Point-of-care Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Point-of-care Molecular Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : May, 2020 | Medical Devices | PPT format

Report Digest


Point-of-care Molecular Diagnostics Market: Snapshot

The point-of-care (PoC) diagnostics has made giants strides in the global healthcare industry in recent years. The leaps have resulted in considerable advances in the diagnosis and monitoring of a wide spectrum of diseases. The application of devices has opened a new paradigm in real-time monitoring of patients for both preventive healthcare. The demand for low-cost and user-friendly devices PoC devices has led to the development of molecular-level diagnostics with substantially high sensitivities. Advancements in PoC molecular diagnostics are underpinned by rapid advances in nanotechnology and advancement in microfluidic devices. These developments ride on the back of growing commercialization of smart devices equipped with mobile healthcare technologies. The technologies for PoC molecular diagnostics have benefitted constantly from innovations in biosensors, assay formats, and bioanalytical platforms. The development of lab-on-a-chip technologies is a case in point.

In several developing and developed nations, an array of bio-sensing platforms have made way into cellphone-based electronics, such as electronic readers integrated with smartphones. The rising demand for such devices has considerably expanded the frontiers of PoC molecular diagnostics market, creating lucrative prospects for market players. In addition, the application of 3D printing technologies has paved way to major design innovations in PoC molecular diagnostic devices. The PoC molecular diagnostics market is expected to reap exiting gains from the advent of cloud-enabled PoC devices. These developments have further complemented by progress in cloud-computing standards witnessed in the healthcare IT in various parts of the world. The advent of skin-like flexible sensors and ceaseless efforts by industry players to improve the performance of PoC platforms bodes well for the market. The rising trend of miniaturization of devices for point of care molecular detection of hard-to-cure diseases, for instance HIV, is expected to open new revenue streams for players.

Global Point-of-care Molecular Diagnostics Market: Overview

Point-of-care testing in diagnostics is fast gaining traction. It mainly entails tests that are portable and generate rapid results. And molecular tests that study the genetic material of an infectious disease are seen gaining maximum traction since they are swift, portable, hassle-free to conduct, and cost less. Hospitals and other healthcare centers are eagerly adopting them because of the convenience they offer.

Currently the market for point-of-care molecular diagnostics is being dominated by a few top manufacturers. These vendors are competing against one another based on pricing and product quality. They are frequently upgrading their products into more effective ones.

Global Point-of-care Molecular Diagnostics Market: Drivers and Restraints

The global market for point-of-care (PoC) molecular diagnostics is predicted to rise at a solid pace in the next couple of years because of the rise in instances of infectious diseases and also the increasing awareness in the public about the pre-disease detection. Quick unraveling of the causative agents is the key to treating such diseases successfully.

Apart from that, increasing research and development owing to rising funding by both government and private entities is also having a positive impact on the market. This has led to new and better products being rolled out every now and then. Thermo Fisher Scientific, for example, has launched the latest versions of oncomine BRCA research assay and oncomine comprehensive assay (OCA). This assay uses unique NGS workflow to identify all classes of BRCA1/2 alterations. Such developments are providing a solid impetus to the market for point-of-care diagnostics.

One factor posing a challenge to the market, on the other hand, is the protracted time needed for developing molecular diagnostics. This is because the development process consists of numerous stages involving prototype designing, research, testing, and pre- and post-marketing activities. Besides, complicated regulatory processes have also served to restrain the market.

Global Point-of-care Molecular Diagnostics Market: Market Potential

Going forward, it is felt that progress in DNA sequencing and analysis will further speed up accurate detection of the causative agents. These kinds of technological progress is expected to provide further impetus to the market for point-of-care diagnostics.

The point-of-care diagnostics at present finds usage in the domains of oncology, infectious diseases, and hematology and endocrinology. Of those, the infectious diseases are driving most of the demand in the market. This is mainly on account of rising cases of Zika and other viruses causing deadly maladies.

Global Point-of-care Molecular Diagnostics Market: Regional Analysis

From a geographical standpoint, uptake of point-of-care molecular diagnostics is maximum in North America owing to the increasing occurrence of both cancer and infectious diseases. Another factor that makes North America a market leader is the presence of many key players in the region – this has resulted in introduction of many POC molecular diagnostics products.

Global Point-of-care Molecular Diagnostics Market: Competitive Landscape 

A handful of well-entrenched large companies of the likes of Abbott, Roche, and Danaher hold a sway over the market. A few other notable players are BioMerieux, Bayer, Sysmex, and Bio-Rad Laboratories. However with new companies entering the fray, competition in the worldwide point-of-care molecular diagnostics market is set to heat up in the near future.

Savvy players are seen trying to bolster their positions in the market through research and development of better products and strategic acquisitions.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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