Molecular diagnostics involve an early detection certain disease. Delayed diagnosis of chronic disease have major socio-economic complications. Rising prevalence of chronic disease and need for customized solutions have paved the way for molecular diagnostics in diseases diagnosis. These are also effective in identifying underlying molecular defects in hereditary diseases. Use of molecular diagnostics in pre-clinical development and approval of drugs for therapeutics and diagnosis purpose have increased. Some of the innovations are next-generation sequencing, microarray technologies, liquid biopsies, early cancer detection and point-of-care assays.
Global molecular diagnostics market is segmented by product & service, technology, application and end user.
By product & service, the market is segmented into reagents and kits, instruments and software & services. The reagents and kits segment is expected to grow at the fastest CAGR. The growth can be attributed to availability of a variety of reagents & kits and growing usage of reagents and kits in diverse therapeutic areas such as infectious diseases and oncology.
Based on technology, the global molecular diagnostics market is segmented into PCR, INAAT, DNA sequencing & NGS, in situ hybridization, DNA microarrays, and other technologies. PCR segment is expected to hold the largest share due to increasing usage of PCR in genomics and development of automated PCR instruments.
By technology, the molecular diagnostics market is segmented globally into enzyme-linked immunosorbent assays (ELISA), rapid tests, western blotting, enzyme-linked immunospot (ELISPOT), immuno-PCR, and other technologies. The ELISA segment is expected to generate the highest revenue in the forecast period as it is the most preferred immunoassay tests for the diagnosis of cancer, infectious diseases, and therapeutic drug level monitoring.
End user segment is classified into hospitals and academic laboratories, reference laboratories and other end users. The hospitals and academic laboratories segment as majority of diagnostic tests are performed in hospitals.
Geographically, the global molecular diagnostics market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is likely to dominate the molecular diagnostics market due to high prevalence of infectious diseases, highly developed healthcare system and increasing applications of molecular diagnostics in genetic disorders and cancer screening. As per American Cancer Society, around 609,640 Americans are expected to die of cancer in 2018. Early screening can help in the prevention and detection of these life threatening disease.
Europe is likely to emerge as the second largest molecular diagnostics market globally. This can be attributed to increasing cancer disease burden and strong government policies to reduce the number of chronic disease. Cancer is the second leading cause of mortality in EU after cardiovascular diseases, around than 1.4 million deaths estimated in 2018.
Asia pacific immunoassay market is expected to witness significant growth on account of increasing development and production of vaccines & drugs, growing medical treatment for infectious and chronic diseases. In 2017, there were 11,923 combined new cases of leukemia, lymphoma and myeloma in Australia.
LAMEA is expected to witness steady growth as government health budgets in Latin America are small compared to developed economies. As per American Cancer Society, around 1.1 million new cancer cases and 600,000 cancer deaths are estimated to occur annually in Latin America.