Updated on 29 November 2012
Global Information report: Molecular diagnostics, regenerative medicine and flow cytometry to exceed $10.7 billion, $4.4 billion and $2.3 billion by 2018 respectively
Singapore: Global Information (GII), an information service company, predicted that the global market for molecular diagnostics is forecast to exceed $10.7 billion by 2018.
Recent advancements in molecular diagnostics include a shift towards near-patient testing practices, increasing number of innovative biomarkers and an increased effort for clinically validating tests. In addition, the market is experiencing increasing competition, modifications in the regulatory environment, an improved role of personalized medicine, as well as consolidation within the area of molecular diagnostics.
Major players in the global marketplace include Abbott Laboratories, Life Technologies, bioMérieux, CytoCore, ELITech, GE Healthcare, Genzyme, Hologic., Laboratory Corporation of America Holdings, MiraiBio, Novartis, QIAGEN, Quest Diagnostics, Roche Diagnostics, Siemens Healthcare Diagnostics and Tecan Group.
Driven by technological advances and favorable demographics, the global market for regenerative medicine is projected to exceed $4.4 billion by 2018. Potentially huge savings on the medical care front and enhanced healing capabilities of regenerative medicine are expected to be the major contributing factors for market growth. Supportive political actions, government funding, corporate investment, clinical outcomes, increased awareness, increased endorsement from doctors, enhanced manufacturing technologies, and novel sources of stem cells are also expected to impart momentum to the growth of regenerative medicine.
The orthopedics segment, which includes spine, bone grafts and bone substitutes is the largest among the different fields of global regenerative medicine market. Advancements in biological science has drastically revolutionized regenerative medicine domain. Specifically, regenerative medicine in bone and joint applications made huge strides over the past few years.