Molecular Diagnostics Market to Register a CAGR of 11.1% from 2013 to 2019 due to Declining Prices

The global molecular diagnostics market is teeming with large and small players involved in developing molecular diagnostics products. This makes the landscape highly fragmented and the competition stiff. Manufacturers are leveraging different strategies to maintain their foothold in the market. Besides investing in research to bring about product differentiation, they are also resorting to mergers and acquisitions to enhance their positions.

Roche Diagnostics is one of the main players operating in the market. It held a dominant share of 31.0% in the market in 2012 by dint of its wide array of product offerings in the areas of oncology, virology, genomics, women’s health, microbiology, and others. Cutthroat competition, however, is resulting in the loss of its market share. Novartis Diagnostics, which is considered a pioneer in the industry and a leader in the blood donor screening segment, followed in the second position in 2012. Other big names operating in the industry are Hologic, Qiagen, Cepheid, Abbott, etc.

The global market for molecular diagnostics is predicted to be worth US$8.66 bn by 2019, predicts a report by Transparency Market Research.

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Asia Pacific to Clock Maximum Growth Rate due to Prevalence of Chronic Diseases 

Technology-wise, the global market for molecular diagnostics can be segmented into polymerase chain reaction (PCR), transcription mediated amplification (TMA), microarray, hybridization (ISH and FISH), next-generation sequencing, and others. Among them, PCR, which finds application in generating millions of copies of DNA sequence through repeated cycles of heating and cooling, holds sway over the market with maximum share. Its market was worth US$2.08 bn in 2015. However, it is the next generation sequencing segment that is slated to outshine all other segments in terms of growth rate during the forecast period.

The global molecular diagnostics market can be segmented geographically into North America, Asia Pacific, Europe, and the Rest of the World. North America has been the dominant market so far and is predicted to maintain its leading share in the coming years too. The TMR report forecasts the market to reach a value of US$3.51 in 2019. Europe follows North America in terms of market share. Growth rate-wise, however, Asia Pacific is poised to overtake the two dominant regions up until 2019. A host of factors such as rising occurrence of chronic maladies, outbreak of H1N1, burgeoning elderly population, prevalence of hepatitis and HIV, economic development, and rising patient awareness are driving the market in the region.

Cancer one of the Main Drivers of Market

One of the main drivers of the global molecular diagnostics market is the alarming increase in the instances of cancer. The World Health Organization (WHO) predicts that the deadly malady will claim 13.1 billion lives from 2012 to 2030. It also warns that annual cancer cases will increase from 14 million in 2012 to 22 million in the next two decades. This would result in further emphasis on research and discovery of biomarkers to detect different types of cancers and thereby lead to a swift uptake of molecular diagnostics tests. Rise in chronic diseases and a growing geriatric population would also boost the market.

A major market deterrent is unfavorable reimbursement policies. “Insurance companies are refraining from reimbursing molecular diagnostic tests due to lack of appropriate coding system. The erstwhile Obama administration stopped paying bills for molecular diagnostic tests. Molecular tests help screen various biomarkers which aid in diagnosis and act as treatment guide for cancer and other diseases. The cost of these tests typically ranges from US$300 to US$3,000 per test and are considered the most important technologies for early detection,” explains the analyst of the report.

This review is based on the findings of a TMR report titled “Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019.” 

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Nanotech to Answer the Call of a Surging Europe Molecular Diagnostics Market

The classification of proteins and nucleic acids within the molecules of a patient’s body samples is commonly termed as molecular diagnostics. This field makes use of genome and proteome analytics through biological markers and creates a complete expression of the genetic code from the samples taken. To do so, the researchers in molecular diagnostics apply a mix of concepts from medical testing to molecular biology. These methods are extremely useful in detecting the early stages of diseases and also to create a healthcare strategy for a patient’s treatment. 

The Europe molecular diagnostics market is a place where researchers are competing to perfect the art of predicting diseases, how they develop, and what drugs will work best on them. This can even include extremely special cases in medicine, including pharmacogenomics, certain cases in oncology, and the typing of human leukocyte antigen.

Why Should Investors Consider the Europe Molecular Diagnostics Market More Seriously?

In simpler terms, any investor trying to attain a chunk in modern medicine only needs to look at the statistics of the Europe molecular diagnostics market. This market was previously valued at US$1.6 bn in 2014. From there, the Europe molecular diagnostics market has skyrocketed onward at a CAGR of 11.4% between 2015 and 2023. By the end of 2023, this market is expected to reach US$4.2 bn. 

There are a myriad of reasons for the proliferation of the Europe molecular diagnostics market, but none more obvious than the need for this market’s growth itself. It is a fact that the number of patients stricken with serious illnesses is increasing across the world. Whether it is due to the rising temperature and pollution levels or simply because of the rising population in certain parts of Europe, the truth remains that this region’s healthcare industry is in dire need of some solid developments in order to support the increasing number of the sick.

How Can Nanotechnology be Used to Better the Europe Molecular Diagnostics Market?

It will work in the same way it has for other fields. The option of using nanotechnology in molecular diagnostics is a fairly recent one, but the gains in development shown by researchers have been tremendous. The use of nanotech to make the lab-on-a-chip has allowed biological testing to be conducted at exponentially faster rates. At the same time, the use of magnetic nanoparticles is becoming common in molecule labeling.

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Where Will the Future of Europe Molecular Diagnostics Market Lie?

Although it is difficult to pinpoint the true utilities of molecular diagnostics in the future, we can draw several accurate conclusions looking at the recent market data and current trends. For instance, the use of molecular diagnostics has so far been the highest in infectious diseases, owing to their high prevalence in Europe, one of the strongest regions in this market from a global perspective. The current socioeconomic scenario shows an increase in the healthcare expenditure of individuals, while the environmental and social issues continue to plague mankind in the form of various diseases. The use of molecular diagnostics will therefore be highly consistent in the treatment of infectious diseases in the near future.