The Global Market is expected to reach USD 11.54 Billion by 2023 from USD 7.71 Billion in 2018, at a CAGR of 8.4%.
Northbrook, IL -- (SBWIRE) -- 08/01/2018 -- According to a new market research report "Molecular Diagnostics Market by Application (Infectious Disease (Hepatitis, HIV), Oncology, Genetic Testing), Technology (PCR, DNA Sequencing & NGS), End User (Hospital/Academic Laboratory), Product & Service (Reagent, Software) - Global Forecast to 2023", published by MarketsandMarkets™.
The high prevalence of infectious diseases and various types of cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques are some of the key factors driving the growth of this market.
Browse 221 market data Tables and 38 Figures spread through 241 Pages and in-depth TOC on "Molecular Diagnostics Market"
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Based on technology, the PCR segment is expected to account for the largest share of the market in 2018
On the basis of technology, the market is broadly segmented into PCR, INAAT, DNA sequencing & NGS, in situ hybridization, DNA microarrays, and other technologies. The PCR segment is expected to account for the largest share of the global Molecular Diagnostics Market in 2018. The large share of this segment is attributed to the growing use of PCR in proteomics and genomics, automation of PCR instruments, and the emergence of advanced technologies like qRT-PCR.
The infectious diseases segment is expected to account for the largest share of the Molecular Diagnostics Market, by application, in 2018
On the basis application, the market is broadly segmented into infectious diseases, oncology, genetic tests, and other applications. The infectious diseases segment is expected to account for the largest share of the global Molecular Diagnostics Market in 2018. The large share of this segment is attributed to the development of advanced assays for different diseases and conditions, significant increase in the prevalence of infectious diseases, and rising awareness about the effective use of molecular diagnostic technologies to control the occurrence and spread of infectious diseases.
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Hospital & academic laboratories are the largest end users of the Molecular Diagnostics Market
On the basis of end user, the market is broadly segmented into hospitals and academic laboratories, reference laboratories, and other end users. The hospitals and academic laboratories segment is expected to account for the largest share of the market in 2018. The large share of this segment can primarily be attributed to the large number of diagnostic tests conducted in hospitals.
North America to dominate the Molecular Diagnostics Market in 2018
In 2018, North America is expected to account for the largest share of the global Molecular Diagnostics Market. The large share of this region is mainly attributed to the high prevalence of infectious diseases and cancers, presence of a highly developed healthcare system and large number of leading national clinical laboratories, easy accessibility to technologically advanced instruments in the region, availability of government funds, and growing applications of molecular diagnostics in genetic disorders and cancer screening.
The key players in the global Molecular Diagnostics Market are Roche (Switzerland), Hologic (US), QIAGEN (Netherlands), Abbott (US), and Danaher (US).
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