Global Molecular Diagnostics Market to Reach USD 11 Billion
Industry news | 29 June, 2018 | CACLP
The global molecular diagnostics market is expected to grow at a CAGR of8.4% from USD 7.71 billion in 2018 to USD 11.54 billion by 2023, driven by theincreasing prevalence of infectious diseases and various types of cancers,rising awareness and acceptance of personalized medicine and companiondiagnostics, growth of the biomarker identification market, and advancements inmolecular techniques.
These are the latest findings of MarketsandMarkets, a global marketresearch company.
Based on technology, the PCR segment is expected to account for thelargest share of the molecular diagnostics market in 2018 due to the increasinguse of PCR in proteomics and genomics, automation of PCR instruments, andemergence of advanced technologies such as qRT-PCR.
On the basis application, the molecular diagnostics market is expected tobe dominated by the infectious diseases segment in 2018, owing to thedevelopment of advanced assays for various diseases and conditions, sharp risein the prevalence of infectious diseases, and growing awareness about theeffective use of molecular diagnostic technologies to control the occurrenceand spread of infectious diseases.
Based on end-user, the hospital & academic laboratories is expected toaccount for the largest share of the molecular diagnostics market in 2018primarily on account of the large number of diagnostic tests conducted inhospitals.
In 2018, North America isexpected to account for the largest share of the global molecular diagnosticsmarket, mainly due to the high prevalence of infectious diseases and cancers,presence of a highly developed healthcare system and large number of leadingnational clinical laboratories, easy accessibility to technologically-advancedinstruments in the region, availability of government funds, and growingapplications of molecular diagnostics in genetic disorders and cancerscreening.
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