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Meticulous Research®– leading global market research company published a research report titled “Point of Care Molecular Diagnostics Market by Product & Solution (Assay, Analyzer, Software, Services), Technology (RT-qPCR, INAAT), Application (Respiratory Diseases, Hospital Acquired Infections, STD), and End User – Global Forecast to 2027”. According to this latest publication from Meticulous Research®, the global POC molecular diagnostics market is expected to grow at a CAGR of 13.2% from 2019 to reach to $2.39 billion by 2027. The high growth of point of care (POC) molecular diagnostics market is mainly attributed to the rising prevalence of chronic diseases along with significantly growing aging population, growing development and commercialization of CLIA-Waived POC molecular diagnostic tests, rising venture capital funding for development of POC molecular diagnostics products, growing demand for POC molecular diagnostics, and growing need for rapid decision making in emergency care. Moreover, emerging economies such as China, India, and Latin American countries offer significant growth opportunities for the players operating in this market. However, tedious regulatory process for high or moderate POC tests is the key factor expected to hinder the growth of the overall POC molecular diagnostics market to a certain extent.
The global POC molecular diagnostics market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2027- by product & solution [kits and assays, analyzers, software & services], technology [RT-qPCR, INAAT, and other technologies], application [respiratory diseases, Sexually Transmitted Diseases (STDs), Hospital Acquired Infections (HAIs), cancer/oncology, prenatal/neonatal testing, and other applications], end-user [clinics and diagnostic laboratories, hospital outpatient departments and Intensive Care Units (ICUs), research and academic institutes]. The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on technology, the RT-qPCR segment held the largest share of the overall POC molecular diagnostics market in 2019. The largest share of this segment is mainly attributed to the growing adoption of this technology over the traditional PCR technology. This technology has the ability to identify amplified fragments in real-time and is more specific, sensitive, and reproducible method. Also, the cost-effective nature of this method due to less requirement of total amount of template material for the overall assay drives the growth of this segment. Moreover, large number of commercially available RT-qPCR based POC molecular diagnostic systems or tests, increasing utilization of RT-qPCR in proteomics & genomics, and growing need for rapid diagnosis of viral & infectious diseases are some of the other factors further expected to drive the growth of this technology in future.
Based on product and solution, the kits & assays segment accounted for the largest share of the overall POC molecular diagnostics market in 2019 and expected to grow at the highest CAGR during the forecast period of 2019-2027. Frequent usage of assays & kits, growing portfolio of disease-specific assays for early diagnosis of chronic diseases, technological advancements, and focus of key players on receiving CLIA approvals for their disease-specific advanced POC molecular diagnostic products are some of the key factors driving the growth of this market.
Based on application area of POC molecular diagnostics, the respiratory diseases segment commanded the largest share of the overall market in 2019, while, the oncology segment is expected to grow at the fastest CAGR during the forecast period. The factors such as rising number of cases with various types of cancer, growing demand for the advanced products for early diagnosis of cancer cases, and growing R&D activities within the oncology area are expected to propel the growth of the POC diagnostics market for this segment.
Based on the end user, the clinics and diagnostic laboratories segment commanded the largest share of overall POC molecular diagnostic market in 2019. This is primarily attributed to the factors such as growing need for rapid and accurate diagnosis within less time span, growing number of physicians adopting POC technologies, and increasing focus of key companies on offering disease specific POC molecular diagnostics to cater larger customer base.
Check complete table of contents with a list of table and figures: https://www.meticulousresearch.com/product/point-of-care-molecular-diagnostics-market-5081/
Geographically, North America dominated the overall POC molecular diagnostics market in 2019, followed by Europe and Asia Pacific. The factors such as growing awareness about the early diagnosis of chronic diseases, rising number of cases with infectious diseases, increasing venture capital funding, development and commercialization of CLIA-waived tests/systems, and strong presence of key players in this region supported the largest share of North America in the POC molecular diagnostics market.
The key players operating in the global POC molecular diagnostics market are Alere Inc. (U.S.), DxNA, LLC. (U.S.), Mesa Biotech Inc. (U.S.), Meridian Bioscience Inc. (U.S.), Danaher Corporation (U.S.), Quidel Corporation (U.S.), Biocartis Group NV (Belgium), bioMérieux SA (France), Thermo Fisher Scientific (U.S.), and F. Hoffmann-La Roche Ltd. (Switzerland), among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of product & solution, technology, application, end-users, and region/countries?
- What was the historical market for point of care molecular diagnostics across the globe?
- What are the market forecasts and estimates for the period 2019-2027?
- What are the major drivers, restraints, opportunities, and challenges in the global point of care molecular diagnostics market?
- Who are the major players in the point of care molecular diagnostics market?
- How is the competitive landscape and who are the market leaders in the global point of care molecular diagnostics market?
- What are the recent developments in the global point of care molecular diagnostics market?
- What are the different strategies adopted by the major players in the global point of care molecular diagnostics market?
- What are the geographic trends and high growth regions/ countries?
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