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.
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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.
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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.
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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.