The molecular diagnostics global market report helps to provide a proper focus on the market and this market is projected to cross more than US$11.5 billion by the year 2023. The prevalence of infectious diseases helps in promoting the growth of this market. These kinds of diagnostics are referred to as a technique that helps in identifying and analyzing the nucleic acids at the molecular levels so that proper assessment of the genetic makeup of the individual can be done.
Following are some of the trends in this market:
-The reagents and kits have accounted for the highest growth: The kits and the reagents segment is expected to achieve the highest growth in the coming years. The main reason behind this is the increasing use of reagents in the therapeutic areas which include the basic research and commercial applications very well. It has also provided where is kind of support to the molecular diagnostics market along with kits.
-The polymerase chain reaction markets account for the highest growth: The polymerase chain reaction market includes the highest growth in this particular molecular diagnostics market. It is expected to continue in the coming years as well. The main reasons include the automation of PCR instruments and emergence of high-level advanced technologies so that a great amount of growth can be resisted. The increasing rate of cancer along with an increased focus on the market players also helps in providing great growth to this particular segment of the market. The growing applications in the sequencing of research and increased requirement of the molecular-based drugs are also contributing towards the growth of this segment.
-The Asia Pacific accounts for highest growth in this market: Markets in the Asia-Pacific are also expected to provide the highest growth in the forecast period. The main reason is the modernization of the healthcare infrastructure along with the rising penetration of the advanced technologies especially in the rural areas that have provided grade notes to this market.
Some of the drivers of this market and its growth include the high prevalence of infectious diseases including several types of cancers. Traditionally antimicrobial therapy was the only thing that was considered as the most powerful tool to combat several kinds of infectious diseases but with time and advancements in technology, new diagnostic procedures have very well entered which are very much fast as well as specific. The prevalence of cancer is also going across the globe that has provided great growth to this kind of market. Another thing is that the demand for diagnostic tests has also increased in the past few years.
The regulatory and legal requirements have also become much more stringent than before. Earlier the diagnostic tests were very much simple and used only the established technologies but nowadays various kinds of new genetic tests are also increasing and several measures to regulate these technologies in the future will also come.
Hence, the molecular diagnostics market is based upon the high opportunities because of new technologies and techniques being devised and commercialization undertaken by the major players in this market.