Molecular Diagnostics Point of Care Market Size to Reach USD 4.84 Billion in 2027; Increasing Demand for Accurate Point of Care Tests Due to Rising Prevalence of Infectious Diseases and Advancements in Portable Devices and Assays Are Some Key Factors Expected to Drive Market Growth

Vancouver, British Columbia--(Newsfile Corp. - March 10, 2022) - Emergen Research has recently published its latest report titled "Molecular Diagnostics Point of Care Market By Test Location (PoC, OTC), By Technology (PCR-based, Hybridization-based, Others), By Application (Oncology, Hematology, Others) and By End-Use (Decentralized Labs, Hospitals, Others), and By Region Forecast to 2027."

According to Emergen Research, the global molecular diagnostics point of care market size was USD 2.04 billion in 2019 and is expected to reach USD 4.84 billion in 2027 and register a revenue CAGR of 10.6% during the forecast period, 2020-2027.

Market Dynamics:

Innovations in molecular assays in the point-of-care testing have brought molecular diagnostics testing from laboratories to clinical microbiology laboratories and clinics. Rapid access to sensitive and rapid infectious disease diagnostic assays is essential for accurate diagnosis, effective treatment, and proper infection control which makes point-of-care testing crucial for reducing turnaround times. Development of low-cost point-of-care devices, increasing use of disposable unit use devices for every step in the assay, and increasing application of microfluidics and microarrays to improve diagnostic testing are some key factors expected to drive market revenue growth over the forecast period.

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Application and importance of point-of-care testing significantly increased amid the COVID-19 pandemic and this is leading to rapid innovation in technology and emergence of at-home diagnostic test kits and this is another factor expected to contribute to revenue growth of the market going ahead.

Point-of-care testing is performed at the patient site or near the patient and over the recent past, this mode of testing has been widely accepted as a rapid and economical form of diagnostic tool in comparison to conventional testing methods. Point-of-care tests are simple to operate, do not need trained professionals, are cost-effective, and have rapid turnaround time. Point-of-care (POC) molecular diagnostics have been used for clinical microbiology and virology with increased focus on detection of a single pathogen. The tests have transitioned into comprehensive syndromic approach that deploys multiplex capabilities such as simultaneous detection of two or more pathogens. Multiplex POC molecular diagnostics offer higher accuracy and standardized utilization of antibiotics, which in turn, prevents unnecessary steps in processes. Development of state-of-the-art multiplexed molecular point-of-care tests for infectious diseases is enabling physicians to make early evidence-based treatment decisions allowing them to administer proper medicines on time to improve the prognosis. In addition, exclusive molecular PoC technologies can be implemented in the central care method in settings where the resources are limited and this is another factor expected to drive market growth going ahead.

Proper understanding of the existing integrated POC molecular diagnostic devices comprising sample preparation, nucleic acid amplification, and signal transduction can accelerate generation of innovative solutions to achieve personalized precision medicine and improve patient health across the globe. This is another key factor expected to contribute to revenue growth of the market going ahead. However, challenges associated with multiplex molecular POC tests in clinical practice such as high costs, moderate test performance, and complexities in usage can limit their adoption in various clinical settings and this can potentially restrain market revenue growth to a certain extent over the forecast period.

COVID-19 Impact Analysis

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• Impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines

PCR-based Research Segment Revenue to Support Market Revenue Growth:

PCR-based research segment is expected to register significant revenue growth over the forecast period attributable to increasing demand for PoC tests that deliver rapid and accurate real-time PCR analysis of infectious diseases, advancements in PCR techniques, and increasing investment in R&D techniques to increase precision of PoC tests.

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Infectious Disease Segment to Account for Largest Revenue Share:

Infectious disease segment is expected to account for largest revenue share in the global market over the forecast period. Revenue growth can be attributable to increasing prevalence of chronic and infectious diseases across the globe, rising use of PoC molecular diagnostic tests to detect and diagnose infectious diseases, ability to administer early treatment and better control, and availability of cost-effective PoC tests.

Asia Pacific Market Revenue to Expand Significantly:

Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributable to increasing incidence of chronic and infectious diseases, rapid development of robust healthcare infrastructure, advancements in clinical and research facilities, and availability of affordable PoC molecular diagnostics. In addition, increasing investment to accelerate molecular biology research, growing research in microfluidics and miniaturizing medical devices, and increasing patient pool are some other factors expected to drive market growth in the region.

Major Companies in the Market Include:

• Abbott Laboratories
• Bayer Healthcare
• Roche Diagnostics
• Bio-Rad Laboratories
• Danaher Corporation
• BioMerieux
• Dako
• Abaxis Inc.
• OraSure Technologies Inc.
• Nipro Diagnostics

Have a look at Report Description and Table of Contents of Market Report @ https://www.emergenresearch.com/industry-report/molecular-diagnostics-point-of-care-market

For the purpose of this report, Emergen Research has segmented the global molecular diagnostics point of care market on the basis of test location, technology, application, end-use, and region:

Test Location Outlook (Volume, Million Tons; Revenue, USD Billion; 2017-2027)

• Over-the-Counter (OTC)
• PoC

Technology Outlook (Volume, Million Tons; Revenue, USD Billion; 2017-2027)

• PCR-based
• Genetic Sequencing-based
• Hybridization-based
• Microarray-based

Application Outlook (Volume, Million Tons; Revenue, USD Billion; 2017-2027)

• Infectious Diseases
• Oncology
• Hematology
• Prenatal Testing
• Endocrinology
• Others

End-Use Outlook (Volume, Million Tons; Revenue, USD Billion; 2017-2027)

• Decentralized Labs
• Hospitals
• Homecare
• Assisted Living Healthcare Facilities
• Others

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Regional Outlook (Volume, Million Tons; Revenue, USD Billion; 2017-2027)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • U.K.
  • Germany
  • France
  • Italy
  • BENELUX
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa
  • Rest of MEA

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