Published on : May 02, 2016
Molecular diagnostics refers to the class of diagnostic tests, which identifies the protein or nucleic acids at the molecular level. Molecular diagnostics have expanded rapidly ever since the introduction of PCR test for HIV and Chlamydia trachomatis and Neisseria gonorrhea (CT/NG). Molecular diagnostics are widely used for testing hepatitis virus, cancer, genetic diseases, and various hospital acquired infections.
The molecular diagnostics market is boosted by its extensive use for blood donor screening test for HIV and hepatitis. The cost effectiveness of molecular diagnostics for the diagnosis of cancer is fueling the growth of the market. Increasing infections due to environmental pollution and prevalence of unhealthy lifestyle among the global population will ensure the growth of the market in the coming years.
According to a report published by a market intelligent company called Transparency Market Research, the European molecular diagnostics market which was valued at US$ 1.6 bn in 2014, is estimated to reach US$ 4.2 bn by 2023, expanding at a CAGR of 11.4% from 2015 to 2023.
Polymerase Chain Reaction Segment Dominated Market in 2014
On the basis of technology, the molecular diagnostic tests is segmented into hybridization (ISH AND FISH), polymerase chain reaction, transcription mediated amplification (TMA), biochips and microfluidics, mass spectrometry, next generation sequencing, others which includes nanotechnology and proteomics. Out of these the polymerase chain reaction segment dominated the market in Europe majorly because of the cost effectiveness and the acceptance of polymerase chain reaction technology, over other technologies.
Based on application, the global molecular diagnostics market is segmented into oncology, genomics, infectious disease testing. Out of these, the infectious disease testing segment held the largest market share in 2014 owing to rising prevalence of infections in Europe and environmental pollution. Unhealthy lifestyles also drives the market for infectious disease testing segment.