The molecular diagnostics market was valued at over USD 6.40 billion in 2015. It is likely to grow at a CAGR of around 9% during the forecast period (2016-2024).

Increasing prevalence of infectious diseases, cancer, genetic disorders, and other contagious disease are likely to drive the molecular diagnostics industry. Hospital acquired infections and other communicable infections are expected to boost market growth in the coming eight years. Moreover prenatal genetic testing is also expected to increase the adoption of this diagnostics.

The considerable development of biomarker identification is anticipated to boost the demand for diagnostic tool in the near future owing to advancements in molecular techniques. Additionally, ongoing research on proteomics and genomics is driving the industrial progress through to 2013. Moreover, increasing awareness and acceptance of personalized medicine as well as companion diagnostic concept, is presumed to drive the industry over the next eight years.

In addition, rise up of geriatric population base leads to increase in demand for diagnostic tools. According to the WHO published estimates, the age group of 65 years and greater is expected to grow up to 16% by 2050. Further, the rise in geriatric population in Asian countries like China has untapped opportunities in view of healthcare and advances in genomics, which is expected to accelerate the industry growth during the forecast period.

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On the basis of products, the market is split into instruments, reagents, and others. Reagents segment held the largest share in 2015 with revenues exceeding USD 3.5 billion. It is expected to grow at a CAGR surpasing 12%. Instruments segment is expected to show a significant growth in the coming years.

Technologies consist of polymerase chain reaction (PCR), in-situ hybridization, chips and microarrays, mass spectrometery, DNA sequencing, transportation mediated amplification, and others. PCR held the largest market share of over USD 2.5 billion in 2015. Growth of this segment can be attributed to its high incorporation among the researchers and healthcare professionals. DNA sequencing is likely to show a growth of about 16% CAGR in the coming years.

Applications encompass oncology, pharmacogenomics, infectious diseases, genetic testing, neurological diseases, cardiovascular diseases, and others. Infectious diseases segment was the largest application holding market share exceeding 45% in 2015.

Oncology segment is anticipated to show a CAGR of about 13% till 2024. Rising awareness among people regarding early cancer diagnosis is the key aspect propelling market growth of the segment.

Test location comprises of point of care (PoC), self test or over the counter (OTC), and central laboratories. Central laboratories dominated the market with over 60% shares in 2015. The growth of the central laboratories can be attributed to their large prominence in underdeveloped countries, rising awareness about early detection of diseases, and high procedure volumes.

The key global players of the molecular diagnostics market include Siemens Healthcare GmbH, Novartis AG (Grifols), F. Hoffmann-La Roche Limited, and Johnson & Johnson.

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