About Molecular Diagnostics
The traditional trial and error techniques that were used in the field of medicine are now being replaced by accurate, safe, marker-assisted, molecular-guided treatments. Molecular diagnostics is one such technique. This is a technique that involves measurement and analysis of DNA and RNA at the molecular level to detect changes in biochemical pathways. The aim of performing these tests is to determine the location of a disease and its activity. Wide scope of application, specificity, and quick turnaround time are factors that are contributing to its importance in the IVD market.
Technavio’s analysts forecast the global molecular diagnostics market to grow at a CAGR of 10.38% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global molecular diagnostics market for 2016-2020. To calculate the market size, revenue generated from the sales of equipment such as automated real-time PCR, mass spectroscopy, and DNA sequencing and DNA microarray diagnostic devices, consumables, and reagents is considered.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Molecular Diagnostics Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Molecular Diagnostics Market: Abbott Laboratories, Hologic Inc., Qiagen, Roche Diagnostics (a division of F. Hoffmann-La Roche Ltd.), and Siemens Healthcare GmbH.
Other Prominent Vendors in the market are: AsuraGen, Ahram Biosystem, Analytik Jena, BD, Bio-Rad, EKF Molecular Diagnostics, EMD Millipore, HTG Molecular, InBios International, Maxim Biomedical, Mindray, Myriad Genetics, Ortho Clinical Diagnostics, Ras Lifesciences, Trivitron Healthcare, and ThermoFisher Scientific.
Commenting on the report, an analyst from Technavio’s team said: “Advances in nanotechnology and genomics have led to the development of nano-platform-based theranostics, which combines therapeutics with diagnostics and provides personalized medicine. It uses the person’s genotype for the selection of medication. It helps determine whether a certain disease is likely to respond positively to a particular treatment. Theranostics is an emerging segment in the field of IVD, with many players focusing on R&D in this segment, as it provides an opportunity to combat cancer and many other diseases.”
According to the report, cancer, a leading cause of death worldwide, can be detected early with the help of molecular diagnostic tests and is, therefore, the primary growth driver for this market. The use of molecular diagnostics will help to reduce healthcare costs for patients by avoiding unnecessary chemotherapy, medical care, and drugs. It can also be used to detect cancer biomarkers, which in turn will help to improve the survival rate of patients. The ability of molecular diagnostics to validate cancer biomarkers and improve patient care will lead to the growth of this market during the predicted period.
Further, the report states that the growth of the global molecular diagnosis market is hampered by reimbursement issues.
Abbott Laboratories, Hologic Inc., Qiagen, Roche Diagnostics (a division of F. Hoffmann-La Roche Ltd.), Siemens Healthcare GmbH, AsuraGen, Ahram Biosystem, Analytik Jena, BD, Bio-Rad, EKF Molecular Diagnostics, EMD Millipore, HTG Molecular, InBios International, Maxim Biomedical, Mindray, Myriad Genetics, Ortho Clinical Diagnostics, Ras Lifesciences, Trivitron Healthcare, ThermoFisher Scientific.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook