Albany, NY -- (SBWIRE) -- 10/29/2015 -- The widening scope of applications of molecular diagnostics will create a US$8.7 bn market by the end of 2019, finds a latest study by Transparency Market Research (TMR). The market intelligence firm, in its report, titled 'Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,' states that the global molecular diagnostics market had a valuation of US$4.3 bn as of 2012. With several factors boosting both awareness of and demand for molecular diagnostics, the market will register a CAGR of 11.1% through the forecast period of the report.

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An uptick in the prevalence of cancer across the world will aid the adoption of molecular diagnostic methods, fuelling the growth of the market for molecular diagnostics. Besides this key factor, an expanding aging population base worldwide calls for the use of various diagnostic techniques in order to treat different diseases and medical conditions. Personalized medicine is emerging as a major trend in the pharmaceutical industry, and this factor will also contribute to the growth of the global molecular diagnostics market. However, the reimbursement scenario in many countries is currently not favorable to the growth of the molecular diagnostics market.

The report identifies two key opportunities: Technological innovation in molecular diagnostics to attain a higher share of the market and tapping unmet needs in the diagnostics market in emerging countries.For the purpose of this study, the global molecular diagnostics market is segmented on the basis of the following criteria: Diagnostic technology, applications, and geography.

By technology, the market is segmented into transcription mediated amplification (TMA), polymerase chain reaction (PCR), hybridization (FISH and ISH), microarray, and next-generation sequencing. The demand for next generation sequencing is growing rapidly thanks to the high sensitivity of these tests and their rapid turnaround time coupled with a decline in the prices of next generation sequencing technologies. Although the PCR market stood as the largest in 2012 in the global molecular diagnostics market by technology type, it will decline gradually over the report's forecast period.

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On the basis of applications, the molecular diagnostics market studies infectious disease, genomics, blood donor screening, and others. According to TMR's report, about 50% of all revenue of the molecular diagnostics market comes from the infectious disease segment. This segment is also poised for healthy growth in the coming years thanks to an alarming increase in the incidence of hospital acquired infections (HAI). This will also boost the growth of the HAI testing market, making it the fastest growing segment in the market for molecular diagnostics for infectious disease. The report pegs the CAGR of the HAI testing market at 15.1% between 2013 and 2019.

From the geographical standpoint, the regions covered in the market are: North America, Europe, Asia Pacific, and Rest of the World. While North America and Europe are currently the largest regional markets for molecular diagnostic technologies, the Asia Pacific market will exhibit robust growth over the next few years. The incidence of cancer is rising rapidly in Asia Pacific, and this aspect will play a vital role in boosting the molecular diagnostics market in national markets within the Asia Pacific region. More money is being invested in proteomics and genomics in emerging economies in Asia Pacific, feeding the growth of the molecular diagnostics market.

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About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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