The global molecular diagnostics market is estimated to witness a CAGR of 8.5 percent during 2017–2023, according to Research and Markets. The market is driven by the increasing prevalence of infectious diseases, growing adoption of point-of-care testing, increasing demand for biomarker-based test, and high growth of the market in emerging countries. The growing significance of companion diagnostics, increased number of M&A, and the increased adoption of DNA probe-based diagnostics are providing market growth opportunities. However, stringent regulatory approval and lack of skilled labors are hampering the market growth. Technologically, PCR is the primary technique performed before the start of any molecular diagnostic examination and is the golden standard technique for DNA amplification. Thus, the PCR technique holds the largest share among all the molecular diagnostic techniques. The advantages of microarray technology and its wide application range have made it the fastest growing segment in the market.
North America holds the major share of the molecular diagnostics market followed by Europe. Various countries in the Americas are taking initiatives for the elimination of viral hepatitis and the major challenge remains in the diagnosis of this disease. This is providing an opportunity for the manufacturers to enhance their market presence. APAC is expected to have the fastest growth rate due to the high infectious diseases prevalence, large patient pool, and increasing awareness.
Currently, the PCR market is dominating the global molecular diagnostics market, but a lot of new players are focusing on developing microarray and next-generation sequencing technologies to gain future business opportunities. Significant investments in R&D in this market are seen to develop novel technologies. As a support, many companies are receiving funds to develop advanced technology products from diagnostics associations and other venture capitalists. For instance, in November 2016, QuantuMDx received funding from the Bill & Melinda Gates Foundation to develop the CAPTURE-XT pathogen concentration technology and Q-POC molecular diagnostic platform for rapid low-cost TB detection and drug susceptibility testing (DST). Key players in the market include F. Hoffmann-la Roche, Hologic Inc., Danaher Corporation, Abbott Laboratories, Siemens Healthineers Inc., Becton Dickenson and Company, Bio-ad Laboratories Inc., Qiagen NV, bioMerieux S.A, and Thermo Fisher Scientific.