Molecular diagnostics market size was valued at USD 5.4 billion in 2015, with forecast target exceeding USD 10 billion by 2023, at over 8.1% CAGR; as per the latest research report by Global Market Insights, Inc.
Strong and consistent regulatory support, encouraging R&D spending, and enhanced use of diagnostics in home healthcare is likely to drive the global molecular diagnostics market size. Sexually transmitted disease diagnostics will remain a major revenue puller, with revenue targeted to exceed USD 1.5 billion by 2023. HIV and STD illustrate maximum penetration due to increasing occurrence and ease of diagnosis.
Revenue from Hepatitis C diagnostics was USD 529.5 million in 2015, with 8.8% CAGR growth anticipated for the next seven years. Chlamydia and Gonorrhea segments are forecast to see more than 9% CAGR gains.
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Growing demand for early disease detection, especially in case of cancer due to increase in awareness levels, and advanced technologies such as DNA sequencing and microarrays as well as use of healthcare IT to facilitate accurate diagnosis is anticipated to enhance molecular diagnostics market growth. Moreover, rising trend of PoC diagnostics, pharmacogenomics, and genetic testing will further stimulate demand.
These diagnostics play an imperative role in the field of infectious disease testing by rendering fast and effective results. The rising number of infectious diseases and hospital acquired infections (HAI) is slated to drive industry growth during the forecast timeframe. Moreover, growing incidence rates of target disorders such as cardiovascular, neurological and genetic disorders is also expected to boost demand.
Dengue and tuberculosis, presently have moderate industry penetration, however they may expand in revenue share, if preventive care is not exercised in developing and under-developed nations.
To access sample pages or view this report titled, “Molecular Diagnostics Market Size By Infectious Disease (Flu, Tuberculosis, Meningitis, RSV Virus, Hepatitis B, Hepatitis C, HPV, STD, HIV, Dengue, Gonorrhea, Chlamydia, TORCH, H. Pylori), By Technology (PCR, Real-Time PCR, DNA/RNA Purification), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Portugal, Italy, Russia, Denmark, Norway, Sweden, Israel, Japan, China, India, Sri Lanka, Pakistan, Philippines, South Korea, Australia, New Zealand, Vietnam, Thailand, Mexico, Brazil, Argentina, Colombia, Chile, Peru, South Africa, Nigeria, Morocco, Egypt, KSA, UAE, Jordan, Qatar), Application Potential, Price Trend, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents, please click on the link below:
Key insights from the report include:
Last updated on: 14/10/2016
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