Saturday, 25 February 2017

Molecular Diagnostics Market (By Technology: Polymerase Chain Reaction, Hybridization, Mass Spectrometry and Others) to Expand at a CAGR 11.4% by 2023

Molecular diagnostics primarily refers to the class of diagnostic tests that identifies nucleic acids or proteins at the molecular level. Molecular diagnostics has emerged as one of the fastest growing segments in in vitro diagnostics industry. The market for molecular diagnostics has expanded rapidly since 1990’s with the introduction of PCR test for HIV and Chlamydia trachomatis and Neisseria gonorrhea (CT/NG). Since then, within a span of 20 years market has shown a significant growth. Currently, molecular diagnostics kits are being widely adopted for testing genetic diseases, cancer, hepatitis virus and hospital acquired infections. Likewise, molecular diagnostics kits are also being used extensively for blood donor screening test for hepatitis and HIV.
The molecular diagnostic tests uses a number of technologies such as polymerase chain reaction, hybridization (ISH AND FISH), mass spectrometry, transcription mediated amplification (TMA), next generation sequencing, biochips and microfluidics, others which includes nanotechnology and proteomics. The polymerase chain reaction dominated the molecular diagnostics market in Europe accounting for the share of 40.1% in 2014 as the technique is cost-effective way for copying or amplification of small segments of DNA or RNA. However, next generation sequencing segment is expected to register the fastest growth during the forecast period due to its high throughput, speed, flexibility which has ability to generate hundreds of gigabases of data in a single sequencing run.
The Europe molecular diagnostics market has been segmented into five major regions, namely, Northern Europe, Eastern Europe, Western Europe, Southern Europe, and Rest of Europe, which are further categorized into various countries under each region. Western Europe dominated the Europe molecular diagnostic market in 2014 with a share of 47.1% due to factors such as rising prevalence of infectious disorders, and increasing number of government initiatives. In addition, growing preference of the population to opt for affordable molecular diagnostic tests is another factor supporting the market growth in this region. Eastern Europe is projected to be the most lucrative market for Europe molecular diagnostic market and is expected to expand at the highest growth rate from 2015 to 2023. Factors propelling the growth of the Europe molecular diagnostic market are rising disposable income among population, and rising health care awareness among the people pertaining to molecular diagnostic tests.
F. Hoffmann-La Roche Ltd. dominated the Europe molecular diagnostic market in 2014. Major factors attributed to its dominance are broad product portfolio and widespread market presence. Abbott Laboratories secured the second market position offering a wide range of molecular diagnostic tests. Other players in the Europe molecular diagnostic market include QIAGEN N.V., Hologic, Inc., Cepheid, Inc., Siemens AG, Alere. Inc., BioMerieux, Bio-Rad Laboratories, PerkinElmer, Inc., Thermo Fisher Scientific, Inc., and others.
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