Global Molecular Diagnostics Market To Reach $7.3B By 2019

Molecular diagnostics is the fastest growing sector of the global in vitro diagnostics (IVDs) market. According to a report from Medtech Insight, the 2014 global market for molecular diagnostic products was valued $4.9 billion, and is expected to grow at a compound annual rate of 6.6%, reaching an estimated $7.3 billion by the year 2019. (See Exhibit 1.) Growth in the global molecular diagnostics market will come at the expense of other IVDs, such as conventional products for genetic testing and immunoassay products for cancer and infectious disease diagnosis and screening. Target markets for molecular diagnostics include blood screening, cancer screening, genetic testing and infectious disease testing; pharmacogenomics testing is an emerging market that, according to Medtech Insight, holds great potential. Globally, of the target markets, infectious disease testing represents the largest segment, whereas cancer screening represents the smallest.