Global Point-of-care Molecular Diagnostics Market: Introduction
- Devices used for point-of-care molecular diagnostics are portable, compact, and self-contained diagnostic devices that can perform multiple analytical functions. They are used at the patient site for rapid diagnosis of diseases.
- Devices used for point-of-care molecular diagnostics provide valuable and actionable information on patient care; they have rapid turnaround time; and they enable selection of optimum therapy for the patient by observing the patient’s response to ongoing treatment
- Point-of-care molecular diagnostics have a wide range of applications in the diagnosis of infectious diseases, pharmacogenetics, and genetic testing
- Private as well as government players made significant investments in point-of-care molecular diagnostics in the last decade
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Global Point-of-care Molecular Diagnostics Market: Key Drivers
- The global point-of-care molecular diagnostics market is primarily driven by high prevalence and incidence rates of infectious diseases and genetic disorders across the globe. For instance, according to the World Health Organization (WHO), more than 17 million people across the globe die due to infectious diseases every year.
- Technological advancements in point-of-care molecular diagnostics, new product development and commercialization, and rise in the demand for point-of-care molecular diagnostic devices are factors likely to drive the global point-of-care molecular diagnostics market during the forecast period
- Also, increasing number of hospitals, diagnostic laboratories, and research and development institutes and growing pharmaceutical industry in developing economies such as Brazil, India, China, and Russia are likely to propel the demand for devices used for point-of-care molecular diagnostics during the forecast period
Tests Kits Segment to Dominate Global Point-of-care Molecular Diagnostics Market
- Based on product, the global point-of-care molecular diagnostics market can be divided into analyzers and test kits. The test kits segment is estimated to dominate the global market during the forecast period. The segment is likely to expand at a rapid pace from 2019 to 2027.
- Large volume and frequent usage of test kits for the diagnosis of different types of diseases is one of the key factors responsible for the major share of the test kits segment in the global market
- The test kits segment can be sub-segmented into viral, bacterial, fungal, and others. Bacterial is estimated to be the leading sub-segment of the test kits segment in the near future.
Isothermal Nucleic Acid Amplification Technology Segment to Dominate Global Market
- In terms of technology, the global point-of-care molecular diagnostics market can be segmented into isothermal nucleic acid amplification technology and polymerase chain reaction (PCR) technology. The isothermal nucleic acid amplification technology segment is projected to dominate the global point-of-care molecular diagnostics market during the forecast period.
- The isothermal nucleic acid amplification technology segment can be sub-segmented into helicase-dependent amplification (HDA), loop-mediated isothermal amplification (LAMP), nucleic acid sequence-based amplification (NASBA), and others
- The isothermal nucleic acid amplification technology provides quick results and it does not require thermocyclers
Diagnostic Laboratories Segment to Dominate Global Market
- In terms of end-user, the global point-of-care molecular diagnostics market can be segmented into hospitals, diagnostic laboratories, specialty clinics, pharmaceutical & biotechnology companies, and research & academic institutes.
- The diagnostic laboratories segment is projected to dominate the global point-of-care molecular diagnostics market during the forecast period. The large number of diagnostic laboratories across the globe and rapid increase in the number of diagnostic laboratories in developing countries are factors expected to be responsible for the dominant share of the diagnostic laboratories segment in the global market during the forecast period
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Point-of-care Molecular Diagnostics Market in Asia Pacific to Expand Rapidly
- In terms of region, the global point-of-care molecular diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market during the forecast period. However, the region is anticipated to lose market share by 2027.
- High prevalence of various chronic as well as acute disorders among people in the U.S., technological advancements in point-of-care molecular diagnostics, and presence of a well-established health care industry in the region are factors projected to drive the market in North America from 2019 to 2027
- The point-of-care molecular diagnostics market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to rapid increase in the number of hospitals and diagnostic laboratories and rise in health care access in densely populated countries in the region such as China, India, South Korea, and Taiwan
Key Players Operating in Global Market
The global point-of-care molecular diagnostics market is consolidated, with a few number of global players accounting for a major share of the market in respective regions. Key players operating in the global point-of-care molecular diagnostics market are:
- Abbott Laboratories
- Thermo Fisher Scientific Inc.
- Bayer Healthcare
- F. Hoffmann-La Roche AG
- Bio-Rad Laboratories
- Danaher Corporation
- Nova Biomedical
Global Point-of-care Molecular Diagnostics Market: Research Scope
Global Point-of-care Molecular Diagnostics Market, by Product Type
- Test Kits
Global Point-of-care Molecular Diagnostics Market, by Technology
- Isothermal Nucleic Acid Amplification Technology
- Helicase-dependent Amplification (HDA)
- Loop-mediated Isothermal Amplification (LAMP)
- Nucleic Acid Sequence-based Amplification (NASBA)
- Multiplex PCR
- Real-time PCR
Global Point-of-care Molecular Diagnostics Market, by End-user
- Diagnostic Laboratories
- Specialty Clinics
- Pharmaceutical & Biotechnology Companies
- Research & Academic Institutes.
Global Point-of-care Molecular Diagnostics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.