Point-of-care Molecular Diagnostics Market to Flourish in North America

According to a recent market research report by TMR Research, the global market for point-of-care molecular diagnostics is gaining traction owing to the increased demand for portable, swift, and hassle-free tests that are reliable as well as economical to diagnose the vast rise in patient population globally suffering from a number of infectious diseases. The report is titled “Point-of-care Molecular Diagnostics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2025.”

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The market is also expected to benefit from the rising prevalence of a variety of chronic disease and the increased preference of the global population to proper disease diagnosis to rule out the possibility of other conditions before surgical interventions. The rising awareness regarding point-of-care molecular diagnostics among the global population is also expected to work favorably for the market in the next few years. The massive rise in incidence of several new varieties of infectious diseases has also prompted the increased adoption of point-of-care molecular diagnostics methodologies.

Moreover, a vast rise in R&D activities owing to increased investment from government and private institutions is also positively impacting the overall pace of development of the market. This has led to the development of better and more reliable varieties of products, which are lending a solid impetus to the market. However, the market could face challenges in the form of the long durations required for developing a new molecular diagnostics practice owing to the several stages involved, including research, designing, testing, and pre- and post-marketing.

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Geographically, the point-of-care molecular diagnostics market in North America is presently the leading consumer of tests and is the leading contributor of revenue to the global market, chiefly owing to the high prevalence of chronic and infectious diseases. The presence of several key players in the region is another factor that allows it to take the dominant spot.

Point-of-care Molecular Diagnostics Market hitting the latest trend of technology 2025

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.