Global Point of Care (POC) Molecular Diagnostics Market to Reach US$5.2 Billion by the Year 2026
Global market for Point of Care (POC) Molecular Diagnostics estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 14.4% over the analysis period.
Growth in the global market is being driven by faster development and commercialization of novel and more advanced technologies, and also the faster shift of such advanced tests from labs to point of care (POC) settings. Increasing prevalence of various cancers and infectious disease types constitutes the major factor to drive growth for the market for the market in the coming years.
Other important factors to propel growth include growing awareness and acceptance of advanced therapeutic and diagnostic choices such as personalized medicine; biomarkers development; and advancement in proteomics and molecular techniques. Reimbursement reformations are also to an extent contributing towards fueling market growth. Increasing use of molecular diagnostics for home healthcare is another important growth driving factor for the market.
The growing application of healthcare information technology for providing accurate diagnostics constitutes yet another factor supporting growth for molecular diagnostics market. Introduction of new diagnostics tests, primarily in the infectious disease application area is likely to keep the momentum going for molecular diagnostics over the forthcoming years.
PCR-based, one of the segments analyzed in the report, is projected to grow at a 15.5% CAGR to reach US$3.6 Billion by the end of the analysis period
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Genetic Sequencing-Based segment is readjusted to a revised 11.4% CAGR for the next 7-year period. This segment currently accounts for a 19.5% share of the global Point of Care (POC) Molecular Diagnostics market. PCR technologies enable detection of diseases in early stages, a major factor that is contributing for market's growth.
Other factors driving growth in the technology segment include growing demand for personalized medicine, pharmacogenomics and inventive diagnostic tests. The emergence of Next-Generation Sequencing (NGS) technology contributes to the development of innovative, yet cost-effective molecular diagnostic tests.
Reduced costs would be the major factor that would make the technologies more attractive. Also, technological developments, over the years, have led to the development of sequencing products which need very less time for evaluating RNA, DNA and other cellular functions.
Hybridization-based Segment to Reach $612.3 Million by 2026
ISH or In Situ-Hybridization is another important molecular diagnostic technology. ISH is used for identifying bacterial infections. Cancer testing constitutes a common application for ISH. In the global Hybridization-based segment, USA, Canada, Japan, China and Europe will drive the 12.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$225.9 Million in the year 2020 will reach a projected size of US$513 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$72.9 Million by the year 2026, while Latin America will expand at a 13.8% CAGR through the analysis period.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $558.7 Million by 2026
The Point of Care (POC) Molecular Diagnostics market in the U.S. is estimated at US$1.1 Billion in the year 2021. The country currently accounts for a 39.71% share in the global market.
China, the world's second largest economy, is forecast to reach an estimated market size of US$558.7 Million in the year 2026 trailing a CAGR of 17.6% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.8% and 13.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.6% CAGR while Rest of European market (as defined in the study) will reach US$619.5 Million by the end of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Pandemic Puts Intense Pressure on Healthcare Systems & Products Worldwide
Molecular Diagnostics Receive Healthy Booster from COVID-19 Tests
Molecular Point-of-Care Tests for COVID-19 Witness Rapid Growth
Molecular RT-PCR Emerges as the Frontline Technology for Testing COVID-19
Select Commercial Molecular Tests for COVID-19
CRISPR Emerges as Cutting-Edge Biotechnology in COVID-19 Diagnostic Market
COVID-19 Affects Demand for Non- COVID Diagnostics
Molecular Diagnostics: Leveraging Molecular Technologies to Monitor Human Diseases
Types of Molecular Diagnostics Tests
An Introduction to Point of Care (POC) Molecular Diagnostics
Molecular Testing Mechanisms
Molecular Vs Non-Molecular POCT
Global Market Prospects & Outlook
PCR Technology Leads the MDx Market
Infectious Diseases: The Largest Application Market
Reagents and Kits Dominate the Molecular Diagnostics Market
Developing Countries Present Strong Growth Prospects
Competition
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 64 Featured)
Abbott Laboratories
Bayer AG
BioMerieux SA
Bio-Rad Laboratories, Inc.
Danaher Corporation
F. Hoffmann-La Roche Ltd.
Nova Biomedical
OraSure Technologies, Inc.
Qiagen Gmbh
Sekisui Medical Co., Ltd.
Zoetis Inc.
3. MARKET TRENDS & DRIVERS
Rising Demand for Point of Care Diagnostics Augurs Well for Molecular POC Diagnostics Market
Emphasis on Decentralized Diagnostics Presents Opportunity for POC Testing
Faster Screening Necessitates Point-of-care Diagnostics for COVID-19 Pandemic
Growing Prevalence of Infectious Diseases Spurs Need for POC Molecular Diagnostics
PCR Plays a Vital Role in the Diagnosis of Infectious Diseases
Rising Prevalence of Respiratory Infections to Drive Need for POC Molecular Diagnostics
Rise in Pollution Levels Trigger Increase in Respiratory Diseases, Driving Market Opportunities
Rising Cancer Incidence Drives Focus onto POC Molecular Diagnostics
Rising Incidence of Hospital Acquired Infections (HAIs) Propels Demand for POC Molecular Diagnostics
Sustained Threat of HIV and Sexually Transmitted Diseases Amplify Need for POC Molecular Diagnostics
Rapid HIV Tests: A New Age Diagnostic Weapon against the Killer Disease
Home HIV Testing Emerges as a Lucrative Option
Molecular Tests Gaining Prominence in GC/Chlamydia Testing Market
Molecular Diagnostics Opens New Avenues in Viral Hepatitis Testing
Demand Continues to Surge for CLIA-Waived Molecular POC Tests
Advancements in POC for Molecular Diagnostics to Drive Market Growth
Nanotechnology Facilitates Development of for POC Molecular Diagnostics
Healthcare Needs of the World's Aging Population: Potential Opportunity in Store
Increase in Healthcare Spending in Emerging Markets to Propel Demand for POC Molecular Diagnostics
