Global point of care molecular diagnostics
market is anticipated to reach USD 3.9 billion by 2024, according
to a new report by Grand View Research, Inc. Ongoing research & development
to miniaturize molecular diagnostics testing that provides enhanced near
patient testing with high accuracy & lesser turnaround times are major
factors expected to reinforce the high growth potential for POC MDx products.
Growing
demand for CLIA tests that are, by definition, portable and safe enough to be
used in non-laboratory settings such as pharmacy clinics, physician offices,
and home-care settings, is expected to drive demand in the market over the
forecast period. Ongoing research and development is continually supported and
funded by a number of major international entities including the national governments
of developed countries and high-value private funding agencies such as the Bill
& Melinda Gates Foundation.
Furthermore,
a growing portfolio of point-of-care testing capabilities that, had initially
been focused on screening, testing, and diagnosis of infectious diseases in
low-income developing countries, has been developing at a rapid pace over the
past decade to expand its potential market to a broader range of medical
faculties. Consequently, POC and molecular diagnosis tests are available and/or
are under development for cardiology monitoring, oncology testing, and
hematology testing.
Recent
advances in the development of microfluidics and genetic sequencing
instrumentation pave the way for development of cost-effective, highly accurate
and rapid testing platforms, which are able to be used as true POC systems.
This is a key factor that significantly contributes towards the favorably
funded, high growth potential environment prevalent in the point of care
molecular diagnostics market.
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Further key findings from the study suggest:
- Application of POC MDx tests for infectious diseases accounted for over 45% of market revenue in 2015. The large share can be accounted for by the presence of an extensive portfolio of the concerned tests with a number of major market entities. Furthermore, growing disease burden of infectious diseases in developing as well as developed countries is another factor the reinforces the dominance of this segment.
- PCR-based POC tests accounted for the largest share of the market in 2015. Widespread usage of PCR-based techniques for molecular diagnosis and commercialization of POC real time PCR products such as the cobas LIAT by Roche have provided this segment with ample opportunities for revenue generation and are expected to maintain a favorable market environment over the forecast period.
- North America was observed to be the most lucrative region on this market and estimated to account for over 40% of the global revenue. presence of a technologically advanced medical framework, sophisticated insurance & copayment system & high R&D investment by governments and private funding organizations for the development of POC MDx tests are major factors responsible for the region’s dominant market position.
- Key players operating in this industry include Johnson & Johnson, Danaher Corp., Cepheid, Bio-Rad Laboratories, bioMerieux, Becton Dickinson, Roche Diagnostics, Bayer Healthcare, Alere Inc (Abbott), Abbott Laboratories among others.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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