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(SanDiego.CityRegions.Com, August 13, 2018 ) The Global Molecular Diagnostics Market, by Product Type (Reagents & Kits and Instruments), By Application (Oncology, Genetic Testing, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, and Others), By End User (Hospitals, Diagnostic Laboratories, Academic and Research Labs, and Other) was valued US$ 8,623.2 million in 2017 and is projected to exhibit a CAGR of 11.5% over the forecast period (2017 - 2025) as highlighted in a new report published by Coherent Market Insights. New product launches by market players coupled with rising government initiatives are major factors driving growth of the global molecular diagnostics market over the forecast period.
Molecular diagnostic test are done for diagnosis and drug discovery & development purpose. Molecular diagnostic test results are quick and accurate, which has led to increasing demand for these. In order to cater to growing demand for such tests, manufacturers are more focused on research & development for new product launches. For instance, in February 2017, AITbiotech Pte Ltd., a Singapore-based genomic service and molecular diagnostics (MDx) company, exhibited its comprehensive range of abTES MDx assays, including its newly launched Zika assays and the multiplex respiratory panel, at MEDLAB 2017, the world’s largest laboratory exhibition and congress in the Middle East.
Furthermore, in October 2017, FDA approved Roche’s cobas Zika, as first commercially-available donor screening test for Zika virus. In October 2017, QIAGEN launched the custom solution for the molecular diagnostic test, which accelerated adoption of molecular testing for life sciences and molecular diagnostics companies.
Moreover, governments of various countries are focusing on initiatives, in order to develop novel techniques in precision medicines. For instance, the U.S. government launched Precision Medicine Initiative (PMI) in 2015, in order to increase awareness and focus on advancements in the precision medicine field, which in turn is expected to favor growth of the molecular diagnostics market.
Browse 37 Market Data Tables and 35 Figures spread through 176 Pages and in-depth TOC on " Molecular Diagnostics Market, by Product Type (Reagents & Kits and Instruments), By Application (Oncology, Genetic Testing, Microbiology, STDs, Blood Screening, Virology, Tissue Typing, Prenatal Diagnosis, and Others), By End User (Hospitals, Diagnostic Laboratories, Academic and Research Labs, and Other) - Global Forecast to 2025"
Latest trends and insights prevalent in the Molecular Diagnostics Market
Furthermore, in March 2017, Cepheid, Rutgers New Jersey Medical School and FIND announced a new version of the Xpert MTB/RIF test, the Xpert MTB/RIF Ultra (Ultra), for the diagnosis of TB and rifampicin resistance. In August 2017, Selfdiagnostics launched the STD Multitest at MEDICA 2017. STD Multitest is the first and only rapid chlamydia and gonorrhoea duplex disposable molecular test in the world. In July 2017, Roche announced commercial availability of the cobas HIV-1/HIV-2 for use on the automated cobas 6800/8800 Systems in countries accepting the CE mark. In July 2017, DiaSorin launched a new CE-IVD molecular diagnostic test, Iam CBFB-MYH11 (not available in the U.S.) for ultra-rapid identification of one of the most common genetic causes of Acute Myeloid Leukemia (AML).Therefore, these increasing product launches in molecular diagnostics is expected to foster growth of the market in the near future.
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Key takeaways of the Molecular Diagnostics Market:
The global molecular diagnostics market is expected to expand at a CAGR of 11.5% during the forecast period (2017–2025), owing to growth in biomarker identification and increasing awareness and adoption of precision medicine
Reagents and kits segment holds a major market share in product type, due to increasing awareness regarding early disease diagnosis and early treatment
Virology segment holds the largest revenue share among application segments, due rapid implementation of diagnostic tests for new discovered viruses. For instance, In October 2017, Hologic, Inc. received US FDA approval for the company’s Panther Fusion Paraflu Assay used for detection and differentiate of Para-influenza viruses 1, 2, 3, and 4.
Some of the major players operating in global molecular diagnostics market are Abbott Laboratories, Hologic, Inc., Grifols, S.A., Qiagen N.V., F.Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, and Beckmann Coulter, Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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