(EMAILWIRE.COM, October 21, 2022 ) According to Precision Business Insights (PBI) latest report, the global poc molecular diagnostics market size was valued at USD 2.50 billion in 2021, growing at a CAGR of 11.69% during the forecast period 2022-28. For many years, molecular diagnostics has been carried out in centralized laboratories; nevertheless, a few limitations, such as results delays, high test costs, lack of precision, and late disease diagnosis, are slowing the expansion of this market. Therefore, a new discipline known as point-of-care molecular diagnostics has evolved to address this. Its capacity to deliver quick and precise findings in under two hours has contributed to an increase in its use in multiple low settings.
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The POC Molecular Diagnostics Market Growth Factors
One of the key factors driving the market’s expansion is the rising frequency of infectious diseases as well as acute and chronic ailments. For instance, rising cancer and HIV rates are directly affecting the market’s growth rate. The Department of Health & Human Services estimates that more than 38 million people have HIV/AIDS in 2019. Rising investment in research & development, particularly in both developed and developing nations, will further open up attractive market expansion potential for medical instruments and technologies. The market rate of growth is also being supported by the research and development capabilities being used to develop emergency healthcare services.
The POC Molecular Diagnostics Market Segmentation
The global PoC Molecular Diagnostics Market on the basis of Technology, the market is segregated into PCR-based, Genetic Sequencing-based, Hybridization-based and Microarray-based. Based on Test Location, the market is bifurcated into OTC and POC. On the basis of Application, the market is categorized into Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology and Other Applications. Based on End User, the market is divided into Decentralized Labs, Hospitals, Home-care, Assisted Living Healthcare Facilities and Other users.
The POC Molecular Diagnostics Market Trends
The major key trend boosting the growth of the molecular diagnostics market is the expanding use of healthcare information technology for precise diagnosis.
In the upcoming years, the development of new diagnostic tests, particularly in the field of infectious diseases, is most likely to keep the pace for molecular diagnostics.
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The PoC Molecular Diagnostics Market Regional Analysis
North America currently holds a dominant position in the point of care molecular diagnostics market as a result of the region’s robust healthcare infrastructure, greater usage of cutting-edge point of care molecular diagnostics solutions to identify infectious diseases, and expanding research activities. Due to the expansion of government programs to raise awareness, the rise in medical tourism, and the expansion of research activities across the region, Asia-Pacific is anticipated to experience considerable growth over the forecast period.
The major players operating in the POC Molecular Diagnostics Market are Abbott Laboratories, Danaher Corporation, Biomérieux Sa, Roche Diagnostics, Quidel, Meridian Bioscience, Mesa Biotech, Genepoc, DxNA, Atlas Genetics, Spartan Bioscience
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