What are the Global Growth Factors?
Growth in the point of care molecular diagnostics market is mainly driven by factors such as the increasing worldwide prevalence of infectious diseases, rising focus on decentralized diagnostics, and the growing demand for CLIA-waived molecular POC tests.
What The Experts Says about the Market Growth?
The global point of care molecular diagnostics market is expected to reach USD 1440.2 Million by 2023 from USD 725.5 Million in 2018, at a CAGR of 14.7%.
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Global Market Segmentation:
On the basis of product & service, the market is broadly segmented into assays & kits, instruments/analyzers, software & services. The assays & kits segment is expected to hold the largest share of the market in 2018 and is also projected to grow at highest CAGR in the global POC molecular diagnostics market during the forecast period.
On the basis of technology, the market is broadly segmented into RT-PCR, INAAT, and other technologies. The RT-PCR segment is expected to account for the largest share of the global POC molecular diagnostics market in 2018. RT-PCR is a highly cost-effective and preferred technology for POC settings that allows for the concurrent monitoring of expression levels of multiple genetic messages. Such benefits are driving the growth of the RT PCR segment.
On the basis application, the market is broadly segmented into respiratory diseases, hospital-acquired infections (HAIs), sexually transmitted diseases (STDs), oncology, hepatitis, and other applications (meningococcal meningitis, malaria, herpes simplex virus, Ebola, Zika virus).
On the basis of end users, the market is broadly segmented into physician offices, hospital EDs and ICUs, research institutes, and other end users. The physician offices segment is expected to hold the largest share of the market.
Geographical Analysis of Point of Care Molecular Diagnostics Market:
North America is expected to account for the largest share of the global POC molecular diagnostics market. The growing prevalence of infectious diseases, increasing number of CLIA product approvals, and rising government initiatives to support the adoption of POC molecular diagnostics in this region are driving the market growth.
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Key Market Players:
Some of the key players in the global POC molecular diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Biomerieux SA (France), and Danaher (US). Product development was the major strategy adopted by these major players to maintain their leadership position in the global POC molecular diagnostics market.