Molecular Diagnostics Point of Care Market Size, Share and Trends Analysis Report 2023-2030

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Molecular Diagnostics Point Of Care Market By Test Location (Over-The-Counter (OTC) And Poc), Technology (PCR-Based, Genetic Sequencing-Based, Hybridization-Based And Microarray-Based), Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology And Others), End-Use (Decentralized Labs, Hospitals, Homecare And Assisted Living Healthcare Facilities And Others)- Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

The global molecular diagnostics point-of-care market is estimated to reach over USD 5.74 billion by 2030, exhibiting a CAGR of 9.79% during the forecast period.

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Point-of-care molecular diagnostic allows physicians to improve the standard of care by combining rapid diagnosis with treatment decisions at the patient's first visit to obtain test results. This is crucial for detecting infectious pathogens, determining a patient's ability to metabolize a medicine or class of drugs, and detecting minimum residual illness. The rising prevalence of infectious diseases has increased the necessity for accurate diagnosis. Increasing demand for diagnostic tools to manage and eliminate infectious diseases, rapid detection of the causative agent, allowing effective treatment and disease control will drive the market during the projection period. Furthermore, advances in technology permit a tremendous transformation in molecular diagnosis.

It has raised the level of care due to its speedy analysis and inexpensive cost per test. Adopting and downsizing current technology have also increased demand, bolstering market growth in the coming years. Increased funding for research and development activities from government organizations and commercial enterprises will boost market potential during the projection period.

List of Prominent Players in the Molecular Diagnostics Point of Care Market:
Abbott Laboratories
Bayer Healthcare
Roche Diagnostics
Bio-Rad Laboratories
Danaher Corporation
BioMerieux
Dako
Abaxis Inc.
OraSure Technologies Inc.
Nipro Diagnostics

Market Dynamics:
Drivers-
One of the primary reasons driving market expansion is the rising frequency of infectious diseases and acute and chronic ailments. For example, the rising prevalence of cancer and HIV/AIDS directly impacts market growth rates. According to the Department of Health and Human Services, more than 38 million people were infected with HIV in 2019. Furthermore, rising expenditure for research and development capabilities, particularly in developed and developing nations, will generate lucrative market growth possibilities for medical equipment and devices.

Challenges
High costs connected with R&D capabilities, inadequate infrastructural facilities, and a lack of awareness in backward economies are projected to hamper industry expansion. In addition, there is a lack of favourable reimbursement scenarios and technology penetration in developing economies, stringent regulatory hurdles about point-of-care diagnostic test kits, lack of alignment with definitive central lab methods, and a lack of suitable infrastructure in low- and middle-income countries expected to pose challenges to the market.

Regional Trends:
The North American molecular diagnostics point-of-care market is expected to register a major market share in revenue. The rising prevalence of infectious diseases and the increasing use of POC testing for safe and early diagnosis will drive up demand for such quick tests. Furthermore, significant R&D expenditure by governments and major market participants in developing molecular diagnostics point-of-care tests will drive market revenue during the projection period. Moreover, the increasing usage of PCR-based techniques for diagnosis and the commercialization of real-time PCR products will impact regional demand. Besides, Asia Pacific had a substantial share in the molecular diagnostics point-of-care market because of an increase in government initiatives to raise awareness, an increase in medical tourism, the availability of massive untapped markets, growing research activities in the region, a large population pool, the availability of well-established infrastructure, the improving rate of adoption of molecular diagnostics point of care in India and China, and the growing demand for quality healthcare in the region

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Recent Developments:
In March 2021, on VIDAS, BioMérieux announced the CE marking of the TB IGRA test. This plan will assist the organization in establishing a market presence.
In March 2020, the FDA granted Abbott an Emergency Use Authorization (EUA) for the molecular point-of-care test to detect COVID-19 in 5 minutes. This technique aided the company's efforts to diversify its molecular diagnostics product range.

Segmentation of Molecular Diagnostics Point of Care Market-
By Test Location-
Over-the-Counter (OTC)
PoC
By Technology-
PCR-based
Gentic Sequencing-based
Hybridization-based
Microarry-based

By Application-
Infectious Diseases
Oncology
Hematology
Prenatal Testing
Endocrinology
Others

By End-Use
Decentralized Labs
Hospitals
Homecare
Assisted Living Healthcare Facilities
Others

By Region-
North America-
The US
Canada
Mexico

Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe

Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific

Latin America-
Brazil
Argentina
Rest of Latin America

Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa

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This release was published on openPR.