Global molecular diagnostics market could reach $92bn by 2016
New York, USA. The market for molecular diagnostics could grow from $18
billion to $92 billion by 2016, according to a new report by Kalorama
Information: Molecular Diagnostics: Major World Markets.
The addition of
new tests in high-volume testing areas coupled with the introduction of new
instrumentation which will provide greater ease, speed, and quality in
performing these tests will be the primary market drivers.
Growing at an
average annual rate of more than 41%, the potential for molecular
diagnostics, particularly in the US which represents the largest actual and
potential market and has the most favourable market conditions for molecular
diagnostics entry and marketing, is nothing short of phenomenal.
diagnostics addressing the pharmacogenetic testing segment will make up the
lions share of market growth. Currently, the second largest market sector
behind diagnostics for infectious diseases, the pharmacogentic sector is
projected to take off from its current $3 plus billion in revenues to more
than $60 billion in 2016. Tests for HIV/AIDS and cancer treatments will
factor heavily into this market growth.
"As each molecular diagnostic
moves from a specialized technology of limited use to a mainstream activity
in the clinical laboratory once its relevance and role in the treatment of
disease are established, the use of these tests should become more of the
norm in the global market," notes Kenneth G. Krul, PhD, the report's author.
"Keeping in mind that for each new assay developed there may be multiple
clinical and non-clinical applications provides developers with greater
opportunity for growth and return on their investment."