Increasing Incidence of Cancer Boosts Opportunities for Companies in Molecular Cytogenetics Industry
Molecular cytogenetics is used as a tool for the examination of chromosomal anomalies and research relating to these anomalies. This technique is chosen over the generic chromosomal banding methods as the old techniques deliver low resolution results and at times escape the detection of various variations. Breakthrough technologies such as aCGH and FISH are expected to provide new dimensions to the research and development projects in the field of molecular cytogenetics.
According to a report published by Transparency Market Research, the global market for molecular cytogentics is projected to exhibit a CAGR of 23.40% from 2013 to 2019. The market stood at US$0.4 bn in 2012 and is likely to reach US$1.9 bn by 2019.
How technological advancements fuel demand for molecular cytogentics?
As molecular cytogenetics is more dependable than the other traditional techniques used for the diagnosis of chromosomal abnormalities, the technological advancements in this segment are expected to spur the adoption of this technique in future. Breakthrough technologies such as aCGH and FISH are being considered as priceless tools for the analysis of complex diseases, gene discovery, and gene mapping. These techniques also facilitate the diagnosis of solid molecular tumors and hematological malignancies along with their prognosis. These techniques are also known for their speed, sensitivity, accuracy, and high resolution, which encourage healthcare providers to adopt them. The growing importance of molecular cytogentetics in laboratories has led to further advancements in the technique such as digital imaging and improvement in fluorescence microscopes. The implementation of these techniques in laboratories and diagnostic centers is expected to boost theor emand further in future.
What factors are expected to drive the adoption of molecular cytogenetics across diagnostic centers and laboratories?
The introduction of advanced technologies in molecular cytogenetics diagnosis is expected to encourage more investments in the research and development projects by non-government and government institutions. As technological advancements increase, more institutions are adopting molecular cytogenetics to get appropriate and cost effective results regarding chromosomal anomalies.
The rising incidences of cancer globally have also led to the adoption of molecular cytogenetics for its diagnosis. The growing awareness about chromosomal abnormalities among people and their inclination towards personalized medicines are also projected to drive the demand for molecular cytogenetics diagnosis.
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However, the easy accessibility of medical reimbursement policies and lack of transparency may hinder the growth of the molecular cytogenetics market in future.
North America held the largest share in the global molecular cytogenetics market followed by Europe in 2012. The growing number of research laboratories in these regions is the major factor fuelling demand for molecular cytogenetics. Asia Pacific is projected to emerge as the fastest developing market for molecular cytogenetics due to rising population in the region. The leading companies in the market are entering into collaborations to carry out more researches in the segment. The key players operating in the molecular cytogenetics market are Abbott Laboratories, Oxford Gene Technology, Agilent Technologies, Bio-Rad Laboratories, and Illumina Inc.