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An overview of Point of Care molecular diagnostics market in terms of latest innovations 2017-2024

Author : Rahul Sankrityayan | Published Date : 2019-04-16 

The Point of Care Molecular Diagnostics Market is set to exceed USD 2.5 billion by 2024; according to a new research study published by Global Market Insights, Inc. Increasing awareness regarding pre-disease diagnosis along with growing incidence of infectious diseases will drive point of care molecular diagnostics market growth. Growing R&D focused on reducing time required for molecular tests will further propel industry growth. However, long product development time and complex regulatory process will hamper the business acceleration.

Point of Care molecular diagnostics market is poised to witness robust growth over the forecast period. Increasing infectious diseases incidence coupled with growing public awareness levels pertaining to pre-disease detection to control its occurrence will drive PoC molecular diagnostics market growth. Quick and precise detection of causative agents is of utmost importance in infectious disease emergency cases as the inaccuracy in disease detection leads to incorrect treatment which escalates disease spreading risk. Point of care molecular diagnostic assays permit the timely detection of the causative agent enabling effective disease control.

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Endorsed with a vast application expanse in the renewed healthcare fraternity, point of care molecular diagnostics market has already garnered substantial remuneration over the recent years. Testament of the statement is the billion-dollar valuation attained by the industry in 2016. The sheer popularity of POC molecular diagnostics market can be majorly credited to the increasing incidence of infectious diseases along with spreading public awareness with regards to its pre-disease detection. In this regard, it is prudent to mention some of the crucial aspects that have indirectly made the stage lucrative for point of care molecular diagnostics industry growth.

Say, for instance, sudden outbreak of emerging infectious diseases like Ebola, MERS, and influenza A (H7N9) pose great challenges for optimal efficient patient care in resource-limited settings. Advanced diagnostics technologies that are highly expensive cannot be smoothly effectuated in RLS, subject to the economic constraints. Amidst the backdrop, healthcare giants and clinicians have been heavily concentrating on simple and cost-effective POC diagnostics that rely less on operator training and environmental context, which by extension is expected to reflect in the Point of Care Molecular Diagnostics Market share over the ensuing years.

Polymerase Chain Reaction (PCR) technology held the largest share in 2016 and is slated to witness rapid growth over the coming years owing to its extended application and improved precision and reproducibility. Growing incidence of infectious disease and genetic disorders coupled with increase in public-private investment in PCR oriented research will propel segment growth.

Top notch biggies involved in the business sphere have been vying up with one other to sustain their presence in the competitive Point of Care Molecular Diagnostics Market. Amidst the fierce share battle, these companies are readily adopting mergers and acquisitions as one of the significant growth strategies to expand their geographical reach.  Citing a precedent, the acquisition of Alere by Abbott is claimed to mark an outset of a lucrative journey of the latter in POC molecular diagnostics industry. Recently inked, the agreement in all likeliness, would position Abbott as a global leader in POC testing portfolio and would further strengthen the healthcare giant’s diagnostics presence in overall business space. 

The current framework of technological interferences in healthcare space provides a significant testament to the fact that Point of Care Molecular Diagnostics Market is set to thrive on upgraded state-of-the-art techniques over the ensuing years. Recently, OraSure Technologies, one of the acclaimed names in POC molecular diagnostics market, has recently received a prequalification certificate from the U.S. World Health Organization for its OraQuick HIV Self- Test. 
 
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Some of the prominent industry players include Abbott, Sysmex, Roche, Bayer, Danaher, BioMerieux and Bio-Rad Laboratories. Presently, there are few companies operating in the industry, however, the rivalry will intensify in the coming years with the entry of new players. The industry participants adopt various strategic initiatives such as launching of new products, geographical expansion and acquisitions to consolidate their market position.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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