Yahoo Finance Global molecular point of care diagnostics market size to expand at 14.05% CAGR through 2028
The research report on ‘global molecular point of care diagnostics market’ provides detailed analysis of this business space in terms of growth trends, challenges & restraints, and other expansion avenues.
Selbyville, Delaware, April 13, 2021 (GLOBE NEWSWIRE) --
As per reliable predictions, global molecular point of care diagnostics market had reached a valuation of USD 2004.43 million in the year 2018 and is likely to account for USD 7398.82 million by 2028, recording a 14.05% CAGR during the forecast period.
Additionally, the document offers crucial insights pertaining to the different market segmentations and their relevant impact towards the overall business dynamics. A granular assessment of the geographical reach, the competitive arena and the effect of the COVID-19 pandemic is also included in the research report.
This rapid expansion is primarily driven by growing demand for non-invasive diagnostic solutions, increased pervasiveness of infectious diseases, and growing elderly population. However, high costs associated with the product could potentially act as a bottleneck to the growth of global molecular point of care diagnostics industry.
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Impact of COVID-19 pandemic
The Coronavirus outbreak has provided significant growth opportunities for companies operating in this business space, with most of them focusing on developing advanced molecular point of care diagnostic kits. These companies have also been receiving Emergency Use Authorization from the FDA for the treatment of COVID-19 patients, thereby adding traction to the overall market growth.
Summarizing the geographical reach
Worldwide scope of operations of this business vertical involves regions such as North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa.
North America
Molecular point of care diagnostics industry share in North America is predicted to expand with a CAGR of 13.66% through 2028, owing to rising R&D activities and the subsequent technological breakthroughs, widespread adoption of targeted therapeutics, and high concentration of market leaders. The United States and Canada together constitute the North American molecular point of care diagnostics market.
The molecular diagnostics point of care market in North America is foreseen to be primarily driven by the advanced technological innovations that are enhancing the overall scope of molecular point of care diagnostics in the region. The research and development projects, emphasized on genetics & pharmacogenomics, have further helped in gaining knowledge of infectious diseases, different cancers and inherited diseases.
The considerable investments made for the development of both targeted therapeutics and molecular diagnostics have aided the US to dominate the market in the past few years. Besides, there is a higher acceptance rate for patients in North America as compared to other regions across the world. All these factors are likely to increase the growth of the molecular point of care diagnostics market.
Europe
Europe molecular point of care diagnostics industry size is likely to showcase a compound annual growth rate of 14.37% during 2019-2028, primarily driven by growing demand for precision medicine solutions, favorable regulatory outlook as well as reimbursement policies, and improving healthcare infrastructure. The molecular point of care diagnostics market in Europe has been experiencing gradual growth since its inception. Many countries, including the UK, Germany, France, Spain and Italy, have been continuously working to promote the adoption of precision medicine solutions across the region. The EMA (European Medicines Agency) launched a concept paper regarding the development & lifecycle of precision medicine and molecular diagnostics in November 2017, thereby taking the first step towards working on the present challenges of precision medicine with molecular diagnostics.
Different policies for technology evaluation & reimbursement in different countries may result in different coverage for precision medicine technologies in Europe. The establishment of an acknowledging reimbursement structure will ensure maximum utilization of molecular diagnostics. This will lead to an escalation in the growth of the molecular point of care diagnostics market.
Asia-Pacific
In terms of revenue, molecular point of care diagnostics market in Asia-Pacific is anticipated to record 14.48% CAGR through 2028. Increasing popularity of molecular diagnostics and innovative product launches are facilitating the business scenario in Asia-Pacific. The molecular point of care diagnostics market in Asia-Pacific is anticipated to proliferate in the next coming years. Several countries in the region, including Australia, India, China, Japan and Singapore, are constantly working to promote the adoption of precision medicine solutions like molecular diagnostics. The region has been experiencing substantial growth in precision medicine technology.
However, in spite of the potential, these countries are lagging behind the developed countries, particularly in the adoption of precision diagnostics. Moreover, the contrasting regulatory process regarding targeted therapies and molecular diagnostics among nations is a hurdle for the corporations to deploy advanced technologies throughout this region. Various initiatives have been launched in Asia-Pacific to encourage research & development on precision medicine solutions for improving the healthcare system. These factors are likely to influence market growth.
Latin America
Latin America molecular point of care diagnostics industry is expected to register 14.09% CAGR over the period of 2019-2028. Factors including growing demand for molecular diagnostics, widespread adoption of targeted therapeutics, and supportive regulatory outlook are positively swaying the business dynamics in Latin America. The molecular point of care diagnostics market in Latin America is still in its nascent phase, as compared to the rapid developments in other parts of the world. Many Latin American countries, like Brazil, Argentina, and Mexico, are rigorously trying to promote the adoption of precision medicine solutions, including molecular point of care diagnostics. The adoption of precision medicine is experiencing a sudden growth owing to the rising standard of care, with advanced technologies entering the market.
However, currently, the Latin American countries are lagging than the developing parts of other regions, particularly in the adoption of point of care diagnostics. Although the escalating adoption of precision medicine in the US has directly impacted Mexico, there is still a long way of development left to ensure the potential growth of molecular point of care diagnostics within all countries in the region.
