Molecular Cytogenetics Market Projected to Hit $3.3 Billion Value by 2023
- Published: June 2018
The global molecular cytogenetics market is expected to attain a value of $3.3 billion by 2023. The market is driven by factors such as the rising prevalence of cancer, technical advancements in the field, increasing molecular cytogenetics application in crop improvement, and the surging implementation of pharmacogenomics for disease management and drug development.
Insights on market segments
Based on offering, software and services are predicted to register the fastest growth in the molecular cytogenetics market, with a CAGR of 10.5%, during the forecast period (2018–2023). This is due to the rising preference for outsourcing of expensive services and the rapid adoption of automation in laboratory process.
On the basis of technology, the molecular cytogenetics market is categorized into comparative genomic hybridization (CGH), immunohistochemistry (IHC, fluorescence in situ hybridization (FISH), and karyotyping, which is further bifurcated into spectral and virtual. Of these, spectral karyotyping held the largest share of the market (66.0%) in 2017 due to the heavy usage of this technique for the identification of new leukemia subgroups and detection of complex chromosomal aberration.
The personalized medicine application is predicted to witness the fastest growth in the molecular cytogenetics market, at a CAGR of 10.1%, during the forecast period. This growth would be due to the high investments in research and development and the rise in the demand for precision medicine.
Based on end-user, clinical and research laboratories held the largest share (33.4%) of the molecular cytogenetics market in 2017.
Molecular cytogenetics to witness the fastest growth in Asia-Pacific (APAC)
During the forecast period, the APAC region is predicted to register the fastest growth in the molecular cytogenetics market, at a CAGR of 11.8%. This would primarily be due to the presence of an untapped market, entry of global players offering cytogenetic testing, and the large population in the region. Some other factors facilitating the growth of the regional market include government initiatives such as funding, training, and testing programs for researchers.
The World Bank stated South Asia’s healthcare expenditure was 3.9% of its total GDP in 2000, which further rose to 4.4% in 2014. Another factor leading to the growth of the market in the APAC region is the advancing healthcare infrastructure, which is creating lucrative opportunities for biotechnology and pharmaceutical companies operating in the molecular cytogenetics market.
Rapid implementation of pharmacogenomics for disease management and drug development helping in the growth of the market
The advancements in pharmacogenomics (PGx) have led to the uncovering of the genetic basis for interindividual variations in drug responses. This is further expected to lead to the development of personalized treatments. The USFDA approval to include pharmacogenetic test information on the labels of selected drugs is predicted to result in the growth of the molecular cytogenetics market.
Mergers are expected to accelerate the growth of the market
Aglient Technologies Inc., a major molecular cytogenetics market player, in March 2018, stated the acquisition of Advanced Analytical Technologies Inc. The latter company offers capillary electrophoresis-based (CE) solutions for fully automated analysis of an array of molecules; therefore, this acquisition will enhance Agilent’s technology and expertise to provide customers with a more comprehensive solution.
Some of the other key players operating in the molecular cytogenetics market are NeoGenomics Inc., Abbott Laboratories, Bio-Rad Laboratories Inc., F. Hoffmann La-Roche AG, Illumina Inc., PerkinElmer Inc., and Danaher Corporation.
GLOBAL MOLECULAR CYTOGENETICS MARKET SEGMENTATION
Market Segmentation by Offering
- Consumables
- Software & Services
- Instruments
Market Segmentation by Technology
- Comparative Genomic Hybridization (CGH)
- Array-based CGH
- Standard CGH
- Fluorescence in situ hybridization (FISH)
- Immunohistochemistry (IHC)
- Karyotyping
- Spectral karyotyping
- Virtual karyotyping
Market Segmentation by Application
- Cancer
- Genetic Disorders
- Personalized Medicine
- Others
Market Segmentation by End User
- Clinical & Research Laboratories
- Academic Research Institutes
- Hospitals & Pathology Laboratories
- Pharmaceutical & Biotechnology Companies
- Others
Market Segmentation by Geography
- North America molecular cytogenetics market
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- U.S. Molecular Cytogenetics Market
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- Canada Molecular Cytogenetics Market
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- U.S. Molecular Cytogenetics Market
- Europe Molecular Cytogenetics Market
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- Germany Molecular Cytogenetics Market
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- U.K. Molecular Cytogenetics Market
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- Germany Molecular Cytogenetics Market
- Asia-Pacific (APAC) Molecular Cytogenetics Market
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- Japan Molecular Cytogenetics Market
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- China Molecular Cytogenetics Market
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- Japan Molecular Cytogenetics Market
- Latin America (LATAM) Molecular Cytogenetics Market
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- Brazil Molecular Cytogenetics Market
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- Brazil Molecular Cytogenetics Market
- Middle East & Africa (MEA) Molecular Cytogenetics Market
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- South Africa Molecular Cytogenetics Market
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- South Africa Molecular Cytogenetics Market