Global PoC Molecular Diagnostics Market by Key Players, Countries, Segments and Application, Forecast to 2027
Rising incidence of infectious ailments in developing and developed countries could majorly influence point of care (PoC) molecular diagnostics market outlook. Collaborations between organizations and innovations in PoC tests is expected to drive industry expansion. Numerous research & development activities along with robust investments are being carried out by private and government firms for the development of advanced and affordable in-vitro diagnostic tests.
Many firms are involved in the commercialization of novel tests for the rapid detection of a range of infectious diseases, including COVID-19 caused by the coronavirus. Strategies such as using funds to develop quick diagnostic self-tests that can be used at home is anticipated to propel overall PoC molecular diagnostics market expansion.
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Firms operating in the PoC molecular diagnostics market are also focusing on new product development. For example, in 2021, Roche Diagnostics announced the launch of cobas SARS – CoV – 2 variant test to help monitor and differentiate various mutations of the coronavirus.
Global Market Insights, Inc., reports that the PoC molecular diagnostics market held a valuation of over USD 3 billion in 2020 and is projected to record a 5.4% CAGR by 2027.
The sequencing technology segment is expected to register a CAGR of 7.5% in the upcoming years owing to increasing applications of sequencing for the diagnosis of several critical and chronic illnesses. The technology is being explored by many institutions for diagnosing meningitis and encephalitis. Furthermore, some universities are advancing tests which are based on sequencing technology in order to make sample testing possible at any site and in lesser time.
The hematology segment accounted for above USD 345 million in 2020 and is likely to witness high adoption owing to more importance regarding hematopoietic malignancies for the effective diagnosis of severe illnesses and diseases. Rising prevalence of blood-related disorders could fuel the demand and adoption rate of hematology PoC molecular diagnostic tests. Additionally, incorporation of miniaturization and automation features is likely to boost customer preference.
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The clinics end-use category held around 30% revenue share in 2020 and is expected to grow further credited to more spending on healthcare in developed and emerging nations and expansion of testing capacities. The ongoing COVID-19 pandemic has caused a significant need for larger number of diagnostic tests for boosting disease control and timely treatment, leading to infrastructure enlargement. Increasing cases of various infectious and chronic diseases is anticipated to create high demand for PoC molecular diagnostic products across clinics over time.
Globally, some of the prominent PoC molecular diagnostics companies in the market are Cepheid, BioMerieux SA, Abbott Laboratories, Roche Diagnostics, and Bio-Rad Laboratories. These firms are working on the development of advanced and rapid PoC diagnostic tests as well as on mergers & acquisitions with related firms. In 2020, Abbott Laboratories announced the FDA authorization for its fastest molecular point-of-care test, the Abbott ID NOW™ COVID-19 test, for detecting the novel coronavirus in just five minutes.
Partial Chapter of the Table of Content:
Chapter 2 Executive Summary
2.1 Point of care molecular diagnostics industry 3600 synopsis, 2016 – 2027 (USD Million)
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Application trends
2.1.4 End-use trends
2.1.5 Regional trends
Chapter 3 Point of Care (PoC) Molecular Diagnostics Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2027 (USD Million)
3.3 Industry impact forces
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