Global Molecular Point of Care Diagnostics Market Product Spectrum (Revenue, USD Million, 2019-2028)
Software
Instruments
Assays
Global Molecular Point of Care Diagnostics Market by Application Scope (Revenue, USD Million, 2019-2028)
Infectious Disease
Gastrointestinal Infections
Sexually-Transmitted Infections
Hospital-Acquired Infections
Respiratory
Prenatal
Oncology
Others
Global Molecular Point of Care Diagnostics Market based on Technology Type (Revenue, USD Million, 2019-2028)
Polymerase Chain Reaction
Digital PCR (D-PCR)
Real-time PCR (Q-PCR)
Isothermal Nucleic Acid Amplification Technology
Others
Global Molecular Point of Care Diagnostics Market End-user Analysis (Revenue, USD Million, 2019-2028)
Diagnostic Centers
Clinics
Hospitals
Others
Global Molecular Point of Care Diagnostics Market Geographical Landscape (Revenue, USD Million, 2019-2028)
North America
United States
Canada
Latin America
Mexico
Brazil
Rest of Latin America
Asia-Pacific
India
Japan
South Korea
China
Australia & New Zealand
Rest of Asia-Pacific
Middle East & Africa
Saudi Arabia
Turkey
South Africa
UAE
Rest of Middle East & Africa
Europe
Germany
France
Spain
United Kingdom
Italy
Rest of Europe
Global Molecular Point of Care Diagnostics Market Competitive Outlook (Revenue, USD Million, 2019-2028)
QIAGEN
Quidel Corporation
QuantuMDx Group Ltd.
Spartan Bioscience Inc.
Mesa Biotech Inc.
Hologic Inc.
Luminex Corporation
F. Hoffmann-La Roche AG
Bio-Rad Laboratories Inc.
DiaSorin S.p.A.
Danaher Corp.
Biocartis Group
bioMérieux SA
Abacus Diagnostica Oy
Abbott Laboratories
TABLE OF CONTENTS
1. GLOBAL MOLECULAR POINT OF CARE DIAGNOSTICS MARKET - SUMMARY
2. INDUSTRY OUTLOOK
2.1. MARKET DEFINITION
2.2. KEY INSIGHTS
2.2.1. FDA ISSUED EMERGENCY USE AUTHORIZATION DUE TO COVID 19 PANDEMIC
2.2.2. INCREASED GERIATRIC POPULATION REQUIRES MORE DIAGNOSTIC SERVICES
2.2.3. NORTH AMERICA REGION LEADS THE MARKET
2.2.4. OPPORTUNITIES FROM EMERGING COUNTRIES FOR THE MARKET
2.2.5. HYBRIDIZATION OF AVAILABLE TECHNOLOGIES IS A PROMISING TREND
2.3. PORTER?S FIVE FORCE ANALYSIS
2.3.1. THREAT OF NEW ENTRANTS
2.3.2. THREAT OF SUBSTITUTE
2.3.3. BARGAINING POWER OF SUPPLIERS
2.3.4. BARGAINING POWER OF BUYERS
2.3.5. THREAT OF COMPETITIVE RIVALRY
2.4. MARKET ATTRACTIVENESS INDEX
2.5. VENDOR SCORECARD
2.6. REGULATORY FRAMEWORK
2.6.1. UNITED STATES
2.6.2. EUROPE
2.6.3. ASIA-PACIFIC
2.6.3.1. CHINA
2.6.3.2. JAPAN
2.7. MARKET DRIVERS
3. GLOBAL MOLECULAR POINT OF CARE DIAGNOSTICS MARKET OUTLOOK ? BY PRODUCT
3.1. ASSAYS
3.2. INSTRUMENTS
3.3. SOFTWARE
4. GLOBAL MOLECULAR POINT OF CARE DIAGNOSTICS MARKET OUTLOOK - BY APPLICATION
4.1. INFECTIOUS DISEASE
4.1.1. RESPIRATORY
4.1.2. HOSPITAL-ACQUIRED INFECTIONS
4.1.3. SEXUALLY-TRANSMITED INFECTIONS
4.1.4. GASTROINTESTINAL INFECTIONS
4.2. ONCOLOGY
4.3. PRENATAL
4.4. OTHERS
5. GLOBAL MOLECULAR POINT OF CARE DIAGNOSTICS MARKET OUTLOOK - BY TECHNOLOGY
5.1. POLYMERASE CHAIN REACTION
5.1.1. REAL-TIME PCR (Q-PCR)
5.1.2. DIGITAL PCR (D-PCR)
5.2. ISOTHERMAL NUCLEIC ACID AMPLIFICATION TECHNOLOGY
5.3. OTHER
6. GLOBAL MOLECULAR POINT OF CARE DIAGNOSTICS MARKET OUTLOOK - BY END-USER
6.1. HOSPITAL
6.2. CLINICS
6.3. DIAGNOSTIC CENTERS
6.4. OTHERS
7. GLOBAL MOLECULAR POINT OF CARE DIAGNOSTICS MARKET - REGIONAL OUTLOOK
Related Report:
Point of Care (PoC) Molecular Diagnostics Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
The point of care molecular diagnostics market is poised to accumulate noteworthy gains in coming years owing to technological advancements, innovations in healthcare, and growing prevalence of chronic disorders and infectious diseases. Fast and accurate diagnostic tests are essential for the control of infectious diseases across the globe. POC diagnosis is considered as one of the promising strategies that can effectively control such incidences, which is boosting its market growth. In fact, over the years, numerous types of point of care testing devices have been introduced across the market. Additionally, new innovations in molecular assays specifically on the POCT (point-of-care testing) front have further expanded this testing into clinical microbiology labs from molecular diagnostics laboratories. It has further spread to clinics, exam rooms, and general laboratories as well.
Additionally, a key driver for point of care industry development is the capability to diagnose serious infectious diseases at sites with a very limited infrastructure. Subsequently, rapidly increasing progress in POC diagnosis can further encourage a shift from a centralized diagnostic model to a decentralized patient-centered approach, fostering revenue growth.
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