Government initiatives for large scale collaborations of Point-of-Care molecular diagnostics for technical advancements and the changing lifestyle and increasing strategic initiatives such as product launch or collaboration are key factors contributing to the high CAGR of the market during the forecast period.
According to the current analysis of Reports and Data, the global Point-of-care molecular diagnostics market was valued at USD 883.5 Million in 2020 and is expected to reach USD 2,530.4 Million by the year 2028, at a CAGR of 14.7%. Point-of-care molecular diagnostics have provided rapid actionable information to the patient and also quick results to the test diagnosis boosting the growth of the market. Newly, emerging molecular diagnostics has proved to meet the requirements for speed, low cost, and have simplified methods of Point-of-care applications. The development of technology, which has made able to diagnose various infectious diseases at different sites with limited infrastructure, is expected to be the key driver boosting the market demand for POC molecular diagnostics. An intense effort has been made to build on existing technologies and further to generate new technologies for the diagnosis of a broad spectrum of infectious diseases.
A point-of-care (POC) test is done close by the site where a patient initially encounters the health care system so that it provides information that can achieve proper patient management. Rapid results are ease for patients, enable timely treatment. Diagnostics also reduce the dependence on possible treatment and thereby facilitate antibiotic therapy. Rapid diagnostic tests work by detecting analyte that is found in or extracted from clinical samples. There are two main types of analytes- microbial antigens and patient antibodies. However, there are emerging molecular technologies which use nucleic acid-based approaches at the point-of-care. Immunoassays such as ELISA (enzyme-linked immunosorbent assay) and RIA (radioimmunoassay) are used for the diagnosis of diseases for many individuals as it displays a high quality of test results rapidly.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
Abbott Laboratories (US), Biomerieux (France), Danaher (US), Roche diagnostics (Switzerland), Meridian biosciences (US), Quidel (US), Johnson Johnson (US), Cepheid(US), Bio-Rad Laboratories (US), Becton (US), Dickinson and Company (US), Alere, Inc. (US)
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The Point of Care Molecular Diagnostics market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
Product and Services Outlook (Revenue in Million USD; 2020–2028)
- Assays Kits
- Services Software
Technology Outlook (Revenue in Million USD; 2020–2028)
- Polymerase Chain Reaction
- Genetic Sequencing-based (DNA/RNA Purification)
- Hybridization-based (In-Situ Hybridization)
- Microarray-based (Chips and Microarrays)
- Real Time Polymerase Chain Reaction
- Mass Spectrometry
- Isothermal Amplification
Application Outlook (Revenue in Million USD; 2020–2028
- Infectious Diseases
- Prenatal Testing
- Sexually Transmitted Diseases
- Health Care Associated Infection
End Use Outlook (Revenue in Million USD; 2020–2028
- Assisted Living Healthcare Facilities
- Decentralized Labs
Key Regions Analyzed in the Report include:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Furthermore, it consists information about individual segment of the Point of Care Molecular Diagnostics market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Further key findings from the report suggest
- In recent years there has been a drastic advancement in point-of-care diagnostics, as there were ongoing developments in biosensors, microfluidic, bioanalytical platforms, assay formats, lab-on-a-chip technologies, and complementary technologies.
- It has been a principal advantage that to prescribe treatment in the first case without having to wait for ending results updating the knowledge for the understanding of various molecular mechanisms, rare disorders and the development of DNA sequencing and analysis are the factors that are subjected to improve molecular diagnostics capabilities in point-of-care molecular diagnostics.
- The medical industry is advancing by the expansion of technology in order to expand molecular diagnostics. It emphasizes prevention and early detection rather than finding a cure to the disease.
- Based on technology, the point-of-care molecular diagnostics market has been categorized into PCR-based, genetic sequencing-based, hybridization-based, and microarray-based tests and devices. PCR-based tests have accounted for the major revenue share in 2020. The materialistic growth in the point-of-care of tests provides PCR rapid real-time analysis with a high level of accuracy for infectious diseases, such as H1N1 and influenza, which are the key to drivers of the market. Next-Generation Sequencing is established based on molecular testing and is expected to witness significant growth over the forecast period due to the advances in the market.
- Revolutionary changes in genetic sequencing and analysis of DNA data for the point of care along with high precision and provision for rapid diagnosis are factors in the growth of this segment. Rapid DNA analysis is likely to give a significant growth in the coming years due to ongoing innovation and RD.
- Escalating demand for Clinical Laboratory Improvement Amendments tests which are portable and safe enough to be used in non-laboratory platforms which include pharmacy clinics, physician offices, and home-care settings, is expected to fuel the demand in the market in the forecast period.
- Brazil in recent years have taken initiatives for providing medical services that is funded and supported by the Ministry of Health, which runs the government hospitals in brazil they are focusing on the In-vitro devices market which includes Point of care molecular testing technologies and other testing at point of care these factors are likely to boost the market in the region
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