Government initiatives for large scale collaborations of Point-of-Care molecular diagnostics for technical advancements and the changing lifestyle and increasing strategic initiatives such as product launch or collaboration are key factors contributing to the high CAGR of the market during the forecast period.
Market Size – USD 883.5 Million in 2020, Market Growth – CAGR of 14.7%, Market Trends– Advancements in Point of Care molecular diagnostics like rapid testing and diagnosis
According to the current analysis of Reports and Data, the global Point-of-care molecular diagnostics market was valued at USD 883.5 Million in 2020 and is expected to reach USD 2,530.4 Million by the year 2026, at a CAGR of 14.7%. Point-of-care molecular diagnostics have provided rapid actionable information to the patient and also quick results to the test diagnosis boosting the growth of the market. Newly, emerging molecular diagnostics has proved to meet the requirements for speed, low cost, and have simplified methods of Point-of-care applications. The development of technology, which has made able to diagnose various infectious diseases at different sites with limited infrastructure, is expected to be the key driver boosting the market demand for POC molecular diagnostics. An intense effort has been made to build on existing technologies and further to generate new technologies for the diagnosis of a broad spectrum of infectious diseases.
Leading companies operating in the market and profiled in the report include:
Abbott Laboratories (US), Biomerieux (France), Danaher (US), Roche diagnostics (Switzerland), Meridian biosciences (US), Quidel (US), Johnson & Johnson (US), Cepheid(US), Bio-Rad Laboratories (US), Becton (US), Dickinson and Company (US), Alere, Inc. (US), Bayer health care pharmaceuticals
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The pharma & healthcare sectors has been rapidly growing over the last few decades. Technological advancements in healthcare sector, emergence of various diseases, COVID-19 outbreak are key factors boosting global market revenue growth. Growing need to develop new drugs and medical devices to cater to emerging diseases, high investments in research and development activities, and improvements in healthcare infrastructure and facilities is expected to fuel global market growth over the forecast period. In addition, adoption of AI in various healthcare application, funding from various private and public organizations to boost research activities in pharmaceutical and biotechnology sector and vaccine production during the current pandemic situation is also expected to boost market growth.
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Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.
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Global Point of Care Molecular Diagnostics Market Segmentation:
Product and Services Outlook (Revenue in Million USD; 2020–2028)
Technology Outlook (Revenue in Million USD; 2020–2028)
Application Outlook (Revenue in Million USD; 2020–2028
End Use Outlook (Revenue in Million USD; 2020–2028
The global Point of Care Molecular Diagnostics market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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