According to the report by TMR, the global molecular diagnostics market was valued at around US$7.1 bn in 2015 and is anticipated to expand with a CAGR of around 11.6% from 2016 to 2025 to attain value of US$18.9 bn by the end of 2025.
Major factors driving the market for molecular diagnostics are the rising incidences of HIV and the increasing demand for healthcare that is patient-centric. Apart from that the rise in the number of geriatric population is also adding a boost to the global market because with age, people are more susceptible to diseases and are likely to seek medical assistance in order to maintain their health. Apart from that, molecular diagnostics market is also propelled because of the introduction and growth of certain tests like Neisseria gonorrhea, Chlamydia trachomatis, and HIV. These tests have also increased the demand for PCR technology which have further propelled the demand for molecular diagnostics technology.
Molecular Diagnostics is a combination of techniques that is used for analyzing biological markets in the proteome and genome. Proteome and genome are an individual’s genetic code and their cells express the genes in the form of proteins with the application of molecular biology in medical testing. The molecular diagnostic technique is used for monitoring and diagnosing diseases, detecting any health risk, and deciding the kind of therapies that would be best suited for particular patients as per their sicknesses. Molecular diagnostics comes under in vitro diagnostics industry and is expected to see a remarkable growth in the global market.
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Sexually Transmitted Diseases and HIV could be recognized with Molecular Diagnostics
Sexually transmitted diseases are general health problems and their prevailing number in developing nations is just the beginning of contracting HIV/AIDS virus. Although the results of STIs can be serious, most of these complications could be prevented with the help of appropriate screening while the infection is suspected. With the advancement in machine and technology, and in diagnostic microbiology, there is advancement in specificity, speed, and sensitivity as well. it is easier to track down and detect such complications in the body with the help of molecular diagnostics.
As these diagnostics are rapid and produces accurate results, health improvement of the patient is guaranteed. It is also estimated that more and more laboratories are to adopt the molecular diagnostics procedure in order to improve standard of medical science and also to cut down on human errors. This in turn is expected to add boost to the overall growth of the molecular diagnostics market in the near future.
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Rise in Infectious Diseases and Increasing Disposable Income to Boost Market in Asia Pacific
As per the geographical segmentation, the global molecular diagnostics market is expected to find higher growth opportunities in the Asia Pacific region. This is mainly due to the increasing number of infectious diseases in the region and the need for tests in order to recognize the problem in the body. Along with that, the government is also taking initiatives in order to raise awareness regarding various infectious diseases and the need to cure them immediately.
Apart from that, the rise in disposable income of the people in the Asia Pacific region is also adding as a boon to the market for molecular diagnostics in the region. With more financial stability people are more prone to opt for better and faster treatment n less span of time for quick recovery. Lastly, the surge in health concerns amongst people regarding various diseases and their after effects makes people fear for their life and immediately opt for treatment solutions that is prescribed to them. This awareness and fear of being close to death ads to the growth of the molecular diagnostics market in the long run.
This post was originally published on Space Market Research