PoC Molecular Diagnostics Market size worth over $2.8bn by 2026

Point of Care (PoC) Molecular Diagnostics Market size is set to surpass USD 2.8 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Growing need of better infectious disease management has stimulated the demand for advanced methods diagnostic methods involving DNA extraction, purification, and amplification. Technological advancements have enabled accurate detection of circulating tumor and infectious organisms allowing direct therapy and disease prognosis. Moreover, rising funding from public and private institutions for cost-effective treatment will fuel the overall market growth.

 

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Rising prevalence of infectious diseases will accelerate the PoC molecular diagnostics market demand

Rapid and accurate detection of causative agents holds the utmost importance in the case of infectious disease emergency. For instance, according to the U.S. National Institutes of Health, real-time PCR has expanded molecular diagnostic capability. Point of care molecular diagnostic assays allows timely detection of causative agents, thus enabling effective treatment and disease control. In addition, according to CDC, around 9,025 tuberculosis cases were reported in the United States in 2019. Thus, increasing occurrence of infectious diseases will stimulate the necessity for point of care molecular diagnostic assays to control infectious disease prevalence. However, long product development time for point of care molecular diagnostics may hamper the industry growth to certain extent.
 

Hospitals segment will observe substantial growth during the forecast period

PoC Molecular Diagnostics Market

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The hospital end-use segment valuation in the PoC molecular diagnostics market was around USD 750 million in 2019, due to surging preference towards hospitals on account of the availability of superior healthcare professionals. Several benefits including improved and better treatment options at an affordable price and presence of advanced diagnostic equipment offered in hospital settings will further escalate the market expansion.
 

Browse key industry insights spread across 140 pages with 155 market data tables & 8 figures & charts from the report, “Point of Care (PoC) Molecular Diagnostics Market Size, By Technology (Polymerase Chain Reaction [PCR], In Situ Hybridization, Sequencing, Isothermal Amplification), By Application (Infectious Diseases [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, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/point-of-care-poc-molecular-diagnostics-market

 

Rising number of cancer cases will favor the demand for point of care molecular diagnostics

The oncology application accounted for around 24% of PoC molecular diagnostics market revenue share in 2019 led by increasing prevalence of chronic illness such as cancer and others. According to the American Cancer Society it is predicted that around 1.8 million new cancer cases will be diagnosed in 2020, across the United States. Various diagnostic methods required for cancer treatment are invasive such as cystoscopy and others enhancing the demand for point of care molecular diagnostic device. Furthermore, numerous rapid advancements in point of care molecular diagnostics related to oncology testing such as biomarkers will fuel the market value.
 

Surging demand for polymerase chain reaction (PCR) techniques will boost the market revenue

The PCR segment in the market is projected to showcase growth of around 8% through 2026, owing to its rapid expansion in POC molecular diagnostics. Additionally, researchers in the areas of life sciences, biotechnology, medicine, diagnostics, and forensics are continuously utilizing PCR techniques for qualitative nucleic acid detection along with other applications. Therefore, rising acceptance of PCR methods in a wide range of applications will prove beneficial for the global market progression.
 

Surging prevalence of infectious ailments in North America region, will foster the market growth

North America PoC molecular diagnostics market is estimated to witness 7% CAGR till 2026. Increasing prevalence of infectious diseases and rising application of point of care tests for safe and early diagnosis will reinforce the regional dominance. Existence of a technologically advanced medical framework, insurance system along with high R&D investment by governments and private funding organizations for the advancement of point of care molecular diagnostics tests will propel the industry size. In addition, presence of foremost market leaders offering advanced and innovative treatment options in the North America region will impel the market demand. 
 

Adoption of various growth strategies will enable major industry players to maintain their market value over the forecast period

Few of the prominent companies operating in PoC molecular diagnostics market include Abbott Laboratories, BioMerieux SA, Bio-Rad Laboratories, Danaher, Sysmex, Abaxis, Bayer and VIRCELL. The market players undertake certain growth initiatives to garner higher market shares in point of care molecular diagnostics business.
 

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