According to latest report “PoC Molecular Diagnostics Market by Technology (PCR, In Situ Hybridization, Sequencing, Isothermal Amplification), Application (Infectious Disease, {Flu, Respiratory Syncytial Virus (RSV), Tuberculosis (TB), HIV, Gonorrhea, Chlamydia, Hepatitis C, Hepatitis B}, Oncology, Hematology), End-use (Hospitals, Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of point of care (PoC) molecular diagnostics will cross $2.8 billion by 2026. Strategic initiatives for developing innovative PoC molecular diagnostics assays and instruments will accelerate the market growth.
Point of care molecular diagnostics tests deliver several benefits from enhancing patient care to limiting healthcare expenditure. High-quality diagnostic tests are widely available in developed countries, while developing economies face a shortage of high-quality diagnostic tools. Therefore, there is a rise in R&D investment by public and private organizations for delivering cost-effective and high-quality diagnostic tools to satisfy the growing consumer demand in developing countries of the Asia Pacific and Latin America.
The situ hybridization segment held over 20% of point of care molecular diagnostics market share in 2019. Rising utilization of in-situ hybridization in laboratories as well as research activities to diagnose infectious diseases, chromosomal abnormalities and cancer will contribute towards segment progression. Comparative genomic hybridization (CGH) and fluorescence in-situ hybridization (FISH) are effective techniques in detecting numerous genetic variations including aneuploidy, congenital abnormalities, and deletions.
The infectious disease application segment valuation was more than USD 780 million in 2019 due to increasing incidence of flu across the globe. For instance, according to CDC estimates, in the U.S. around 490,561 individuals were hospitalized and over 16 million people suffering from flu visited hospitals in the year 2018-2019. Moreover, rising laboratory capacity for the diagnosis of influenza among elderly population base, newborn babies and individual with certain chronic illnesses will further fuel the industry growth.
The hospital segment in the point of care molecular diagnostics market will showcase growth of around 8%till 2026 led by surging adoption of advanced technologies including PCR, isothermal amplification and sequencing among others in hospital settings for easy disease diagnosis. Additionally, various advantages such as improved treatment options with affordable treatment price will boost the overall market value.
Asia Pacific PoC molecular diagnostics market revenue exceeded USD 335 mn in 2019 on account of the favorable government initiatives for the early treatment and diagnosis of infectious diseases in Japan. For instance, introduction of Japan Nosocomial Infections Surveillance (JANIS) Program by Ministry of Health, Labor and Welfare. This program aims at providing information on prevalence and incidence of antimicrobial-resistant bacteria and infections in medical settings escalating the market size. Furthermore, well-established players such as Sysmex Corporation and others focus on developing novel products accelerating business expansion.
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Some of the companies functioning in point of care (PoC) molecular diagnostics market include Bio-Rad Laboratories, Abbott Laboratories, Sysmex, Danaher, Vircell and others. These market leaders are focusing on developing innovative products that helps the company rise its market share globally. For instance, in December 2019, Roche acquired Spark Therapeutics, Inc. This strategy assisted the company expand its existing capabilities in the industry.
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