TRENDS & PERSPECTIVES
The worldwide market for molecular diagnostics testing products was estimated to be approximately $17.9 billion in 2006. According to a report by Kalorama Information (New York City), “Molecular Diagnostics: Major World Markets,” by 2016, this market is expected to reach more than $92.1 billion, with an average annual growth rate of 41.5%. The United States is projected to account for half of that market with $46.2 billion in revenues.
The molecular diagnostics segment with the largest market is currently infectious-disease testing. This is due to the fact that infectious diseases present a major market opportunity in terms of incidence and that the genetic information required for identifying pathogens is readily obtained from the bacterial and viral species involved. Molecular diagnostics for infectious diseases is expected to grow at an average annual rate of 3.69% and reach almost $12.4 billion in 2016.
The molecular diagnostics segment with the second-largest market is pharmacogenetic testing. This segment is projected to sustain an explosive average annual growth rate of 184%. Such growth is based on new discoveries in the field of mental health and the relationship of the genetic signatures of neuropsychiatric disorders to optimal treatment procedures. By 2016, pharmacogenetic testing is expected to generate revenues of $60.8 billion.
The second-fastest-growing molecular diagnostics segment is oncology testing. While oncology currently represents the smallest market segment in molecular diagnostics, it is projected to grow at an average annual rate of 68%, bringing its size to more than $9.8 billion in 2016. Using molecular diagnostics for cancer diagnosis and management will fuel this tremendous growth, based on emerging information from functional genomic studies.
Gene and chromosome testing currently represents the third-largest molecular diagnostics market segment. At this point in time, most genetic testing is prenatal testing for assessing clinically suspect newborns for various chromosomal abnormalities. Gene and chromosome testing is expected to grow at an average annual rate of 11.2% and reach $5.3 billion by 2016.
Additional information about this report can be accessed via Kalorama Information’s Web site at www.kaloramainformation.com.
