With advancements in the precision medicine era, the healthcare industry has witnessed a paradigm shift toward more precise forms of diagnostics. The precision medicine model refers to customization of medical treatment in accordance with the specific characteristics of the individual patient. Precision medicine is a patient-centric treatment approach and has facilitated the elimination of uncertainty in the trial-and-error method of medications, eventually reducing unnecessary healthcare expenditure. Molecular diagnostics, an important tool in the precision medicine model, has played a significant role in revolutionizing the precision medicine industry with the incorporation of highly advanced technologies and several applications such as companion diagnostics, liquid biopsy, and non-invasive prenatal testing.

Molecular diagnostics is described as diagnostic test that identifies variations in genes, ribonucleic acids (RNAs), and proteins that highlight whether a person is susceptible to a specific disease or is diagnosed with that disease. It can also ascertain, how a specific treatment is likely to be effective for the disease. The molecular diagnostics market has made significant strides in the research, which has enabled the dissemination of treatment that has revolutionized the healthcare sector.

According to the latest market intelligence report by BIS Research titled “Global Molecular Diagnostics Market- Analysis and Forecast (2018-2028),” the molecular diagnostics market generated a revenue of $9.54 billion in the year 2017 and is estimated to grow at a stable CAGR of 10.89% during the forecast period reaching $29.68 billion by 2028. The molecular diagnostics market is categorized into various segments such as product, application, technology, region, and end user. These segments are further divided into several sub-segments for a more in-depth analysis of the market. On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World; and the molecular diagnostics market by product is segmented into kits and consumables, systems, software, and others.

The growth of this market is attributed to major drivers such as the increasing prevalence of chronic and infectious diseases and cancers, rising demand for preventive medication, high growth rate in the biomarker identification market, significant funding for research and development, and technological advancements in making molecular diagnostics more precise. However, certain challenges that are restraining the growth of the market include lack of testing centres, uncertain reimbursement scenario, and delay in the approval of new molecular tests.

The report, published by BIS Research, discusses about varied applications of the molecular diagnostics market. These include companion diagnostics, liquid biopsy, non-invasive prenatal testing, oncology, and genetic screening, among others. Besides hospitals, diagnostic centres, out-patient clinics, general practitioners, and research laboratories are also prominent end users of the molecular diagnostics market. Key manufacturers contributing significantly to the growth of diagnostics market are Abbott Laboratories, Bio-Rad Laboratories, Agilent Technologies, Inc., Dickinson and Company and Becton.

The evolution of molecular diagnostics as an integrative aspect of the healthcare industry is playing a significant role in technological advancements and in the development of cost-effective diagnostic tools and novel treatment approaches.