Surging Number of Diseases Augments the Global Molecular Point of Care Diagnostics Market Growth at 14.90%
According
to a new market research report published by Inkwood Research, the Global Molecular Point of
Care Diagnostics Market is projected to register a CAGR of 14.90%
in terms of revenue during the forecasting years of 2019-2028.
“Browse 64
Market Data Tables and 56 Figures spread over 188 Pages, along with an in-depth
TOC on the Global
Molecular Point of Care Diagnostics Market Forecast
2019-2028.”
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Molecular
diagnostics point of care is akin to the health assessment at the molecular
level through the measurement and detection of specific genetic signatures in
DNA or RNA. The technological advancements in the point of care testing have
allowed the integration of molecular diagnostics with this technology. This
further enables multiplexing and gene sequencing for detecting multiple defects
related to a particular subset of patients with the disease.
Growing Number of Diseases propels Market Growth
Communicable
diseases or infectious diseases are majorly caused by microorganisms like viruses
and bacteria. According to the WHO, parasitic and infectious disease was
responsible for 12.88 million deaths in 2015. The undermined factor in the case
of the growing global disease burden is the antimicrobials resistance (AMR). It
is triggered by over usage of antibiotics for the treatment of disease with
microbial traits and origins. AMR is mainly propelled by perverse incentives
and human actions. The dominant factors contributing to the rise of AMR is the
misuse of antibiotics in agricultural, veterinary, and medical sectors, along
with the wrong antibiotic prescription, overuse of antibiotics in the livestock
sector, and lack of hygiene practices in hospitals. Governments across the
world are adopting precise diagnostic and treatment methods for tackling the ever-increasing
disease burden. This further propels the global molecular diagnostics point of
care market. The growing prevalence of cancer further augments the need for
precise care.
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PCR Category Dominated the Technology Segment
Polymerase Chain
Reaction (PCR) is the most sought test in the global market. The better results,
ease of use, cost-effective solutions, faster turnaround time, etc. are
attributed to its increasing preference in the market. Its efficiency in
detecting biomarkers is one of the major factors for its domination in
infectious diseases and new oncology applications. Several approvals like FDA
approvals of PCR-based molecular diagnostics point of care contribute to its
market growth. The trend of PCR being utilized as a validation strategy for
point of care based molecular diagnostics further influences its overall demand
in the market. The PCR will continue to dominate the global market, given its
corroborative characteristic.
Asia Pacific is predicted to record the highest CAGR
The Asia Pacific
molecular diagnostics point of care market encompasses countries like China,
Australia, Japan, Singapore, India, that are striving to enhance the adoption
of precision medicine solutions across emerging economies of the region. Many
initiatives have been undertaken in the region for promoting research and
development on precision medicine solutions for better patient health. The
region has also been a witness to tremendous growth in precision medicine
technology. The rising health awareness and stable economic conditions are
other dominant factors expected to contribute to the fast-paced market growth
of the region.
The major companies that operate in the market include, Quidel
Corporation, BioMérieux SA, Qiagen NV, F Hoffmann-La Roche AG, Abbott
Laboratories, Hologic Inc, etc. The high fixed capital costs of R&D and
high exit barriers make the market increasingly competitive. Brand Loyalty is a
huge factor, when it comes to the complex nature of POC testing devices.
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