February 06, 2020
According to the research report titled ‘Point of Care Molecular Diagnostics Market Size By Technology [Polymerase Chain Reaction (Real Time PCR, DNA/RNA Purification), In Situ Hybridization, Chips and Microarrays, Mass Spectrometry, Sequencing, Isothermal Amplification, Others], By Infectious Diseases (MRSA, Clostridium Difficile, Vancomycin-resistant Enterococci, Carbapenem-Resistant Bacteria Testing, Flu, Respiratory Syncytial Virus, Candida, Tuberculosis and Drug-resistant TB, Meningitis, Gastro-intestinal Panel Testing, Chlamydia, Gonorrhea, HIV , Hepatitis C, Hepatitis B, HPV, Syphilis,), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Japan, China, India, South Korea, Malaysia, Thailand, Vietnam, Philippines, Australia, Brazil, Argentina, Mexico, South Africa, Nigeria, Egypt, Morocco, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global point of care (PoC) molecular diagnostics market is expected to surpass USD 2.5 billion by the year 2025.
Increasing awareness and advancements in technology pertaining to point of care molecular diagnostic devices are major factors driving the market growth. These devices help provide better comfort and rapid turnaround time to patients. Moreover, point of care molecular tests are not only versatile but also facilitate in reducing the dependency on presumptive treatment as well as minimize the need for several patient visits. This factor along with increased pervasiveness of infectious diseases will spur the market expansion. However, strict government regulations regarding the use of PoC molecular diagnostic devices may hinder the market growth.
In terms of technology, the report states that the chips and microarrays segment is expected to grow by 7% by the year 2025. Introduction of automation in microarrays have allowed medical professionals to acquire precise analysis. Moreover, point of care molecular tests based on chips and microarrays technology offer high-throughput screening properties, which is fueling the segmental growth.
Based on the infectious disease spectrum, flu segment accounted for USD 150 million in the year 2018. Growing occurrence of flu in emerging economies along with increasing awareness regarding availability of state-of-the-art diagnostics tests for influenza and other infectious diseases are stimulating the industry share from flu applications.
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Considering the geographical landscape, the report cites that the point of care molecular diagnostics industry in North America held 41% share in the year 2018. Favorable federal reforms along with rising prevalence of chronic infections are augmenting the regional demand for the product.
The prominent companies operating in the point of care molecular diagnostics market are Vircell Microbiologists, Sysmex Corporation, Roche Diagnostics, OraSure Technologies Inc., Danaher Corp., Bio-rad Laboratories, bioMerieux SA, Bayer Corp., Abott Laboratories, and Abaxis Inc.
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