Global Point-of-care Molecular Diagnostics Market: Introduction
- Devices used for point-of-care molecular diagnostics are portable, compact, and self-contained diagnostic devices that can perform multiple analytical functions. They are used at the patient site for rapid diagnosis of diseases.
- Devices used for point-of-care molecular diagnostics provide valuable and actionable information on patient care; they have rapid turnaround time; and they enable selection of optimum therapy for the patient by observing the patient’s response to ongoing treatment
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- Point-of-care molecular diagnostics have a wide range of applications in the diagnosis of infectious diseases, pharmacogenetics, and genetic testing
- Private as well as government players made significant investments in point-of-care molecular diagnostics in the last decade
Global Point-of-care Molecular Diagnostics Market: Key Drivers
- The global point-of-care molecular diagnostics market is primarily driven by high prevalence and incidence rates of infectious diseases and genetic disorders across the globe. For instance, according to the World Health Organization (WHO), more than 17 million people across the globe die due to infectious diseases every year.
- Technological advancements in point-of-care molecular diagnostics, new product development and commercialization, and rise in the demand for point-of-care molecular diagnostic devices are factors likely to drive the global point-of-care molecular diagnostics market during the forecast period
- Also, increasing number of hospitals, diagnostic laboratories, and research and development institutes and growing pharmaceutical industry in developing economies such as Brazil, India, China, and Russia are likely to propel the demand for devices used for point-of-care molecular diagnostics during the forecast period
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Tests Kits Segment to Dominate Global Point-of-care Molecular Diagnostics Market
- Based on product, the global point-of-care molecular diagnostics market can be divided into analyzers and test kits. The test kits segment is estimated to dominate the global market during the forecast period. The segment is likely to expand at a rapid pace from 2019 to 2027.
- Large volume and frequent usage of test kits for the diagnosis of different types of diseases is one of the key factors responsible for the major share of the test kits segment in the global market
- The test kits segment can be sub-segmented into viral, bacterial, fungal, and others. Bacterial is estimated to be the leading sub-segment of the test kits segment in the near future.
Isothermal Nucleic Acid Amplification Technology Segment to Dominate Global Market
- In terms of technology, the global point-of-care molecular diagnostics market can be segmented into isothermal nucleic acid amplification technology and polymerase chain reaction (PCR) technology. The isothermal nucleic acid amplification technology segment is projected to dominate the global point-of-care molecular diagnostics market during the forecast period.
- The isothermal nucleic acid amplification technology segment can be sub-segmented into helicase-dependent amplification (HDA), loop mediated isothermal amplification (LAMP), nucleic acid sequence-based amplification (NASBA), and others
- The isothermal nucleic acid amplification technology provides quick results and it does not require thermocyclers
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Diagnostic Laboratories Segment to Dominate Global Market
- In terms of end-user, the global point-of-care molecular diagnostics market can be segmented into hospitals, diagnostic laboratories, specialty clinics, pharmaceutical & biotechnology companies, and research & academic institutes.
- The diagnostic laboratories segment is projected to dominate the global point-of-care molecular diagnostics market during the forecast period. The large number of diagnostic laboratories across the globe and rapid increase in the number of diagnostic laboratories in developing countries are factors expected to be responsible for the dominant share of the diagnostic laboratories segment in the global market during the forecast period
Point-of-care Molecular Diagnostics Market in Asia Pacific to Expand Rapidly
- In terms of region, the global point-of-care molecular diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period. However, the region is anticipated to lose market share by 2027.
- High prevalence of various chronic as well as acute disorders among people in the U.S., technological advancements in point-of-care molecular diagnostics, and presence of a well-established health care industry in the region are factors projected to drive the market in North America from 2019 to 2027
- The point-of-care molecular diagnostics market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to rapid increase in the number of hospitals and diagnostic laboratories and rise in health care access in densely populated countries in the region such as China, India, South Korea, and Taiwan
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Key Players Operating in Global Market
The global point-of-care molecular diagnostics market is consolidated, with a few number of global players accounting for a major share of the market in respective regions. Key players operating in the global point-of-care molecular diagnostics market are:
- Abbott Laboratories
- Thermo Fisher Scientific Inc.
- Bayer Healthcare
- Hoffmann-La Roche AG
- Bio-Rad Laboratories
- Danaher Corporation
- bioMérieux
- QIAGEN
- Nova Biomedical
- Cepheid
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