Global PoC molecular diagnostics market growth expected

The global point-of-care (PoC) molecular diagnostics market size was valued at USD 1.96 billion in 2019 and is anticipated to expand at a CAGR of 14.4 percent during 2019–2024, estimates Grand View Research. Increased need for accurate and faster testing methods and results for the molecular tests is expected to propel the market growth. These modern techniques are enabling a remarkable makeover in the field of molecular diagnosis. Other factor driving the market includes high quality of test results in very short time.

Infectious diseases segment accounted for the largest revenue share in 2019. Some of the factors contributing to the revenue share of infectious diseases for rapid molecular diagnostic tests are: they provide and facilitate suitable antimicrobial treatment, faster disease management, improved distribution of healthcare laboratory assets, and reduce mortality and costs. Based on technology, PCR-based tests accounted for the largest revenue share in 2019. Commercialization of PoC tests that provide rapid real-time PCR analysis with a high level of accuracy for infectious diseases, such as H1N1 and influenza, will drive the market. NGS-based molecular testing near the patient is anticipated to witness considerable growth over the next five years with a number of developments in the market. Innovative changes of the platforms that enable genetic sequencing and analysis of DNA data at the point of care with high accuracy and provide rapid diagnosis are attributive toward anticipated progress of this segment. Rapid DNA analysis is expected to register considerable growth in the coming years owing to the continued innovation and R&D by major players in this market.

Ongoing efforts by major market participants to strengthen their market position is an important factor contributing to the major share. Furthermore, a number of clinical studies investigating the efficiency and accuracy of novel molecular tests are also expected to contribute toward the market growth in coming years. Growing demand for rapid diagnosis and development of newer molecular diagnostic tests for DNA analysis have poised the European region as a major market space.

However, Asia-Pacific is expected to witness the fastest growth due to the lack of sophisticated central laboratory testing services, a larger population base in need for clinical testing, and potential cost-effective implementation of PoC molecular tests.

Key market participants operating in the market are Abbott Laboratories, Bayer Healthcare, F. Hoffmann-La Roche AG, Becton, Dickinson and Company, BioMerieux, Bio-Rad Laboratories, Inc., Cepheid, Inc., Danaher Corporation, and Johnson and Johnson. Owing to ongoing developments and commercialization of novel miniaturized molecular diagnostic tests by relatively smaller market entities, the market is also witnessing a phase of consolidation, amalgamation, and acquisitions wherein larger market participants are trying to strengthen their market positions