Transplant Diagnostics Market: Significant Growth of Biotechnology Industries to Drive Global Market Growth
The transplant diagnostics market was valued at US$ 789.88 million in 2018 and it is projected to reach US$ 1,542.89 million in 2027; it is expected to grow at a CAGR of 7.9% from 2018 to 2027.
Transplant diagnostics refers to the diagnostics tests that are conducted on the organs that are meant to be transplanted. These tests are either conducted pre transplantation as well as post transplantation. Some of the common techniques used in transplant diagnostics include, sequence based molecular assays, PCR based molecular assays and also non-molecular assays in certain cases. Transplant diagnostics is an essential factor in organ transplantation as it avoids any further complications that could occur after a transplant procedures. The growth of the global transplant diagnostics market is attributed to the rising prevalence of cardiovascular diseases, significant growth of biotechnology industries, rising need for the organ transplantation, and rising cell based research activities. However, expensive organ transplant surgeries and limited numbers of donors for organ transplant surgeries are the major factor hindering the market growth.
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Key Findings from The Transplant Diagnostics Market
- In terms of product & services, the global transplant diagnostics market is segmented instruments, reagents & consumables and software & services. In 2018, the reagents & consumables segment held largest share of the market. However, the software & services segment is estimated to register the highest CAGR during the forecast period.
- Based on type, the global transplant diagnostics market is segmented into solid organ transplantation, soft tissue transplantation and stem cell transplantation. The solid organ transplantation segment held the largest market share in 2018, also the same segment is estimated to grow at the fastest rate during the forecast period.
- In terms of technology, the global transplant diagnostics market is segmented into molecular assays and non-molecular assays. In 2018, molecular assays segment held largest share of the market. The same segment is expected to register the highest CAGR during the forecast period.
- In terms of application, the global transplant diagnostics market is segmented into diagnostic applications and research applications. In 2018, the diagnostic applications segment held largest share of the market. The same segment is expected to register the highest CAGR during the forecast period.
- Prominent Leading companies operating in this report are Thermo Fisher Scientific Inc., Abbott, Illumina, Inc., F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., BioMérieux SA, QIAGEN, Hologic Inc., Luminex Corporation, Omixon Inc.
Significant Growth of Biotechnology Industries to Drive Global Transplant Diagnostics Market Growth
The transplant diagnostics market is also driven by the significant growth of biotechnology industry. In the past few years, biotechnological industry has been developing at an unusually rapid pace. The rise in the prevalence of the chronic and acute diseases are alarming the need of the diagnosis and drugs. The technological advancements have assisted the manufacturers with ease in technique to enhance their production. In addition, the rise in the geriatric population is leading to rising healthcare conditions. As per the World Health Organization, the global population is increasing by 1.24% per annum leading to rise in number of people in the geriatric class.
The WHO also suggests that the proportion of people aged 65 to 80 will rise to 28% in 2030, compared to 22% in 2000. Moreover, according to a survey report published by Torreya Economical Model 2017, medical device and pharmaceutical industry is 30% larger than its previous estimations till 2017 and contributes to one of the top five industries increasing global economy value. .
Furthermore, the increase in the start-up companies for the biotechnology are growing with a good number across the world. These companies are developing innovative diagnostic kits and been supported by the respective governments of the countries. Therefore, enormous growth in the production of the diagnostic products is shown by the start-up and established players. Hence, owing to these factors the market for the transplant diagnostics is likely to propel in the coming forecast years.
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