Point of Care Molecular Diagnostics Market Worth 1440.2 Million USD by 2023
PUNE, India, May 17, 2018 /PRNewswire/ --
According to a new market research report "Point of Care Molecular Diagnostics Market by Product & Service (Assays, Kits, Analyzers, Software), Application (Respiratory Disease, Hospital Acquired Infection), Technology (RT-PCR, INAAT), End User (Physician Office, ICUS) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is expected to reach USD 1440.2 Million by 2023 from USD 725.5 Million in 2018, at a CAGR of 14.7%. Growth in the point-of-care (POC) 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.
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By product, the assays & kits segment is expected to dominate the market in 2018
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. An increasing number of assays and kits in this market have been granted the CLIA-waived status, which defines that the product can be used for decentralized settings or nontraditional laboratories, including physicians' offices, emergency rooms, and health department clinics. As a result, their applications have increased, making them the largest segment.
RT-PCR technology segment is expected to account for largest share of the market in 2018
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.
Based on application, the respiratory segment is expected to account for largest share of the market in 2018
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). The respiratory application segment is expected to account for the largest share of the global POC Molecular Diagnostics Market in 2018. Growth in this market can be attributed to the rising prevalence of influenza and TB and the rising demand for the early diagnosis and detection of these diseases, especially in emerging countries.
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Based on end user, the physician offices segment is expected to account for largest share of the market in 2018
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. This share can be attributed to the increased preference for CLIA-waived tests for influenza diagnostics and faster turnaround time of POC molecular assay tests.
North America is expected to dominate the POC Molecular Diagnostics Market in 2018
In 2018, 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.
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.
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