Point of Care Molecular Diagnostics Market is Expected To Reach USD 2,530.4 Million By 2028 - Reports and Data
06 Sep 2022
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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 2026, 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.
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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.
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 R&D.
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
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
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), Bayer health care pharmaceuticals
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Point of Care Molecular Diagnostics Market Segmentation:
Product and Services Outlook (Revenue in Million USD; 2020–2028)
Assays & Kits
Instruments/Analyzers
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
Others
Application Outlook (Revenue in Million USD; 2020–2028
Infectious Diseases
Oncology
Hematology
Prenatal Testing
Endocrinology
Sexually Transmitted Diseases
Health Care Associated Infection
Others
Regional Outlook:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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