Advancement in Molecular Diagnostic Tools to Propel the Growth of the Point of Care Molecular Diagnostics Market
The molecular diagnostic field has substantially decreased the time required to identify infectious agents and their antimicrobial resistance. In molecular diagnostic tests, turnaround time is very critical in detecting minimal residual disease, in determining the ability of a patient to metabolize a drug class or drug, and in detecting infectious agents. Point of care (POC) molecular diagnostics utilizes assays & kits and portable devices for the diagnosis of diseases and is experiencing an eye-catching growth in its demand owing to its potential to improve patient outcomes, rapid turnaround time, and simplicity.
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Increase in geriatric population coupled with growing prevalence of chronic diseases such as cancer, diabetes, and many more are primarily fostering the growth of the global point of care molecular diagnostics market. Further, rapid expansion of point of care testing capabilities in low and middle-income countries in order to minimize the socioeconomic burden of bacterial infections is spurring the growth of the global market. In addition to this, a substantial rise in Covid-19 cases across the world strengthened the demand for point of care molecular diagnostics across the world. Millions of people were infected with the coronavirus in very less time. To augment the testing of Covid-19, a novel point-of-care test for the SARS-CoV-2 CovidNudge test was introduced in the market. Also, in Nov 2019, QuantuMDx and SpeeDx declared a partnership with the Foundation for Innovative New Diagnostics (FIND) to evaluate the possibility of porting SpeeDx sexually transmitted infection tests to the QuantuMDx point-of-care testing device. This bolstered the global market at a rapid rate. Moreover, growing preference for home-care settings and growing demand for CLIA test are fostering the growth of the market. Furthermore, technological advancement in medical technology may have ample opportunities for the growth of the global market during the forecast period.
The global point of care molecular diagnostics market is classified based on product & services, technology, application, end-user, and region. The product & services segment comprises services & software, instruments/analyzers, and assays & kits. The technology segment comprises INAAT, microarray, hybridization, genetic sequencing, and RT-PCR. Based on the application, the market is divided into infectious diseases, hepatitis, respiratory diseases, oncology, STDs, prenatal testing, and others. The end-use sector is bifurcated as decentralized labs, assisted living healthcare facilities, homecare, hospitals, and others.
North America is projected to dominate the global point of care molecular diagnostics market over the forecast period. Increase in research on biomarker identification, advancements in molecular diagnostic tools, and growing prevalence of chronic diseases are the key factors driving the growth of the market in this region. Asia Pacific is estimated to grow rapidly with a highest CAGR value and offer several opportunities for the growth of the market during the forecast period.
Johnson and Johnson, Abbott Laboratories, Danaher Corporation, Alere Inc., Roche Diagnostics, Qiagen N.V., OraSure Technologies Inc, Trinity Biotech PLC, QuantuMDx and Instrumentation Laboratory are some of the prominent players operating in the global point of care molecular diagnostics market.
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