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.
Market Size – USD 656.5 Million in 2018, Market Growth - CAGR of 14.7%, Market Trends– Advancements in Point of Care molecular diagnostics like rapid testing and diagnosis
According to the current analysis of Reports and Data, the global Point-of-care molecular diagnostics market was valued at USD 656.5 million in 2018 and is expected to reach USD 2.00 billion 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.
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 provides a complete analysis of the global Point of Care Molecular Diagnostics market with important details about the key market players from insightful primary and secondary research data. The report also aims to benefit the user by providing constructive data to gain insight into the market growth, size, and investment approaches.
The key companies profiled in the market are:
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
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 2018. 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
For the purpose of this report, Reports and Data has segmented point of care molecular diagnostics market on the basis of product and services, technology, application, end use and region:
Product and Services Outlook (Revenue in Million USD; 2016–2026)
- Assays & Kits
- Services & Software
Technology Outlook (Revenue in Million USD; 2016–2026)
- 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; 2016–2026
- Infectious Diseases
- Prenatal Testing
- Sexually Transmitted Diseases
- Health Care Associated Infection
End Use Outlook (Revenue in Million USD; 2016–2026
- Assisted Living Healthcare Facilities
- Decentralized Labs
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The report further segments the market on the basis of key regions of the world and offers an assessment of the production and manufacturing capacity, import and export, production and consumption patterns, supply and demand ratio, and the presence of key players in each region. The Point of Care Molecular Diagnostics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
In-depth regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
The report includes primary and subjective research with a comprehensive study examined and validated by industry professionals and experts. The report further provides insights into the opportunities and threats that the industry may witness in the upcoming years, throughout the forecast period. The report also provides an insight into the growth in revenue along with CAGR throughout the forecast period. It also provides insights into lucrative opportunities to enable the businesses to capitalize on the emerging trends of the market.
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Highlights of the TOC:
- Report Overview
1.1 Research Scope
1.2 Key Point of Care Molecular Diagnostics market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline
- Global Growth Trends
2.1 Global Point of Care Molecular Diagnostics market size
2.2 Latest Point of Care Molecular Diagnostics market trends
2.3 Key growth trends
- Competitive Landscape
3.1 Global Point of Care Molecular Diagnostics market key players
3.2 Global Point of Care Molecular Diagnostics size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Point of Care Molecular Diagnostics market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
About Reports and Data
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