Point of Care (POC) Molecular Diagnostics Market Worth $2.32 billion by 2027

According to a new market research report "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", published by Meticulous Research, the point of care (POC) molecular diagnostics market is expected to grow at a CAGR of 13% from 2019 to reach $2.32 billion by 2027.

Most of the diagnostic tests are carried out in central laboratories equipped with sophisticated bench-top instruments for various diseases like respiratory, sexually transmitted, cancer, hospital-acquired infections, and others. However, for getting results, patients have to stay for longer time in some instances. This leads to a delay in diagnosis and further treatment; thereby increases the mortality rate. To overcome these drawbacks, decentralized or point of care testing has been emerged.

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Transition of molecular diagnostics from centralized labs to decentralized settings put major challenges in front of vendors, as molecular diagnosis is highly related to genes, molecular markers, and DNA/RNA expressions. Using various technologies like RT-qPCR, isothermal amplification technology among others, vendors developed molecular diagnostics tests at point of care settings. This helps physicians to further improve the standard of care by combining the ability to quickly make a diagnosis and treatment decision during the patient's initial visit rather than having to wait for hours.

The POC molecular diagnostics market study presents historical market data in terms of value (2017, and 2018), estimated current data (2019), and forecasts for 2027 - by product & solution, technology, application, and end-user. The study also evaluates industry competitors and analyzes the market at the regional and country level.

On the basis of technology, the RT-qPCR segment held the largest share of the POC molecular diagnostics market in 2019. The largest share of this segment is mainly attributed to its features of identifying amplified fragments in real-time and in more specific, sensitive, and reproducible way compared to traditional PCR. Moreover, large number of commercially available RT-qPCR based POC molecular diagnostic systems or tests, growing need for rapid diagnosis of viral & infectious diseases, and increasing utilization of RT-qPCR in proteomics & genomics are some of the other factors expected to drive the growth of this technology.

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On the basis of product and solution, kits & assays expected to grow at the highest CAGR during the forecast period owing to their frequent and repetitive usage, growing focus on commercializing disease-specific assays for early diagnosis, technological advancements, and focus on receiving CLIA approvals for disease-specific POC molecular diagnostic products.

On the basis of application, respiratory diseases commanded the largest share of the overall POC molecular diagnostics market in 2019, attributed to the fact that number of respiratory infectious diseases associated with aging population and environmental factors is growing continuously. This leads to the increase in the number of commercialized infectious disease specific POC molecular diagnostic products in the market.

Based on the end user, clinics and diagnostic laboratories commanded the largest share of the overall POC molecular diagnostics market in 2019, followed by hospital outpatient departments and intensive care units (ICUs), research and academic institutes, and other end users. The factors such as increasing focus of key companies on offering disease specific POC molecular diagnostics to cater larger customer base, growing demand for POC technologies to be used within the physician's offices or associated diagnostic labs, and growing awareness regarding early diagnosis contributed to the largest share of the clinics and diagnostic laboratories in this market.

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. However, POC molecular diagnostics market in Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The key factors driving the growth of this market are rising incidences of chronic diseases associated with geriatric population, expansion of key market players in this region, insufficient sophisticated central laboratory testing services, and potential cost effectiveness of POC molecular diagnosis.

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The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016-2019). The POC molecular diagnostics market has witnessed number of new product launches; approvals; agreements, partnerships, and collaborations; and expansions and acquisitions in the recent years. For instance, in October 2019, Cepheid (U.S.) received clearance from the U.S. Food and Drug Administration for Xpert BCR-ABL Ultra. This helped monitoring of BCR-ABL levels in patients with Chronic Myeloid Leukemia (CML) under 3 hours. In July 2017, F. Hoffmann-La Roche Ltd (Switzerland) launched cobas MRSA/SA nucleic acid assay for the qualitative detection and differentiation of methicillin-resistant Staphylococcus aureus (MRSA) and Staphylococcus aureus (SA) at the point of care on cobas Liat PCR System.

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.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/point-of-care-molecular-diagnostics-market-5081/

Scope of the Report:

POC Molecular Diagnostics Market by Technology

Real-Time Polymerase Chain Reaction (RT-qPCR),
Isothermal Nucleic Acid Amplification Technology (INAAT)
Other Technologies
POC Molecular Diagnostics Market by Product & Solution

Kits & Assays
Analyzers
Software & Services
POC Molecular Diagnostics Market by Application

Respiratory Diseases
Sexually Transmitted Diseases
Cancer/Oncology
Hospital Acquired Infections
Neonatal/Prenatal Testing
Other Applications
POC Molecular Diagnostics Market by End User

Clinics and Diagnostic Laboratories
Hospital Outpatient Departments and Intensive Care Units (ICUs)
Research and Academic Institutes
Other End Users
POC Molecular Diagnostics Market by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)
Asia-Pacific (APAC)
Japan
China
India
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

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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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