Molecular Diagnostics Market Scenario
Increasing awareness and acceptance of personalized medicine and companion diagnostics, technological advancements in the field of molecular diagnostics and high prevalence of infectious diseases and various types of cancers are some of the major factors propelling the molecular diagnostics market globally. Furthermore, growth in the biomarker identification market is also one of the factor propelling the growth of molecular diagnostics market. However, complex regulatory frameworks delaying the approval of new molecular diagnostic tests is one of the major factor expected to hamper the global growth of the market.
Molecular Diagnostics Market Segmentation
The Molecular Diagnostics Market is segmented by Product & Service, Technology, Application, End User and Geography. The Product & Service studied in the Molecular Diagnostics Market are Reagents & Kits, Instruments and Services & Software. Furthermore, the Technology segment comprises of Polymerase Chain Reaction (PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), DNA Sequencing & Next-Generation Sequencing (NGS), in Situ Hybridization, DNA Microarray and Other Technologies. Likewise, various Application of this market are Infectious Diseases (Hepatitis, HIV, CT/NG, HAIS, HPV, Tuberculosis, Influenza and Other Infectious Diseases), Oncology (Breast Cancer, Colorectal Cancer, Lung Cancer, Prostate Cancer and Other Cancers), Genetic Tests and Other Applications. Moreover, molecular diagnostics are used in major End Users such as Hospital & Academic Laboratories, Reference Laboratories and Other End Users. Based on Geography, the Molecular Diagnostics Market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and RoW.
Molecular Diagnostics Market by Geography
Based on geography, the molecular diagnostics market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and RoW. Among all the regions, the North America dominated the global molecular diagnostics market in 2019. The large share of this region can be attributed to factors such as the high prevalence of infectious diseases and cancers in the region, presence of an extremely developed healthcare system and big number of leading national clinical laboratories, easy accessibility to technologically advanced instruments and availability of government funds.
Molecular Diagnostics Market Key Players
Some of the major players operating in the global molecular diagnostics market includes Abbott Laboratories, Agilent Technologies, Becton, Dickinson and Company, Biomérieux Sa, Danaher Corporation, Diasorin, Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens AG, Thermo Fisher Scientific. These players focus on inorganic strategies such as acquisitions, partnerships, agreements, and collaborations as well as organic strategies such as expansions and product launches & approvals to sustain their positions in the market.
Molecular Diagnostics Market Report Key Benefits