London, April 01, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Point of Care Molecular Diagnostics Market by Product & Service (Assay, Analyzer, Software, Service), Technology (RT-qPCR, INAAT), Application (Respiratory Diseases, Hospital Acquired Infections, STD), End-user (Clinics, Research) - Global Forecast to 2027”, published by Meticulous Research®, the POC molecular diagnostics market is expected to grow at a CAGR of 13.2% from 2020 to reach $2.32 billion by 2027.
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POC molecular diagnostics include portable devices and assays & kits used to detect and diagnose diseases in human samples, such as throat swab, blood, serum, and stool. Molecular diagnostics are shifting from centralized laboratories to decentralized point-of-care molecular testing. Due to its simplicity, convenience, rapid turnaround time, and potential to improve patient outcomes, POCT is rapidly gaining traction. Owing to these advantages, it can be applied for diagnosis in low-resource or remote areas.
COVID-19 Impact on the Point of Care Molecular Diagnostics Market
The COVID-19 pandemic has positively impacted the global point-of-care molecular diagnostic market in terms of revenue. But, it has been observed that there has been a significant decline in demand for routine diagnostic testing devices or kits due to a reduction in the number of patient visits and the fact that hospitals have diverted their medical resources and priorities towards the treatment of COVID-19 patients. For example, it has been observed that the pandemic has negatively impacted the number of cardiovascular and neuromodulation procedures performed globally, thereby reducing the demand for cardiovascular and neuromodulation routine diagnostic tests in 2020. During the COVID-19 pandemic, many vendors have received emergency use authorization to diagnose the diseases, which supported this market growth. Some of the recent launches include:
- In December 2020, Abbott launched a multiplex molecular test on its Alinity m system to detect COVID-19, flu A, flu B, and respiratory syncytial virus (RSV).
- In June 2020, Cepheid (Danaher) launched Xpert Xpress SARS-CoV-2/Flu/RSV four-in-one test for the qualitative detection of SARS-CoV-2, Flu A, Flu B, and RSV from a single patient sample.
- In March 2020, Abbott launched a molecular test using polymerase chain reaction (PCR) methods on the m2000 RealTime lab-based platform to detect COVID-19.
- In March 2020, Cepheid (Danaher) received Emergency Use Authorization (EUA) from USFDA for XpertXpress SARS-CoV-2, a rapid molecular diagnostic test for the qualitative detection of SARS-CoV-2.
- In March 2020, Abbott launched a molecular test for detection COVID-19 on its ID NOWrapid point-of-care platform in the U.S.
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Key Findings in the Point of Care Molecular Diagnostics Market Report:
The point-of-care molecular diagnostics market is mainly segmented by product & service, technology, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country level.
Based on product & service, kits & assays segment is estimated to grow at the highest CAGR during the forecast period due to growing regulatory requirements for effective diagnosis, repetitive usage, the outbreak of COVID-19, and rising availability of innovative products for faster disease diagnosis.
Based on technology, the overall POC molecular diagnostics market is categorized into real-time polymerase chain reaction (RT-qPCR), isothermal nucleic acid amplification technology (INAAT), and other technologies (microfluidic technology and microarrays). In 2020, the real-time polymerase chain reaction (RT-qPCR) segment accounted for the largest share of the overall market.
Based on application, the respiratory diseases segment accounted for the largest share of the overall point of care molecular diagnostics market in 2020 due to the increasing number of respiratory & associated infectious diseases, growing number of commercialized POC molecular diagnostic products, and growing focus on launching new POC molecular diagnostic products for respiratory diseases.
On the basis of end user, in 2020, the clinics & diagnostic laboratories segment accounted for the largest share of the overall point of care molecular diagnostics market due to the increasing aging population and growing awareness regarding quality care.
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Geographically, in 2020, North America accounted for the largest share of the POC molecular diagnostics market due to the rising prevalence of chronic diseases, increasing venture capital funding, development of CLIA-waived tests/systems, lack of laboratory technicians, and presence of key players in the region.
The report also includes an extensive assessment of the geographic analysis, product portfolio, and key strategic developments adopted by leading market participants in the industry. The point-of-care molecular diagnostics market has witnessed several acquisitions; partnerships & agreements; new product launches; and approvals in recent years.
The key players operating in the point of care molecular diagnostics market are Alere Inc. (U.S.), Danaher Corporation (U.S.), and F. Hoffmann-La Roche Ltd. (Switzerland), Quidel Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMérieux SA (France), Meridian Bioscience Inc. (U.S.), Mesa Biotech Inc. (U.S.), GeneSTAT Molecular Diagnostics, LLC (U.S.), and Biocartis Group NV (Belgium), among others.
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Scope of the Report:
POC Molecular Diagnostics Market, by Product & Service
- Kits & Assays
- Analyzers
- Software & Services
POC Molecular Diagnostics Market, by Technology
- Real-time Polymerase Chain Reaction (RT-qPCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Other Technologies
POC Molecular Diagnostics Market, by Application
- Respiratory Diseases
- Sexually Transmitted Diseases (STDs)
- Hospital-acquired Infections (HAIs)
- Oncology
- Neonatal & Prenatal Testing
- Other Applications
POC Molecular Diagnostics Market, by End User
- Clinics & Diagnostic Laboratories
- Hospital Outpatient Departments & Intensive Care Units (ICUs)
- Research & Academic Institutes
- Other End Users
POC Molecular Diagnostics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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