Global Molecular Cytogenetics Market: Steady Technological Advancement Crucial in Securing Government Support, says TMR
The global molecular diagnostics market is moderately consolidated, with close to 75% of the market in 2012 accounted for by just four players, namely Abbott Laboratories, Agilent Technologies, BioRad Laboratories, and Leica Biosystems. Other leading players in the global molecular cytogenetics market include SciGene Corporation, Oxford Gene Technology, and Life Technologies Corporation.
Collaborative research and acquisition of smaller players are likely to be among the key strategies employed by leading players in the global molecular diagnostics market. Due to the rising number of smaller players specializing in a particular field within molecular cytogenetics, this is likely to remain a lucrative growth strategy for players in the molecular cytogenetics market in the coming years.
According to Transparency Market Research (TMR), the overall valuation of the global molecular cytogenetics market is likely to reach close to US$1 bn by the end of 2016 and further rise to US$1.9 bn by the end of 2019.
aCGH Technology to Extend Dominance in Global Molecular Cytogenetics Market
By technology, the global molecular cytogenetics market is segmented into FISH (fluorescence in situ hybridization) and aCGH (array comparative genomic hybridization). Of these, aCGH is the dominant contributor to the global molecular cytogenetics market and is likely to exhibit a higher CAGR in the 2013-2019 forecast period. The valuation of the aCGH segment is expected to reach close to US$1.3 bn by the end of 2019.
Geographically, North America is the leading contributor to the global molecular cytogenetics market. “This is primarily due to the widespread availability of advanced medical research facilities, which is helped by the presence of several leading players in the global molecular cytogenetics market,” explained TMR’s lead analyst. The high awareness about the benefits and availability of molecular diagnostics among the population in the U.S. and Canada has also been a crucial driver for the global molecular cytogenetics market.
Europe follows North America due to the prevalence of similar driving factors and is likely to remain a dominant contributor to the global molecular cytogenetics market in the coming years. On the other hand, the role of Asia Pacific in the global molecular cytogenetics market is likely to become more prominent in the coming years due to the rising government support to healthcare advances in developing economies such as China and India.
Rising Prevalence of Cancer to Drive Demand for Molecular Cytogenetics
One of the most important drivers for the global molecular cytogenetics market is the increasing prevalence of cancer across the world, which has driven the demand for accurate diagnostic solutions. Molecular cytogenetics is a beneficial tool in assessing the genetic background of pipeline drugs and can reliably predict the extent of the effect of the drug on the disease in question. This has made molecular cytogenetics crucial in several fields of medicine, with oncology likely to remain a leading revenue generator for the global market in the coming years.
The steady introduction of technological advances in molecular cytogenetics has also helped the industry establish a firm foothold in the developed world. This has made consumers as well as regulating authorities more confident about the efficacy of molecular cytogenetics, which has helped boost investment in the sector. Due to the rising adoption of molecular cytogenetics, this is likely to remain a key driver for the global market in the coming years.
On the other hand, insufficient coverage in medical reimbursement plans is the prime restraint on the global molecular cytogenetics market. However, the steady government support to advancement of the healthcare sector across the world is likely to reduce the impact of this factor in the coming years.
The information in this preview comes from a Transparency Market Research report titled ‘Molecular Cytogenetics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.’
The global molecular cytogenetics market is segmented as follows:
Cytogenetics Market - Technology Segment Analysis
- Fluorescence in situ hybridization (FISH)
- Array-Comparative Genomic Hybridization (aCGH)
Cytogenetics Market – Application Analysis
- Personalized medicines
- Genetic Disorders
Cytogenetics Market – Geographical Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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