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.