Point of Care Molecular Diagnostics Market size worth over $4.8bn by 2027

Point of Care Molecular Diagnostics Market size is set to surpass USD 4.8 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Growing focus on development of novel diagnostic kits for detection of various infectious and chronic diseases has boosted the demand for point of care (POC) molecular diagnostic tests. Several research institutes and major market players have collaborated together to launch high quality products for easy and faster diagnosis. Speedy regulatory approvals have also contributed to the market growth. For instance, in March 2021, BioMérieux announced the CE marking of TB IGRA test on VIDAS. This strategy will help the company in setting up their footprint in the market. Thus, with growing number of approvals and distribution of POC molecular diagnostics products, the market is forecasted to witness significant demand in the coming years.

 

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COVID-19 pandemic has positively affected the point of care molecular diagnostics market. Increasing incidence of infectious diseases worldwide has created significant demand for reliable and better diagnostic kits. Various key companies such as Roche, Cephid (Danaher) and Abbott among others have launched technologically advanced tests. Furthermore, the growth of home healthcare sector has led to development of user- friendly and cost-effective diagnostic devices, thereby favoring the market demand and growth.
 

Increase in adoption of in situ hybridization technology in emerging economies will offer new growth opportunities

In situ hybridization held 13.5% of the point of care molecular diagnostics market share in 2020 led by rising applications in cancer diagnosis. Growing awareness regarding in situ hybridization, increasing healthcare expenditure, rising prevalence of cancer, and growing usage in research activities & laboratories to diagnose chromosomal abnormalities, along with infectious diseases will contribute to the market expansion.
 

Browse key industry insights spread across 165 pages with 157 market data tables & 18 figures & charts from the report, Point of Care Molecular Diagnostics Market Size By Technology (PCR, In Situ Hybridization, Sequencing, Isothermal Amplification), By Application (Infectious Disease, {Flu, Respiratory Syncytial Virus (RSV), Tuberculosis (TB), HIV, Gonorrhea, Chlamydia, Hepatitis C, Hepatitis B}, Oncology, Hematology), By End-use (Hospitals, Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/point-of-care-poc-molecular-diagnostics-market
 

Growing demand for timely and accurate cancer diagnosis tools including POC molecular diagnostic kits will augment the market revenue

Oncology segment is projected to showcase 6.9% growth rate till 2027. Increasing burden of cancer and rising demand for timely treatments will foster the application of point of care molecular diagnostics in oncology. According to National Cancer Institute, in 2020, around 1,806,590 new cases of cancer were diagnosed in the U.S. and 606,520 people were estimated to die from the disease. Point of care molecular diagnostic kits helps in early detection and screening methodologies to improve the survival rates through early intervention.
 

Rising patient visits and improving availability of diagnostic products will drive the demand for POC molecular diagnostic tests in clinics

Clinics segment in the point of care molecular diagnostics market accounted for more than USD 1 billion in 2020. Increasing demand for cost-effective and portable diagnostic kits will fuel its demand in clinics. These products function in timely manner and help in accurate patient diagnostics. In addition, growing number of clinics and specialty clinics in emerging countries will further favor the segment growth during the forecast timeline.
 

Increasing penetration of domestic market players and rising awareness among population in Europe will create growth opportunity for the market

Europe point of care molecular diagnostics market captured around 26% of revenue share in 2020. Growing COVID-19 cases and high mortality rate in the region will upsurge the industry demand. The regional firms are also involved in bulk manufacture of novel diagnostic kits for early and cost-effective detection. n most of the academic centers and hospitals in countries like Belgium and Germany, more than 25% of laboratory tests are done in POC settings. Moreover, presence of key market leaders in the region will propel the market progression over the coming years.
 

Product innovations and regulatory approvals will fortify companies’ business performance

Some of the notable leaders operating in the market are Abbott Laboratories, Danaher Corporation, Thermo Fischer Scientific Inc. and Roche Diagnostic among others. These industry participants introducing innovative products and collaborating with organizations to strengthen their footprint in the market.
 

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