Some of the major players in the molecular diagnostics market include Bio-Rad Laboratories, Inc.; Bayer AG; Siemens Healthcare GmbH; Abbott; Alere, Inc.; Danaher; Dickinson and Company; Dako; Hologic, Inc. (Gen probe).
New York, NY -- (SBWIRE) -- 05/16/2019 -- Molecular Diagnostics Market widely understood that researchers, medical professionals and the medical industry as a whole are looking at less invasive procedures within each field of the industry. The tests involved in molecular diagnostics are useful in a varied range of medical specializations from, infectious to pharmacogenomics—the genetic prediction of which drugs will work best. The molecular diagnostic testing methods overlap with clinical chemistry that requires medical tests to be performed on bodily fluids. Molecular diagnostic tests also help with cancer research. There are several technologies that aim at the detection of sequence variations which have been developed for cancer research. Furthermore, molecular diagnostics also provide a less invasive method to conduct test chromosomal abnormalities such as Down syndrome.
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There are major factors driving the global Molecular Diagnostics market some of which are the technological advancements in the genomics arena, increasing research expenditure in molecular biology by private and government institutes, rise in infectious and chronic diseases.
The segmentation of the global Molecular Diagnostics market on the basis of a region can be done into, the Asia Pacific, North America, Europe and the Rest of the World (ROW). The molecular diagnostics market was dominated by the North American region, which was followed by Europe and the Asia Pacific. Due to factors such as the presence of private and public funding and the highly developed healthcare system in the region, North America is likely to continue to dominate the global molecular diagnostics market in the forecast period. At the same time, there are certain factors such as government support and the prevalence of infectious diseases, as well as the the rising focus of major players in emerging Asian countries that are driving the growth of the Molecular Diagnostics market in the Asia Pacific region that is expected to witness the highest CAGR, the growth of the Asia Pacific market would be centered at Japan, India, and China.
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.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Molecular Diagnostics Market by Product & Services (Reagents & Kits, Instruments, Services) Technique (PCR, Sequencing, Electrophoresis), End Users (Diagnostic & Research laboratories, Pharmaceutical & Bio Technique Companies) and Region - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:
Strict Regulatory Framework to restrict the market growth
Regulatory framework relating to the approval process has always been the critical restraining factor for the biotechnology, pharmaceutical and medical technology market. Developing countries and emerging economics , lack well-defined supervisory framework and guidelines for the diagnostic sector, which negatively impacts the growth of the market.
Regulatory approval process for molecular diagnostics create uncertainties and confusion among manufacturers regarding product commercialization. In addition, the lack of a robust reimbursement framework for personalized and genomic medicine in mature markets, such as the U.S., is expected to restrain the market growth due to limited purchasing power of buyers.
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.
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