Covina, CA, June 18, 2020 (GLOBE NEWSWIRE) -- The global p-o-c molecular diagnostic market accounted for US$ 1.7 billion in 2019 and is estimated to be US$ 6.7 billion by 2029 and is anticipated to register a CAGR of 14.8%.
The factors such as the growing prevalence of chronic diseases, venture capital funding for development of POC molecular diagnostics products, development of CLIA-Waived molecular POC tests, rapid decision making in emergency care, and rising demand for POC molecular diagnostics are anticipated to drive the growth in the global p-o-c molecular diagnostics market.
The report "Global P-o-c Molecular Diagnostic Market, By Product & Solution (Kits & Assays, Analyzers, and Software & Services), By Technology (PCR-based, Genetic Sequencing-based, Hybridization-based, and Microarray-based), By Application (Respiratory Diseases, Sexually Transmitted Diseases (STDs), Hospital Acquired Infections (HAIs), Cancer/Oncology, Prenatal/Neonatal Testing, and Other Applications), By End-user (Clinics and Diagnostic Laboratories, Hospital Outpatient Departments and Intensive Care Units (ICUs), Research and Academic Institutes, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- In March 2020, Abbott announced that the U.S. Food and Drug Administration (FDA) has issued Emergency Use Authorization (EUA) for the fastest available molecular point-of-care test for the detection of novel coronavirus (COVID-19), delivering positive results in as little as five minutes and negative results in 13 minutes. The test will run on the company's ID NOW™ platform, providing rapid results in a wide range of healthcare settings such as physicians' offices, urgent care clinics, and hospital emergency departments.
- In March 2020, Danaher Corp. subsidiary Cepheid announced that it received emergency use authorization from the FDA for its bedside Xpert Xpress SARS-CoV-2 test for detecting the virus causing the COVID-19 outbreak. The rapid molecular diagnostic test is designed to detect the SARS-CoV-2 virus causing coronavirus while operating on any of Cepheid’s GeneXpert systems worldwide, with a detection time of approximately 45 minutes.
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Analyst View:
Growing cases of chronic diseases associated with the aging population
Increase in the prevalence of various chronic diseases among the number of aged people is continuously increasing over several decades. For instance, according to the International Journal of Cancer, the number of new cancer cases was 14.1 million in 2012 in the world, which is projected to raise up to 24.4 million by 2035 with China witnessing the maximum number of cancer cases among 65 years and older. This is attributed to the growing number of cancer risk factors, lack of detection & treatment solutions, and lack of information about their causes.
Technological advancements
Ongoing research and development are continually funded and supported by a number of major international bodies involving the governments of established countries which is the major factor expected to reinforce the high growth potential for POC molecular diagnostics products. Furthermore, recent advances in the genetic sequencing instrumentation and development of microfluidics pave the way for the development of highly accurate, cost-effective, and rapid testing platforms, which are able to be used as true POC systems.
However, stringent rules and regulations and lack of reimbursement policies coupled with rising procedure costs act as a limiting factor for the point of care molecular diagnostics market over the forecast period.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global P-o-c Molecular Diagnostic Market”, By Product & Solution (Kits & Assays, Analyzers, and Software & Services), By Technology (PCR-based, Genetic Sequencing-based, Hybridization-based, and Microarray-based), By Application (Respiratory Diseases, Sexually Transmitted Diseases (STDs), Hospital Acquired Infections (HAIs), Cancer/Oncology, Prenatal/Neonatal Testing, and Other Applications), By End-user (Clinics and Diagnostic Laboratories, Hospital Outpatient Departments and Intensive Care Units (ICUs), Research and Academic Institutes, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global p-o-c molecular diagnostic market accounted for US$ 1.7 billion in 2019 and is estimated to be US$ 6.7 billion by 2029 and is anticipated to register a CAGR of 14.8%. The market report has been segmented on the basis of product & solution, technology, application, end-user, and region.
- By product & solution, kits & assays are necessary components throughout laboratory procedure. Its regular use in the molecular diagnostic testing resulted in its higher value and volume share.
- By technology, PCR-based test estimates for the highest revenue share in 2019. Commercialization of PoC tests that offers rapid real-time PCR analysis with a high level of accuracy for infectious diseases, such as influenza and H1N1, will boost the market. NGS-based molecular testing near the patient is expected to register significant growth in the coming years due to a number of developments in the market.
- By application, the respiratory diseases segment lead the POC molecular diagnostics market in 2019, owing to the growing number of respiratory & associated infectious diseases. Additionally, the presence of a large number of commercialized POC molecular diagnostic products for respiratory disease diagnosis, and the focus of prominent players on adopting various strategies for commercializing or developing advanced POC molecular diagnostic products contribute to the maximum share of this application segment.
- By end-user, decentralized laboratories estimated for the highest revenue share in 2018. The capacity of these tests to provide accurate and rapid molecular analysis while having an expressively smaller physical footprint as associated with central laboratory-based counterparts is a major factor that fuels the segment’s larger revenue share.
- By region, North America accounts for the highest region in terms of revenue share owing to the availability of technologically advanced medical framework, huge R&D investments by governments, and private organizations for the development of POC MDx tests.
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Competitive Landscape:
The prominent player operating in the global p-o-c molecular diagnostic market includes Abbott Laboratories, Bayer Healthcare, Cepheid, Inc., Becton, Dickinson and Company, BioMerieux, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Danaher Corporation, and Johnson and Johnson.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis
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