New York, NY -- (SBWIRE) -- 05/09/2019 -- Molecular diagnostics is basically a set of techniques that is utilized to study biomarkers which are basically measureable indicators of a biological state. These indicators are analyzed by further studying the genetic material of the organism and the set of proteins it contains. There is a thorough examination of the individual's genetic code and how their cells express their genes in proteins. The entire procedure of medical diagnostics is done by applying molecular biology to medical testing.

The tests involved in molecular diagnostics are useful in a varied range of medical specializations from, infectious to pharmacogenomics—the genetic prediction of which drugs will work best. They overlap with clinical chemistry (medical tests on bodily fluids). Molecular diagnostic tests also help with cancer research. There are several technologies that aim at the detection of sequence variations which have been developed for cancer research. Furthermore, molecular diagnostics also provide a less invasive method to conduct test chromosomal abnormalities such as Down syndrome.

Market Industry Reports (MIR) has published a new report titled "Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report the global molecular diagnostics market was valued at over US$ 6 Bn in 2017 and is expected to grow at a double digit in the forecasted period. The growth of this market can be attributed to the factors such as, growing number of infectious diseases, hospital acquired infections and various other diseases.

Molecular diagnostics is a vital tool for the cost-effective, accurate, rapid, delivery of effective and safe therapy for many diseases. Increasing cases of hospital acquired infections and (add more drivers) have led to the growing need for molecular diagnostic in hospitals facilities. According to Centers for Disease Control (CDC) in 2017, Hospitals Acquired Infections (HAI) accounted for almost 1.7 million cases with 99,000 deaths every year in the U.S.

In market segmentation by manufacturers, the report covers the following companies-

1. Abbott Laboratories
2. Agilent Technologies, Inc.
3. Danaher Corporation
4. Becton, Dickinson and Company
5. Biomerieux SA
6. Hologic
7. F. Hoffmann-La Roche AG
8. Qaigen
9. Illumina, Inc.
10. Thermo Fisher Scientific

(*Financial details might not be captured in case of privately-held companies or for companies that do not report this information in )public domain

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Technology Advancements; Creating Newer Opportunities

Technological advancements in the field of molecular diagnostics are expected to drive the market as they allow greater portability, accuracy, and cost-effectiveness. For instance, the introduction of MinION, by Nanopore Technologies offers an affordable and portable sequencer, catering to the users in point-of-care facilities and small peripheral laboratories, which is expected to boost the growth of global molecular diagnostics market.

Companies are working on expanding their product portfolio to get a hold on the market

Vaarious key players are adopting strategies such as Mergers and Acquisitions (M&A) to increase their market share. For instance, Hologic acquired Gen-Probe, to expand its product portfolio with focus on various types of cancer's diagnostics. Moreover, Cepheid launched GeneXpert Omni in 2015, which is the most portable molecular diagnostics system in the world.

Some of the major players in the molecular diagnostics market include Bio-Rad Laboratories, Inc.; Bayer AG; Siemens Healthcare GmbH; Abbott; Alere, Inc.; Danaher; Dickinson and Company; Dako; Hologic, Inc. (Gen probe); Novartis AG; Sysmex Corporation; Qiagen N.V.; Johnson & Johnson; Becton, Roche Diagnostics; bioMerieux SA; and Cepheid among others.

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Increasing Government Grants to Boost the Market

Increasing funding by governments and various organizations for research and clinical studies in the molecular diagnosis space are anticipated to boost the market growth. These initiatives by the government play an important role in the practice of new product development. For instance, Accelerate Diagnostics received a funding of USD 19.45 million by different organizations, including the Oracle Institutional Partners, Schuler Family Foundation, Oracle Partners, & various others, for development and sale of IVD tests and tools. Moreover, in 2015, Merck's venture capital arm funded AdvanDx with almost USD 12 million for R&D of pathogen screening for key HAI.

Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Molecular Diagnostics Market by Product & Services (Reagents & Kits, Instruments, Services) Technique (PCR, Sequencing, Electrophoresis), End Users (Diagnostic & Research laboratories, Pharmaceutical & Bio Technique Companies) and Region - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:

https://www.marketindustryreports.com/10/molecular-diagnostics-market

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