Point-of-Care Molecular Diagnostics: Everything You Need to Know

Posted by Mrudula Anil Karmarkar on April 7th, 2022

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.

To screen for Covid-19, in point of care settings, a number of kits and rapid tests have been developed. The high demand for Covid-19 screening is a key driver for a revenue spike in this market space, as screening is being performed at a massive scale in key outbreak hotspots. Such effects will be accounted for in the updated market model for the Respiratory Disease Testing Market.

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.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/point-of-care-poc-molecular-diagnostics-market/request/rs1

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.

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

POC Molecular testing enables physicians to improve the standard of care by combining quick diagnosis with treatment decision in the first visit by the patient instead of hours and days to have the test results. This would help prescribe a treatment in the first instance without having to wait for final results. In addition, improving knowledge in the understanding of molecular mechanisms in the common as well as rare disorders and the advancement of DNA sequencing and analysis are some other factors that are expected to enhance POC molecular diagnostics capabilities.

Key market participants operating in the market are Abbott Laboratories, Bayer Healthcare; F. Hoffmann-La Roche AG; Becton, Dickinson and Company; BioMerieux; Bio-Rad Laboratories, Inc.; Cepheid, Inc.; Danaher Corporation; and Johnson and Johnson. Owing to ongoing developments and commercialization of novel miniaturized molecular diagnostic tests by relatively smaller market entities, the market is also witnessing a phase of consolidation, amalgamation, and acquisitions wherein, larger market participants are trying to strengthen their market positions.