Seattle, WA -- (SBWire) -- 10/04/2019 --Molecular diagnostic is a collection of techniques, which is used analyze biological markers proteome and genome, which could be associated with disorders. The disturbance between a single nucleotide polymorphism (SNP), deletions, rearrangements, insertions, and others factors lead to various diseases. Several diseases are diagnosed by using molecular diagnostic test such as infectious diseases, oncology, virology, and STDs.

Molecular diagnostics is used to identify specific disease, which helps to improve the medication and treatment. Various economies worldwide are focused on research and development activities of precision medicine, which is expected to drive growth of the global molecular diagnostics market during the forecast period. For instance, in 2015, the U.S. government introduced Precision Medicine Initiative (PMI) to increase awareness about advancement in the precision medicine field.

High prevalence of infectious diseases and increasing incidences of cancer are expected drive the market growth over forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015, around 5,251 deaths were reported due to influenza infection in the U.S. Moreover, according to a National Cancer Institute, in 2016, around 16.8 million new cases of cancer were reported in the U.S. and around 595,690 deaths were reported from the disease. According to the same source, the number of people with cancer is expected to rise to 19 million by 2024.

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Application of biomarkers in molecular diagnostic is increasing, owing to various advantages provided by biomarkers such as aiding in early detection of specific diseases. For instance, biomarkers are used in detection of ABO haemolytic diseases in newborn, Huntington's disease and hereditary haemochromatosis, and cystic fibrosis. Biomarkers also find applications in detection of disorders related to chromosome structure such as Turner syndrome, Patau Syndrome, Down syndrome, and Edwards's syndrome. Moreover, biomarker find applications in therapeutic areas, which includes neurological diseases, immune deregulation, metabolic disorders, and oncology.

Growing research and development activities for detection of biomarkers has led to development of new molecular diagnostic tests, which is expected to develop growth of the global molecular diagnostics market. For instance, in February 2018, Banyan Biomarkes, Inc. received the U.S. Food and Drug Administration (FDA) marketing authorization for the first diagnostic blood test indicated for traumatic brain injury, Banyan BTI. Such novel tests for various disease indications is expected to boost the global molecular diagnostics market growth in the near future.

North America holds for the largest share in the global molecular diagnostics market. This is owing to increasing adoption of precision medicine and growing prevalence of cancer in the region. For instance, according to the National Cancer Institute, in 2016, around 16.8 million new cases of cancer were reported in the U.S. with around 595,690 deaths from the disease. According to the same source, the number of people with cancer is expected to reach to 19 million by 2024, which is expected to drive the global molecular diagnostics market in the near future.

Furthermore, in 2015, the U.S. government introduced Precision Medicine Initiative, which is aimed to enhance the treatment to improve health, as precision medicine provides novel approach that considers a patient's differences in genes and offers custom-made treatment. Furthermore, Precision Medicine Initiative has led to manufacturing of innovative products and several new treatments that are tailored for specific characteristic such as, person's genetic makeup or genetic profile of an individual tumor that helps to augment the way of treatment. In 2016, Precision Medicine Initiative was valued at US$ 215 million and could boost biomedical research and offer clinicians with new tools to select the innovative therapies developed according to an individual's needs, which in turn, is expected to support growth of the global molecular diagnostic market.

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Detailed Segmentation:

Global Molecular Diagnostics Market, By Product Type:

Reagents & Kits (Consumables)

Instruments

Global Molecular Diagnostics Market, By Application

Oncology

Genetic Testing

Microbiology

STDs

Blood Screening

Virology

Tissue Typing

Prenatal Diagnosis

Others

Global Molecular Diagnostics Market, By End User:

Hospitals

Diagnostic Laboratories

Academic and Research Labs

Others

Key players in the market focused on various growth strategies such as new product launches to cater increasing demand for molecular diagnostic. For instance, in August 2016 Abbott Laboratories launched Alinity, a next generation system, used for immunoassay, clinical chemistry, point-of-care, hematology, blood and plasma screening, and molecular diagnostics.

Major companies operating in the global molecular diagnostics market include Hologic, Inc., Grifols, S.A., Abbott Laboratories, Qiagen N.V., F. Hoffmann-La Roche Ltd., Siemens Healthineers, Becton, Dickinson and Company, and Beckman Coulter, Inc.

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