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V)ancouver, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- The global molecular diagnostics point of care market size is expected to reach USD 4.84 Billion in 2027 and register a robust revenue CAGR of 10.6% over the forecast period, according to latest analysis by Emergen Research. A primary factor expected to support market revenue growth includes rising demand for Molecular Diagnostics Point of Care (POC MDx) platforms to improve standards of care through combination of quick diagnosis with treatment decision. In addition, ongoing research and development to miniaturize tests with molecular diagnostics that enable increased patient testing with higher precision and lower turnaround time is another factor supporting market revenue growth. Demand is expected to increase for CLIA tests, driven by funding provided by major international bodies, including governments in developing countries, to actively support continuous research and development.
However, increasing demand in non-laboratory environments such as pharmacy clinics, among doctors, and for home care tests is expected to restrain market growth moderately over the forecast period.
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In addition, a wide variety of point-of-care testing technologies has been evolving rapidly over the past decade with the objective of extending potential applications to a wider range of medical faculties, with focus initially on screening, monitoring, and diagnosis of infectious diseases in low income and developing countries.
Recent developments in microfluidics and genetic sequencing equipment have paved the way for creation of more cost-effective, precise, and fast test platforms that can be used as POC systems. This is a major factor contributing substantially to growth of the global molecular diagnostics point of care market.
Some key findings from the report
- POC MDx research is used in majority for tests of infectious diseases and focus has increased towards molecular diagnosis in the prevention and early detection rather than developing a cure.
- A major factor driving market growth is rising healthcare burden, especially in developed countries.
- The PCR-based segment accounted for largest revenue share in 2019, driven by wide use of PCR-based technology for PCR products for molecular diagnosis.
- North America accounted for substantially larger revenue share than other regional markets due to availability of advanced healthcare infrastructure, well-established medical system, favorable government policies and norms, and private investments in R & D to improve MDx POC tests.
- Major players in the market include Abbott Laboratories, Bayer Healthcare, Roche Diagnostics, Bio-Rad Laboratories, Danaher Corporation, BioMerieux, Dako, Abaxis Inc., OraSure Technologies Inc., and Nipro Diagnostics.
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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 (Revenue: USD Billion; 2017-2027)$1
- Over-the-Counter (OTC)
- Technology Outlook (Revenue: USD Billion; 2017-2027)$1$1
- Genetic Sequencing-based
- Application Outlook (Revenue: USD Billion; 2017-2027)
- Infectious Diseases
- Prenatal Testing
- End-Use Outlook (Revenue: USD Billion; 2017-2027)
- Decentralized Labs
- Assisted Living Healthcare Facilities
Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends:
- Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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