Global Molecular Diagnostics Market To Reach 3.67 Billion Dollars By 2010, According To New Report By Global Industry Analysts, Inc.

Main Category: Pharma Industry / Biotech Industry
Also Included In: Genetics;  Biology / Biochemistry;  Medical Devices / Diagnostics
Article Date: 17 Apr 2008 - 1:00 PDT

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Molecular diagnostics market is being driven by several growth factors, which include the need for automated and easy-to-handle techniques, which combine optimized sample preparation, analysis, and data evaluation, and the growing availability of molecular diagnostic tests for monitoring the therapeutic efficacy of expensive drugs. Additionally, the requirement of swift diagnoses techniques that would diagnose disease condition and medical disorders quickly and offer a strong and consistent tool for quick therapy decisions represents the other key factor. In terms of technological push, genomics and proteomics are the major drivers of the molecular diagnostic market. Nanobiotechnology and biochips are also expected to drive future growth. Introduction of new diagnostics tests, primarily in the infectious disease application area is likely to keep the momentum going for the molecular diagnostics business in the short-term.

Demand for molecular diagnostics and gene detection products is determined by the volume of tests performed in clinical labs, which continues to be miniscule in comparison to large battery of conventional diagnostic lab tests. However, provoked by the rate at which molecular tests is growing, companies are investing heavily in molecular diagnostics and gene detection systems to realize the potential in the offing.

pharma industry genetics biology medical devices Global Molecular Diagnostics Market to Reach $3.67 Billion by 2010, According to New Report by Global Industry Analysts, Inc.
Molecular diagnostics market is being driven by several growth factors, which include the need for automated and easy-to-handle techniques, which combine optimized sample preparation, analysis, and data evaluation, and the growing availability of molecular diagnostic tests for monitoring the therapeutic efficacy of expensive drugs. Additionally, the requirement of swift diagnoses techniques that would diagnose disease condition and medical disorders quickly and offer a strong and consistent tool for quick therapy decisions represents the other key factor. In terms of technological push, genomics and proteomics are the major drivers of the molecular diagnostic market. Nanobiotechnology and biochips are also expected to drive future growth. Introduction of new diagnostics tests, primarily in the infectious disease application area is likely to keep the momentum going for the molecular diagnostics business in the short-term.

Demand for molecular diagnostics and gene detection products is determined by the volume of tests performed in clinical labs, which continues to be miniscule in comparison to large battery of conventional diagnostic lab tests. However, provoked by the rate at which molecular tests is growing, companies are investing heavily in molecular diagnostics and gene detection systems to realize the potential in the offing.

World molecular diagnostics market is poised to deliver strong double-digit annual growth over the next several years. Global market size, as measured in terms of dollars, is expected to reach $6.35 billion by the year 2015. United States represents the largest market, accounting for a 42.75% share estimated in the year 2008. Europe represents the second largest market, distantly followed by Japan, as stated by Global Industry Analysts, Inc. Market for infectious disease testing in Europe is projected to reach $1.02 billion by the year 2012. Opportunities for growth exists in emerging segments of pharmacogenomics & cancer screening, both of which are forecast to grow at a CAGR of 11.05% and 10.71% respectively over the period 2011 through 2015.

Leading players operating in the market include Abbott Laboratories, Applera Corporation, bioMérieux, CytoCore Inc, GE Healthcare, Gen-Probe Inc, Genzyme Corporation, Nanogen, Novartis Vaccines & Diagnostics Inc., QIAGEN N.V, Digene Corporation, Quest Diagnostics Inc., Roche Diagnostics, Siemens Healthcare Diagnostics, and Tecan Group Ltd, among others.

The report titled "Molecular Diagnostics: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of trends, market drivers, challenges, companies, products, and competition. The report provides a review on medical diagnostics market, competitive dynamics in molecular diagnostics market, and an insight into applications of molecular diagnostics. Also included in the report are recent product developments, mergers, acquisitions, and other strategic industry activities.

For more details about this research report, please visit here.

About Global Industry Analysts, Inc.

Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs more than 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of more than 60,000 smaller research products including company reports, market trend reports and industry reports encompassing all major industries worldwide.

http://www.StrategyR.com