Molecular diagnostics encompasses the measurement and analysis of nucleic acids, proteins, and metabolites to study genotypes and detect biochemical changes in the body. This field is primarily used to examine the occurrence of diseases in blood, tissues, or even bones. Understanding the role of DNA in fundamental cellular processes has significantly advanced medical diagnosis. Molecular diagnostics offers the advantage of early detection of diseases, including cancer and various infectious diseases. The ability to streamline molecular reactions for improved clinical diagnosis has placed healthcare at the forefront of this technology.
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The market for molecular diagnostics is driven by several factors, including the increasing prevalence of infectious diseases, the growing adoption of point-of-care testing, rising demand for biomarker-based tests, and rapid market growth in emerging countries. Additionally, the significance of companion diagnostics, a surge in mergers and acquisitions (M&A), and the adoption of DNA probe-based diagnostics are providing growth opportunities. However, stringent regulatory approvals and a shortage of skilled labor are challenges affecting market growth.
Market Analysis
The Global Molecular Diagnostics Market is estimated to witness a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period from 2017 to 2023. The market analysis is based on four segments: application, technology, end-users, and regions.
Regional Analysis
The regions covered in the report include North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America holds the largest share of the molecular diagnostics market, followed by Europe. Various countries in the Americas are taking initiatives to eliminate viral hepatitis, with the major challenge lying in disease diagnosis. This presents opportunities for manufacturers to enhance their market presence. Asia Pacific is expected to have the fastest growth rate due to a high prevalence of infectious diseases, a large patient pool, and increasing awareness. The Rest of the World follows in terms of growth rate during the forecast period.
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Technology Analysis
PCR (Polymerase Chain Reaction) is the primary technique performed before any molecular diagnostic examination and serves as the gold standard for DNA amplification. PCR holds the largest share among all molecular diagnostic techniques. Microarray technology is the fastest-growing segment in the market, thanks to its wide application range and advantages.
Application Analysis
Infectious diseases represent the largest application segment in 2016 due to a high number of patients suffering from sexually transmitted diseases (STDs), hepatitis, hospital-acquired infections, respiratory infections, pathogen identification, and others. The oncology segment is expected to experience the fastest growth rate during the forecast period due to the rising global prevalence of cancer.
Key Players
Key players in the Molecular Diagnostics Market include F. Hoffmann-La Roche, Hologic, Inc., Danaher Corporation, Abbott Laboratories, and Siemens Healthineers Inc. Other prominent and niche players in the market include Becton Dickinson and Company, Bio-Rad Laboratories, Inc., Qiagen NV, bioMerieux S.A., and Thermo Fisher Scientific.
Competitive Analysis
Currently, the PCR market dominates the global molecular diagnostics market. However, many new players are focusing on developing microarray and next-generation sequencing technologies to seize future business opportunities. Significant investments in research and development (R&D) in this market aim to develop novel technologies. Many companies are receiving funding to develop advanced technology products from diagnostics associations and venture capitalists. For example, QuantuMDx received funding from the Bill & Melinda Gates Foundation in November 2016 to develop the CAPTURE-XT pathogen concentration technology and Q-POC molecular diagnostic platform for rapid, low-cost tuberculosis detection and drug susceptibility testing (DST).
Benefits
This report provides comprehensive details about the usage and adoption rates of molecular diagnostics in various therapeutic verticals and regions. Stakeholders can gain insights into major trends, drivers, investments, and initiatives by industry players and government efforts related to the adoption of molecular diagnostics. The report also outlines significant challenges impacting market growth and highlights key business opportunities, enabling stakeholders to expand their presence and capture revenue in specific verticals. This information supports informed decision-making for investments and business expansion within the Molecular Diagnostics Market.
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Market Dynamics:
Surging air traffic:
- As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability:
- The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability:
- The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization:
- The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation:
- The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems:
- The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology:
- Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation:
- The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets:
- Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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