Image: The global molecular diagnostics market is expected to grow to USD 11.54 billion by 2023, driven by the increasing prevalence of infectious diseases and various types of cancers, among other factors (Photo courtesy of Shutterstock).
The global molecular diagnostics market is expected to grow at a CAGR of 8.4% from USD 7.71 billion in 2018 to USD 11.54 billion by 2023, driven by the increasing prevalence of infectious diseases and various types of cancers, rising awareness and acceptance of personalized medicine and companion diagnostics, growth of the biomarker identification market, and advancements in molecular techniques.
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a global market research company.
Based on technology, the PCR segment is expected to account for the largest share of the molecular diagnostics market in 2018 due to the increasing use of PCR in proteomics and genomics, automation of PCR instruments, and emergence of advanced technologies such as qRT-PCR.
On the basis application, the molecular diagnostics market is expected to be dominated by the infectious diseases segment in 2018, owing to the development of advanced assays for various diseases and conditions, sharp rise in the prevalence of infectious diseases, and growing awareness about the effective use of molecular diagnostic technologies to control the occurrence and spread of infectious diseases.
Based on end-user, the hospital & academic laboratories is expected to account for the largest share of the molecular diagnostics market in 2018 primarily on account of the large number of diagnostic tests conducted in hospitals.
In 2018, North America is expected to account for the largest share of the global molecular diagnostics market, mainly due to the high prevalence of infectious diseases and cancers, presence of a highly developed healthcare system and large number of leading national clinical laboratories, easy accessibility to technologically-advanced instruments in the region, availability of government funds, and growing applications of molecular diagnostics in genetic disorders and cancer screening.