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Based on products, the molecular diagnostics market is segmented into instruments, reagents, and services & software. Reagents occupy the largest market share and will also register the maximum growth rate in the forecasted period 2013-2018. These reagents include assays that detect and diagnose diseases and are also used as biomarkers that predict the biological properties of the potential drug compounds.
Based on end users, hospitals was the largest segment in 2013, whereas reference laboratories will grow at the highest CAGR between 2013 and 2018. Reference laboratories carry out complex, specialized, and obscure tests. The government regulations to cut down healthcare costs will lead to the rise in the reference laboratories segment. Therefore, reference laboratories are estimated to grow at highest CAGR.
North America accounted for the largest share in 2013 and is poised to grow at a high rate in the forecast period 2013 to 2018. The growth can be attributed to the rising infectious diseases, cancer prevalence, and genetic disorders that are further adding to the overall prevalence of chronic diseases. Europe was the second leading contributor to the molecular diagnostics market in 2013. However, the growth of this region is expected to be sluggish in the forecast period and is estimated to grow at a lower CAGR than North America, due to factors such as the uneven reimbursement policies and the European economic crisis.
Asia is the most promising region for molecular diagnostics in the coming five years. It is expected to grow at a higher CAGR than North America and Europe over the forecast period. The high population base and improved purchas
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