The global Point-of-Care Molecular Diagnostics market size was valued at US$ 2.70 billion in 2020 and is anticipated to grow at a CAGR of 15.4% during forecast period 2021 to 2028.
Increased need for accurate and faster testing methods and results for the molecular tests is expected to propel the market growth. These modern techniques are enabling a remarkable makeover in the field of molecular diagnosis. Other factor driving the market includes high quality of test results in very short time.
POC Molecular testing enables physicians to improve the standard of care by combining quick diagnosis with treatment decision in the first visit by the patient instead of hours and days to have the test results. This would help prescribe a treatment in the first instance without having to wait for final results. In addition, improving knowledge in the understanding of molecular mechanisms in the common as well as rare disorders and the advancement of DNA sequencing and analysis are some other factors that are expected to enhance POC molecular diagnostics capabilities.
PoC testing in molecular diagnostics has numerous applications including near patient testing in infectious disease management, oncology, hematology, prenatal testing, and endocrinology. Most significant developments on an application basis have taken place in the fields of infectious diseases and oncology PoC molecular tests.
Infectious diseases segment accounted for the largest revenue share in 2020. Some of the factors contributing to the revenue share of infectious diseases for rapid molecular diagnostic tests are, they provide and facilitate suitable antimicrobial treatment, faster disease management, improved distribution of healthcare laboratory assets and reduce mortality and costs.
Based on technology, the PoC molecular diagnostics market has been categorized into PCR-based, genetic sequencing-based, hybridization-based, and microarray-based tests and devices. PCR-based tests accounted for the largest revenue share in 2018. Commercialization of PoC tests that provide rapid real time PCR analysis with a high level of accuracy for infectious diseases, such as H1N1 and influenza, will drive the market. NGS-based molecular testing near the patient is anticipated to witness considerable growth over the forecast period due to a number of developments in the market.
Innovative changes of the platforms that enable genetic sequencing and analysis of DNA data at the point of care with high accuracy and provide rapid diagnosis are attributive towards anticipated progress of this segment. Rapid DNA analysis is expected to register considerable growth in the coming years owing to the continued innovation and R&D by major players in this market.
Based on test location, the market is bifurcated into PoC and Over-the-Counter (OTC) tests. OTC tests have higher levels flexibility and portability than POC tests when it comes to usage at homes and assisted living facilities. Majority of the OTC users constitute non-skilled personnel and, in most cases, the patients themselves. In addition, a number of these testing devices are CLIA waived, which encourages the users to use these tests in non-laboratory settings. Owing to their ease of usage, easy availability, and greater adoption rate, OTC tests are expected to generate higher revenue over the forecast period.
Based on end use, the market is divided into decentralized laboratories, hospitals, homecare, assisted living healthcare facilities, and others. Decentralized laboratories accounted for the largest revenue share in 2020.
Ability of these tests to provide rapid and accurate molecular analysis while having a significantly smaller physical footprint as compared to the central laboratory-based counterparts is a major factor that supports the segment’s larger revenue share.
Ongoing efforts by major market participants to strengthen their market position is an important factor contributing to the major share. Furthermore, a number of clinical studies investigating the efficiency and accuracy of novel molecular tests are also expected to contribute towards the market growth over the forecast period. Growing demand for rapid diagnosis and development of newer molecular diagnostic tests for DNA analysis have poised the European region as a major market space. However, Asia Pacific is expected to witness the fastest growth over the forecast period due to the lack of sophisticated central laboratory testing services, a larger population base in need for clinical testing, and potential cost-effective implementation of PoC molecular tests.
Abbott Laboratories, Bayer Healthcare; F. Hoffmann-La Roche AG; Becton, Dickinson and Company; BioMerieux; Bio-Rad Laboratories, Inc.; Cepheid, Inc.; Danaher Corporation; and Johnson and Johnson.
Test Location Outlook
End Use Outlook
Assisted Living Healthcare Facilities
The Point-of-Care Molecular Diagnostics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Point-of-Care Molecular Diagnostics market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Point-of-Care Molecular Diagnostics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Point-of-Care Molecular Diagnostics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Point-of-Care Molecular Diagnostics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Point-of-Care Molecular Diagnostics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Point-of-Care Molecular Diagnostics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Point-of-Care Molecular Diagnostics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Point-of-Care Molecular Diagnostics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Point-of-Care Molecular Diagnostics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Point-of-Care Molecular Diagnostics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Point-of-Care Molecular Diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Point-of-Care Molecular Diagnostics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Point-of-Care Molecular Diagnostics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Point-of-Care Molecular Diagnostics market. These factors have benefited the growth of the global market for Point-of-Care Molecular Diagnostics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Point-of-Care Molecular Diagnostics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Point-of-Care Molecular Diagnostics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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