The global point-of-care molecular diagnostics market size is anticipated to reach USD 3.86 billion by 2024 expanding at a CAGR of 14.4%, according to a new report by Grand View Research, Inc. Ongoing research & development to miniaturize molecular diagnostics testing that provides enhanced near patient testing with high accuracy and lesser turnaround times are major factors expected to reinforce the high growth potential for POC MDx products.
Growing
demand for CLIA tests that are, by definition, portable and safe enough to be
used in non-laboratory settings such as pharmacy clinics, physician offices,
and home-care settings, is expected to drive demand in the market over the
forecast period. Ongoing research and development is continually supported and
funded by a number of major international entities including the governments of
developed countries.
Furthermore,
a growing portfolio of point-of-care testing capabilities that, had initially
been focused on screening, testing, and diagnosis of infectious diseases in
low-income developing countries, has been developing at a rapid pace over the
past decade to expand its potential market to a broader range of medical
faculties. Consequently, POC and molecular diagnosis tests are available and/or
are under development for cardiology monitoring, oncology testing, and
hematology testing.
Recent
advances in the development of microfluidics and genetic sequencing
instrumentation pave the way for development of cost-effective, highly accurate
and rapid testing platforms, which are able to be used as true POC systems.
This is a key factor that significantly contributes towards the favorably
funded, high growth potential environment prevalent in the PoC molecular
diagnostics market.
Full Research Report On Point-of-Care Molecular Diagnostics Market Visit Here:
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Further key
findings from the study suggest:
- Application
of POC MDx tests for infectious diseases accounted for over 45% of market
revenue in 2018 due to the presence of many major market entities with an
extensive product portfolio
- Growing
burden of infectious diseases in both developing and developed countries
is another factor responsible for the dominance of this segment
- PCR-based POC
tests is the largest revenue generating segment of the market in 2018.
Widespread usage of PCR-based techniques for molecular diagnosis and
commercialization of POC real time PCR products have provided ample
opportunities for segment growth
- North America
was the largest region and accounted for 43.5% of the global revenue share
due to the presence of technologically advanced medical framework, high
R&D investments by governments and private organizations for the
development of POC MDx tests
- Key companies
in the market include Johnson & Johnson; Danaher Corp.; Cepheid, Inc.;
Bio-Rad Laboratories, Inc.; bioMerieux; Becton, Dickinson and Company; F.
Hoffmann-La Roche AG; Bayer HealthCare Pharmaceuticals LLC ; Alere, Inc.;
(Abbott), and Abbott Laboratories
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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