Molecular Diagnostics Market Share,Size 2019 Industry Development Analysis, Global Trends,Growth Factors,CAGR Status, Industry Insights by Top Key Players and, Forecast to 2030
New York, NY -- (SBWIRE) -- 10/21/2020 -- The global molecular diagnostics market was valued at over US$ 6 Bn in 2017 and is expected to grow at a double digit in the forecasted period. The growth of this market can be attributed to the factors such as, growing number of infectious diseases, hospital acquired infections and various other diseases. It is anticipated to grow at a 8.7% CAGR from 2019 to 2030.
Molecular diagnostics is a vital tool for the cost-effective, accurate, rapid, delivery of effective and safe therapy for many diseases. Increasing cases of hospital acquired infections and (add more drivers) have led to the growing need for molecular diagnostic in hospitals facilities. According to Centers for Disease Control (CDC) in 2017, Hospitals Acquired Infections (HAI) accounted for almost 1.7 million cases with 99,000 deaths every year in the U.S.
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Some of the major players in the molecular diagnostics market include Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Becton, Dickinson and Company, Illumina, QIAGEN N.V., Danaher Corporation, Hologic, F. Hoffmann-La Roche, and Biomerieux SA., among others.
Increasing Government Grants to Boost the Market
Increasing funding by governments and various organizations for research and clinical studies in the molecular diagnosis space are anticipated to boost the market growth. These initiatives by the government play an important role in the practice of new product development. For instance, Accelerate Diagnostics received a funding of USD 19.45 million by different organizations, including the Oracle Institutional Partners, Schuler Family Foundation, Oracle Partners, & various others, for development and sale of IVD tests and tools. Moreover, in 2015, Merck's venture capital arm funded AdvanDx with almost USD 12 million for R&D of pathogen screening for key HAI.
Technology Advancements; Creating Newer Opportunities
Technological advancements in the field of molecular diagnostics are expected to drive the market as they allow greater portability, accuracy, and cost-effectiveness. For instance, the introduction of MinION, by Nanopore Technologies offers an affordable and portable sequencer, catering to the users in point-of-care facilities and small peripheral laboratories, which is expected to boost the growth of global molecular diagnostics market.
Similarly, better throughput, improvement in nanotechnology and the introduction of point of care devices are supporting the growth molecular diagnostics as a transformative procedure.
Segmentation Covered By:
By Product & Services -
Reagents & Kits,
By Technology -
Isothermal Nucleic Acid Amplification Technology,
NGS & DNA Sequencing,
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Companies are working on expanding their product portfolio to get a hold on the market
Vaarious key players are adopting strategies such as Mergers and Acquisitions (M&A) to increase their market share. For instance, Hologic acquired Gen-Probe, to expand its product portfolio with focus on various types of cancer's diagnostics. Moreover, Cepheid launched GeneXpert Omni in 2015, which is the most portable molecular diagnostics system in the world.
Table of Contents
3.Years Considered for the Study
1.Historical Years – 2016 & 2017
2.Base Year – 2018
3.Forecasted Years – 2019 to 2030
3.Currency Used for the Study
4.Report Beneficiary List
2.Data Collection Technique
4.Market Estimation Methodology
1.Bottoms Up Approach
2.Top Down Approach
5.Data Validation and Triangulation
1.Market Forecasting Model
2.Limitations of the Study
3.Assumptions of the Study
3.ABSTRACT OF THE STUDY
4.MARKET DYNAMICS ASSESMENT
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In the end, Molecular Diagnostics Market industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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