Molecular diagnostics offers early detection of diseases i.e. even before the symptoms occur which can lead to timely treatment ensuring patient’s good health. Using genomic and proteomic analysis will increase effectiveness of treatment targeted to patient’s specific condition and there is less risk of adverse reactions and the dream of personalized medicine became realizable.
Ever increasing healthcare awareness and ever rising healthcare expenditure will be the backbone for the market growth. Other factors that drive market growth include growing incidence of infectious diseases and geriatric population base, introduction of favorable regulations. The challenges of this market are regulatory hurdles, coverage and reimbursement issues, and practical and ethical (privacy) issues associated with generating and storing large volumes of highly detailed and personal health information.
Reagents market segment is the largest and represents more than half of the global molecular diagnostics market, which is expected to increase in the near future. Diagnostic instruments are the second largest segment of the market and its growth is associated with the higher prices of such instruments and growing penetration of developing markets in Asia and Latin America. Point-of-care molecular diagnostics is the fastest growing segment driven by the improving ability of techniques in quickly providing appropriate diagnostic information to patients and doctors.
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