Point of Care Molecular Diagnostics Market Is Expected To Touch New Height Of $1440.2 Million By 2023

CITY – Northbrook, Country – USA, 2020-Feb-12 — /EPR Network/

Growth in the POC molecular diagnostics market is driven by the increasing worldwide prevalence of infectious diseases, rising focus on decentralized diagnostics, and the growing demand for CLIA-waived molecular POC tests. Growing R&D activities in molecular diagnostic testing and the increasing penetration of POC molecular diagnostic tests in China, India, and Brazil are also expected to provide a wide range of growth opportunities for players in the market.

“The global point of care (POC) molecular diagnostics market is expected to reach USD 1440.2 Million by 2023 from USD 725.5 Million in 2018, at a CAGR of 14.7%.. Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, rising preference for home healthcare across the globe, and growing government initiatives supporting the adoption of POC diagnostic products are driving the growth of the point-of-care diagnostics market during the study period.

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In this report, the market is segmented by product & service, technology, application, end user, and region. On the basis of product & service, the global POC molecular diagnostics market is segmented into assays and kits, instruments, and software & services. The assay and kits segment is expected to be the fastest-growing segment of the POC molecular diagnostics market in 2018. An increasing number of assays and kits in this market have been granted the CLIA-waived status, which defines that the product can be used for decentralized settings or nontraditional laboratories, including physicians’ offices, emergency rooms, and health department clinics. As a result, their applications have increased, making them the largest segment.

Based on application, the POC molecular diagnostics market is segmented into respiratory diseases, hospital-acquired infections (HAIs), sexually transmitted diseases (STDs), oncology, hepatitis, and other applications. The oncology segment is expected to be the fastest growing market owing to the rising prevalence of cancer, and investments in cancer research across the globe.

By technology, the POC molecular diagnostics market is segmented into RT-PCR, INAAT, and others (DNA sequencing and microarrays). INAAT is expected to be the fastest growing technology during the forecast period due to the increasing popularity of INAAT for infectious diseases diagnosis.

Geographically, POC molecular diagnostics market is segmented into four major regions—North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to be the fastest growing market. The key factors influencing the growth of this market include growing initiatives by market players, rising demand for influenza A/B tests, decentralized healthcare delivery systems, and increasing patient population base in this region.

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North America is expected to dominate the POC molecular diagnostics market in 2018

In 2018, North America is expected to account for the largest share of the global POC molecular diagnostics market. The growing prevalence of infectious diseases, increasing number of CLIA product approvals, and rising government initiatives to support the adoption of POC molecular diagnostics in this region are driving the market growth.

Some of the key players in the global POC molecular diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Biomerieux SA (France), and Danaher (US). Product development was the major strategy adopted by these major players to maintain their leadership position in the global POC molecular diagnostics market.

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