Diagnosis Sets Tone for Growth
Unfailing prognosis of a broad range of infectious diseases such as hepatitis and HIV and the swelling demand for biomarkers for conducting rapid diagnosis have been anticipated to be key for the growth of the world molecular diagnostics market. One of the important factors expected to boost market growth could be the increasing research and development investment in biomarkers observed in several emerging as well as developed nations.
In the recent years, there has been an escalating occurrence of STIs such as Chlamydia trachomatis and Neisseria gonorrhoeae which called for an equally frequent need of tests to diagnose them. Thus, the demand for molecular diagnostics has stayed decent since the past few years. The uptake of molecular diagnostics has been envisaged to be bolstered by the ease of operation and convenience offered to clinicians. Furthermore, biomarker advancements have significantly decreased the computational time of usual multiplexed platforms.
Delay in Approvals Leads to Paucity of Advanced Molecular Diagnostics
The revenue growth of the international molecular diagnostics market has been prognosticated to be hampered by prolonged approvals required from the FDA and other regulatory authorities. This has created a dearth of sophisticated molecular diagnostics tools for clinicians to treat chronic diseases and infections. Moreover, lack of promising reimbursement policies has been projected to discourage the adoption of molecular diagnostics.
However, the demand for molecular diagnostics has been prophesied to gain strength on the back of the rising prominence of personalized therapies in several developed countries. Additionally, the surging requirement of customized healthcare in developed regions could increase the demand in the coming years. The uptake of molecular diagnostics platforms in point-of-care settings could help expose lucrative avenues in the near future.