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Worldwide Molecular Diagnostics Market Top 10 Players Universal Analysis, Indutry Demand and 2023 Forecast

Market Research Future (MRFR), asserts that the global molecular diagnostics market is set to capture a CAGR of 9.6 % during the forecast period (2017-2023). Molecular diagnostics is a branch of diagnostics which utilizes molecular biology to detect and measure the presence of genetic material or proteins related to a specific health condition. Molecular diagnostics is the fastest growing branch in vitro diagnosis as it has been able to achieve highest diagnosis accuracy and enables early diagnosis and prevention of diseases. The global molecular diagnostics market is expected to grow remarkably as it possesses the ability to conduct genetic tests that were previously not possible and it has the potential to replace the present microbiological and clinical methods of diagnosis.

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The molecular diagnostics market remains unaffected by economic fluctuations and the number of patients and the corresponding demand for medical devices and products remains at uninterrupted at all times. Factors such as gross national products, household spending do not affect this market. The molecular diagnostics market enjoys business stability as it can generate revenues hundreds of thousands of times larger than the initial investment. Also, the cost and time of development and commercialization of the market is less compared to that of the pharmaceutical industry. However, technological advancements often take place in cancer molecular diagnostics kit which requires periodic investment in R&D activities. High prices of the diagnostic kits may also hinder the growth of the market to some extent.

Key players for Global Molecular Diagnostics Market

Leading companies in the global molecular diagnostics market include QIAGEN NV, Hoffman-La Roche Ltd., Grifols, Hologic Inc., Siemens Healthcare GmbH, BD, Abbott, Beckman Coulter Inc., Bio-Rad Laboratories Inc., Cepheid, and bioMerieux SA.

The global molecular diagnostic market is an oligopolistic market with very limited number of companies possessing the core technologies who account for 70-80% of the market. Abbott (U.S.), Siemens Healthcare GmbH (Germany), Beckman Coulter Inc. (U.S.), Hoffmann-La Roche Ltd. (U.S.), Bio-Rad Laboratories, Inc. (US), Hologic, Inc. (U.S.), Grifols (Spain), BD (U.S bioMérieux SA (France), QIAGEN N.V. (the Netherlands), and Cepheid (U.S.)

Segmental Analysis:

The global molecular diagnostics market is segmented on the basis of end use, application, and technique.

On the basis of technique, the global molecular diagnostics market is segmented into PCR and real-time PCR, microarray, fluorescence in-situ hybridization, next-generation sequencing, and transcription-mediated amplification. PCR dominates the global molecular diagnostics market and accounted for more than a third of the global market in 2018. The segment is likely to remain the dominant contributor in the global molecular diagnostics market over the forecast period, along with next-generation sequencing and transcription-mediated amplification.

On the basis of application, the global molecular diagnostics market is segmented into oncology, infectious diseases, genetic testing, blood screening, pharmacogenomics, coagulation, human leukocyte antigen typing, and others. Oncology and infectious diseases are likely to remain the major contributors to the global molecular diagnostics market over the forecast period thanks to the growing prevalence of diseases such as cancer and TB.

On the basis of end use, the global molecular diagnostics market is segmented into hospitals, diagnostic laboratories, and academics and research institutes.

Regional Analysis:

On the basis of region, the global molecular diagnostics market is segmented into America, Europe, Asia-Pacific and Middle East & Africa. America is responsible for a significant share of the molecular diagnostic market owing to factors such as the presence of key companies in the region, developed medical sector and higher expenditure on healthcare facilities, rising government aid for R&D activities, well-developed technology. The Europe market for molecular diagnostics ranks second in terms of market share, followed by Asia-Pacific. Strong growth is anticipated in Asia-Pacific region due to rising demand for clinical tests and analysis, however, improper reimbursement policies may hinder the growth of the market in developing countries. The market in Middle East& Africa is expected to expand owing to increased blood disorders in the region.

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