Business & Finance
MarketsandMarkets Predicts POC Molecular Diagnostics Market will be Worth 1440.2 m by 2023
22 May 2018 - - According to a new market research report published by Northbrook, Illinois-based business to business (B2B) research provider MarketsandMarkets, the global point-of-care (POC) molecular diagnostics market is expected to grow at a CAGR of 14.7%, and to reach 1440.2 m by 2023 from 725.5 m in 2018, the company said.
Growth in the point-of-care (POC) molecular diagnostics market is mainly driven by factors such as the increasing worldwide prevalence of infectious diseases, rising focus on decentralized diagnostics, and the growing demand for CLIA-waived molecular POC tests.
On the basis of product and service, which is broadly segmented into assays and kits, instruments/analyzers, software and services, the assays and kits segment is expected to hold the largest share of the market in 2018 and is also projected to grow at highest CAGR during the forecast period.
On the basis of technology, broadly segmented into RT-PCR, INAAT, and other technologies, the RT-PCR segment is expected to account for the largest share of the market in 2018 as it is a highly cost-effective and preferred technology for POC settings that allows for the concurrent monitoring of expression levels of multiple genetic messages.
On the basis of application, broadly segmented into respiratory diseases, hospital-acquired infections, sexually transmitted diseases, oncology, hepatitis, and other applications, the respiratory application segment is expected to account for the largest share of the global POC molecular diagnostics market in 2018.
Growth in this market can be attributed to the rising prevalence and rising demand for early diagnosis and detection of influenza and TB, especially in emerging countries.
On the basis of end users, broadly segmented into physician offices, hospital EDs and ICUs, research institutes, and other end users, the physician offices segment is expected to hold the largest share of the market, attributable to the increased preference for CLIA-waived tests for influenza diagnostics and faster turnaround time of POC molecular assay tests.
In 2018, North America is expected to account for the largest share of the global POC molecular diagnostics market, with the growing prevalence of infectious diseases, increasing number of CLIA product approvals, and rising government initiatives to support the adoption of POC molecular diagnostics driving the market growth.
MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. the company currently services 5000 customers worldwide, with 850 full-time analyst tracking global high growth markets.
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