Selbyville, Delaware, April 12, 2021 (GLOBE NEWSWIRE) —
According to latest report “Point of Care (PoC) Molecular Diagnostics Market by Technology (PCR, In Situ Hybridization, Sequencing, Isothermal Amplification), Application (Infectious Disease, Oncology, Hematology), End-use (Hospitals, Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of point of care molecular diagnostics will cross $4.8 billion by 2027. Increasing prevalence of infectious ailments in developed and developing nations will spur the market growth.
Innovations in point of care tests and collaborations will expand the global market expansion in the coming years. Several firms are emphasizing on commercializing novel tests for rapid detection of wide range of infectious diseases, including COVID-19. In Feb 2021, Thermo Fisher Scientific Inc. acquired Mesa Biotech to expand the benefits of molecular diagnostics at the point of care.
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Increasing funding for research and development activities will drive the POC molecular diagnostics market value over the coming years. Rising investment by government and private players for development of affordable and advanced in-vitro diagnostic tests will stimulate the market progression. For instance, the European Regional Development Fund and Archimedes supported and gave a funding of over USD 2.5 million to Self-diagnostics and the University of Tartu. These organizations aimed at developing inhibitor-tolerant DNA polymerase for use in isothermal amplification straight from the unprocessed samples for use in infectious diseases’ POC diagnostics. Such assistance for novel projects, leading to innovative diagnostic tools will foster the industry growth during the forecast timeframe.
Sequencing technology segment in the point of care molecular diagnostics market is projected to witness 7.5% growth rate till 2027 led by growing applications of sequencing technology for diagnosis of several chronic and critical diseases. Several institutions are exploring this technology for diagnosis of encephalitis and meningitis. Moreover, some universities are also advancing tests based on sequencing technology to make testing of samples possible in lesser time and at any site.
Point of care molecular diagnostics market for hematology segment accounted for more than USD 345 million in 2020. Growing prevalence of blood-related disorders will increase the demand for hematology POC molecular diagnostic tests. There is also rising importance about hematopoietic malignancies for effective diagnosis of severe diseases. This will boost the test adoption rate in future. In addition, growing incorporation of automation and miniaturization features will augment customer preference during the forecast timeframe.
Clinics end-use segment held around 30% of the point of care molecular diagnostics market share in 2020 on account of growing spending on clinics in emerging and developed nations for expansion of testing capacities. COVID-19 pandemic has created huge need for more number of diagnostic tests for increasing timely treatment and disease control. This has led to infrastructure enlargement to cater to growing demand. Furthermore, with rising incidence of several chronic and infectious diseases, clinics will create robust demand for point of care molecular diagnostic products in the coming years.
Asia Pacific point of care molecular diagnostics market is estimated to attain a CAGR of 7.2% through 2027. High burden of infections and chronic conditions including cancer presents lucrative opportunities for POC molecular diagnostics in the region. Additionally, companies are broadening their geographic presence in the untapped markets of APAC. In July 2019, Vircell Microbiologists organized presentation in Thailand about VirClia, a powerful automation system. The strategy allowed the company to expand its product’s reach in Thailand. Such initiatives coupled with growing geriatric pool that is vulnerable to wide range of diseases will impel the market potential over the coming years.
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Few noteworthy companies operating in the market are Roche Diagnostics, Cepheid (Danaher Corporation), Abbott Laboratories, Bio-Rad Laboratories, BioMérieux SA. These industry leaders are broadening their market presence by undertaking strategies such as mergers and acquisitions.
Table of Contents (ToC) of the report:
Chapter 3 Point of Care (PoC) Molecular Diagnostics Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By technology
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Technology landscape
3.7 All in one diagnostics solutions overview
3.7.1 Companies operating in all-in-one diagnostic
3.7.2 Major end-user types
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.