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Surging Number of Diseases Augments the Global Molecular Point of Care Diagnostics Market Growth at 14.90%

09-23-2022 06:54 AM CET | Health & Medicine

Press release from: Inkwood Research

Global Molecular Point of Care Diagnostics Market

Global Molecular Point of Care Diagnostics Market

According to a new market research report published by Inkwood Research, the Global Molecular Point of Care Diagnostics Market is projected to register a CAGR of 14.90% in terms of revenue during the forecasting years of 2019-2028.

"Browse 64 Market Data Tables and 56 Figures spread over 188 Pages, along with an in-depth TOC on the Global Molecular Point of Care Diagnostics Market Forecast 2019-2028."

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Molecular diagnostics point of care is akin to the health assessment at the molecular level through the measurement and detection of specific genetic signatures in DNA or RNA. The technological advancements in the point of care testing have allowed the integration of molecular diagnostics with this technology. This further enables multiplexing and gene sequencing for detecting multiple defects related to a particular subset of patients with the disease.

Growing Number of Diseases propels Market Growth

Communicable diseases or infectious diseases are majorly caused by microorganisms like viruses and bacteria. According to the WHO, parasitic and infectious disease was responsible for 12.88 million deaths in 2015. The undermined factor in the case of the growing global disease burden is the antimicrobials resistance (AMR). It is triggered by over usage of antibiotics for the treatment of disease with microbial traits and origins. AMR is mainly propelled by perverse incentives and human actions. The dominant factors contributing to the rise of AMR is the misuse of antibiotics in agricultural, veterinary, and medical sectors, along with the wrong antibiotic prescription, overuse of antibiotics in the livestock sector, and lack of hygiene practices in hospitals. Governments across the world are adopting precise diagnostic and treatment methods for tackling the ever-increasing disease burden. This further propels the global molecular diagnostics point of care market. The growing prevalence of cancer further augments the need for precise care.

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PCR Category Dominated the Technology Segment

Polymerase Chain Reaction (PCR) is the most sought test in the global market. The better results, ease of use, cost-effective solutions, faster turnaround time, etc. are attributed to its increasing preference in the market. Its efficiency in detecting biomarkers is one of the major factors for its domination in infectious diseases and new oncology applications. Several approvals like FDA approvals of PCR-based molecular diagnostics point of care contribute to its market growth. The trend of PCR being utilized as a validation strategy for point of care based molecular diagnostics further influences its overall demand in the market. The PCR will continue to dominate the global market, given its corroborative characteristic.

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Asia Pacific is predicted to record the highest CAGR

The Asia Pacific molecular diagnostics point of care market encompasses countries like China, Australia, Japan, Singapore, India, that are striving to enhance the adoption of precision medicine solutions across emerging economies of the region. Many initiatives have been undertaken in the region for promoting research and development on precision medicine solutions for better patient health. The region has also been a witness to tremendous growth in precision medicine technology. The rising health awareness and stable economic conditions are other dominant factors expected to contribute to the fast-paced market growth of the region.
The major companies that operate in the market include, Quidel Corporation, BioMérieux SA, Qiagen NV, F Hoffmann-La Roche AG, Abbott Laboratories, Hologic Inc, etc. The high fixed capital costs of R&D and high exit barriers make the market increasingly competitive. Brand Loyalty is a huge factor, when it comes to the complex nature of POC testing devices.

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