Point-of-Care Molecular Diagnostics Industry Overview
The global point-of-care molecular diagnostics market size was valued at USD 1.72 billion in 2018 and is anticipated to expand at a CAGR of 14.4% over the forecast period. Increased need for accurate and faster testing methods and results for the molecular tests is expected to propel the market growth. These modern techniques are enabling a remarkable makeover in the field of molecular diagnosis. Other factor driving the market includes high quality of test results in very short time.
POC Molecular testing enables physicians to improve the standard of care by combining quick diagnosis with treatment decision in the first visit by the patient instead of hours and days to have the test results. This would help prescribe a treatment in the first instance without having to wait for final results. In addition, improving knowledge in the understanding of molecular mechanisms in the common as well as rare disorders and the advancement of DNA sequencing and analysis are some other factors that are expected to enhance POC molecular diagnostics capabilities.
Gather more insights about the market drivers, restrains and growth of the Global Point-of-Care Molecular Diagnostics market
For instance, the use of mutation-specific targeted analysis using comparatively more portable sequence analysis platforms for the diagnosis of ‘single gene’ ailments and extremely parallel next-gen sequencing enables simultaneous multi-gene examination, which can be used to sequence exomes for direct clinical testing. These are the type of developments that can improve the current way of molecular diagnosis into a more robust and rapid technology. Over the last decade, healthcare industry has focused its attention and development effort in the enhancement of two key aspects of molecular diagnostics such as moving towards prevention and early detection rather than finding a cure, enhancing portable testing capabilities.
As a consequence, to this concentrated effort in the direction, it has been observed that a sizeable revenue flow is progressively being directed towards areas focused on diagnostic capabilities and PoC testing enhancement. During the course of the next decade, a significant number of product commercialization and new product development cycles are expected to take place that will reinforce the molecular diagnostics expected high rate of growth. The ongoing R&D, future product commercialization, POC MDx application and usage, market adoption, penetration rates, and revenue flow for these products are expected to contribute in the development and growth of the market.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
- Next-generation Sequencing Data Analysis Market - The global next-generation sequencing data analysis market size was valued at USD 561.6 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.02% from 2021 to 2028. Next-generation sequencing (NGS) has effectively helped in studying epigenomic as well as genomic patterns associated with various biological processes.
- Neglected Tropical Diseases Diagnosis Market - The global neglected tropical diseases (NTD) diagnosis market size was valued at USD 6.09 billion in 2021 and is expected to expand at a CAGR of 4.4% during the forecast period. Growing awareness of NTDs and an increasing number of initiatives undertaken by the government are anticipated to fuel the market growth.
Point-of-Care Molecular Diagnostics Market Segmentation
Grand View Research has segmented the global point-of-care molecular diagnostics market based on application, technology, test location, end use, and region:
- Application Outlook (Revenue, USD Million, 2013 - 2024)
- Infectious Diseases
- Oncology
- Hematology
- Prenatal Testing
- Endocrinology
- Other Applications
- Technology Outlook (Revenue, USD Million, 2013 - 2024)
- PCR-based
- Genetic Sequencing-based
- Hybridization-based
- Microarray-based
- Test Location Outlook (Revenue, USD Million, 2013 - 2024)
- Over-the-Counter (OTC)
- PoC
- End Use Outlook (Revenue, USD Million, 2013 - 2024)
- Decentralized Labs
- Hospitals
- Homecare
- Assisted Living Healthcare Facilities
- Other Uses
- Regional Outlook (Revenue, USD Million, 2013 - 2024)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- October 2020: bioMérieux SA partnered with Africa Medical Supplies Platform (AMSP) to supply high-quality COVID-19 diagnostic solutions from the bioMérieux Pandemic Response Portfolio to African Union Member States.
- March 2020: Abbott Laboratories launched the ID NOW PoC testing system.
Key Companies profiled:
Some prominent players in the global point-of-care molecular diagnostics market include
- Abbott Laboratories
- Bayer Healthcare
- Hoffmann-La Roche AG
- Becton
- Dickinson and Company
- BioMerieux
- Bio-Rad Laboratories, Inc.
- Cepheid, Inc.
- Danaher Corporation
- Johnson and Johnson
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