The global molecular diagnostics market is expected to progress at a CAGR of 11.6 percent between 2016 and 2025, and is estimated to reach USD 18.9 billion by the end of 2025 as compared to USD 7.1 billion in 2016, predicts Transparency Market Research. The introduction of tests for Chlamydia trachomatis and Neisseria gonorrhea (CT/NG) and HIV have augmented the demand for PCR technology and have completely transformed the earnings of this market over the past two decades. Molecular diagnostics are extensively used for diagnosing and predicting various genetic diseases, hepatitis virus, cancer, and hospital-acquired infections.
The market is projected to rise against the backdrop of rising pool of the geriatric population, growing demand for personalized health care, and increasing awareness about molecular diagnostics. The market is also expected to benefit from the increasing investments in research and development of improved molecular diagnostic kits that deliver accurate results. On the basis of technology, the PCR segment held the largest share in the overall market, accounting for 39.1 percent in 2016. The robust demand for this technology is attributable to its cost-effectiveness in copying or amplification of small segments of DNA or RNA. The next-generation sequencing segment is anticipated to showcase a rapid growth rate from 2016 to 2025 owing to its phenomenal throughput, improved speed, and enhanced flexibility, which delivers hundreds of gigabases of data in a single sequencing run.
On the basis of geography, North America held the leading share of 39.1 percent in the global market in 2016, attributing to high prevalence of infectious diseases and rising number of initiatives by governments to raise awareness. Asia-Pacific is also expected to offer several lucrative opportunities to the global market during the next eight years. The demand for molecular diagnostics in Asia-Pacific is expected to be propelled by the rising disposable income among the population, growing concerns about health, and improving awareness about molecular diagnostic tests.