Sellbyville, DE -- (SBWIRE) -- 10/08/2018 -- Global Molecular Diagnostics Market to touch USD 12.5 billion by 2024; according to a new research report by Global Market Insights. Molecular diagnostics has been observed to play significant role in not just identification of infections but also in therapeutic monitoring, patient stratification and drug regimen selection over the past few years. Healthcare providers are increasingly looking for accurate and reliable diagnostic techniques that provide results at highest possible speed. Reliability and accuracy is of highest importance as the errors in diagnosis have serious repercussions. This has created lucrative opportunity for innovative and technologically superior molecular diagnostic techniques.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/434

Increasing accessibility to diagnostic services and consequent increase in availability of molecular diagnostic methods to masses, especially those belong to developing regions will drive the molecular diagnostics market over the forecast period. Robust research and development in the field of molecular diagnostics aimed at the development of superior products, increasing incidences of infectious diseases and rising geriatric population will further support molecular diagnostic market growth. However, the industry faces some challenges such as high cost and lack of clear regulatory framework that is expected to impede its growth to some extent.

Infectious disease application segment accounted for more than 45% revenue share in the global molecular diagnostics market in 2017. Infectious diseases including HIV and tuberculosis are responsible for significant mortality and morbidity across the globe and government authorities are trying to curb the economic burden associated with these infectious diseases. As the molecular diagnostics allows better management of infectious diseases and enables early and accurate diagnosis, its demand will augment over the forecast period.

Genetic testing application segment is estimated to witness 10.2% CAGR from 2018 to 2024. Genetic testing carefully analyzes the human DNA, RNA and chromosome to provide deeper insights regarding diseasing causing genes. This enables personalized treatment best suited to individual rather than generalized treatment approach. Increasing incidences of genetic diseases coupled with ongoing technological advancements in the field of genetics will augment the segment growth.

PCR technology segment dominated molecular diagnostics market 2017 with revenue USD 3.1 billion in 2017 and the scenario is likely to remain so for the near future. Technological advancements such as development of real time PCR that is considered as fast and accurate platform will further support segment growth. However, other technologies such as DNA sequencing are expected to grab significant revenue share from PCR technology segment over the forecast period.

U.S molecular diagnostics market dominates the industry with USD 3.1 billion in 2017. Preference for precise and early detection of infectious and other chronic disease coupled with rising prevalence of such chronic diseases will augment the demand for molecular diagnostics tests. Well established presence of industry players conducting robust research and development will support industry growth.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/434

China Molecular diagnostics market will witness 12.4% CAGR over the analysis period. The market is at initial stages of development and will provide lucrative growth opportunities in near future. Substantial number of molecular diagnostics tests are being conducted in china using domestically produced kits. Ongoing infrastructure development, rising incidences of infectious diseases and increasing awareness levels will boost industry growth.

Some of the key industry players operating in global molecular diagnostics market are BioMerieux's, Siemens Healthcare, Roche diagnostics, Qiagen Gaithersburg, Danaher Corporation, Cepheid, Agilent (Dako), Johnson and Johnson, GenMark diagnostics, Analytik Jena and Alere Inc. Industry players are adopting inorganic as well as organic growth strategies such as partnership and innovative product lauch to garner higher market share.