Business, diagnostics  

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.

Molecular 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."

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