The global molecular diagnostics market is teeming with large and small players involved in developing molecular diagnostics products. This makes the landscape highly fragmented and the competition stiff. Manufacturers are leveraging different strategies to maintain their foothold in the market. Besides investing in research to bring about product differentiation, they are also resorting to mergers and acquisitions to enhance their positions.
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Roche Diagnostics is one of the main players operating in the market. It held a dominant share of 31.0% in the market in 2012 by dint of its wide array of product offerings in the areas of oncology, virology, genomics, women’s health, microbiology, and others. Cutthroat competition, however, is resulting in the loss of its market share. Novartis Diagnostics, which is considered a pioneer in the industry and a leader in the blood donor screening segment, followed in the second position in 2012. Other big names operating in the industry are Hologic, Qiagen, Cepheid, Abbott, etc.
The global market for molecular diagnostics is predicted to be worth US$8.66 bn by 2019, predicts a report by Transparency Market Research.
Asia Pacific to Clock Maximum Growth Rate due to Prevalence of Chronic Diseases
Technology-wise, the global market for molecular diagnostics can be segmented into polymerase chain reaction (PCR), transcription mediated amplification (TMA), microarray, hybridization (ISH and FISH), next-generation sequencing, and others. Among them, PCR, which finds application in generating millions of copies of DNA sequence through repeated cycles of heating and cooling, holds sway over the market with maximum share. Its market was worth US$2.08 bn in 2015. However, it is the next generation sequencing segment that is slated to outshine all other segments in terms of growth rate during the forecast period.
The global molecular diagnostics market can be segmented geographically into North America, Asia Pacific, Europe, and the Rest of the World. North America has been the dominant market so far and is predicted to maintain its leading share in the coming years too. The TMR report forecasts the market to reach a value of US$3.51 in 2019. Europe follows North America in terms of market share. Growth rate-wise, however, Asia Pacific is poised to overtake the two dominant regions up until 2019. A host of factors such as rising occurrence of chronic maladies, outbreak of H1N1, burgeoning elderly population, prevalence of hepatitis and HIV, economic development, and rising patient awareness are driving the market in the region.
Cancer one of the Main Drivers of Market
One of the main drivers of the global molecular diagnostics market is the alarming increase in the instances of cancer. The World Health Organization (WHO) predicts that the deadly malady will claim 13.1 billion lives from 2012 to 2030. It also warns that annual cancer cases will increase from 14 million in 2012 to 22 million in the next two decades. This would result in further emphasis on research and discovery of biomarkers to detect different types of cancers and thereby lead to a swift uptake of molecular diagnostics tests. Rise in chronic diseases and a growing geriatric population would also boost the market.
A major market deterrent is unfavorable reimbursement policies. “Insurance companies are refraining from reimbursing molecular diagnostic tests due to lack of appropriate coding system. The erstwhile Obama administration stopped paying bills for molecular diagnostic tests. Molecular tests help screen various biomarkers which aid in diagnosis and act as treatment guide for cancer and other diseases. The cost of these tests typically ranges from US$300 to US$3,000 per test and are considered the most important technologies for early detection,” explains the analyst of the report.
This review is based on the findings of a TMR report titled “Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.”
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.