SAN FRANCISCO, Oct. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Point of Care (POC) Molecular Diagnostics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: September 2021
Executive Pool: 613
Companies: 64 - Players covered include Abaxis Inc.; Abbott Laboratories; BioMérieux SA; Bio-Rad Laboratories; Danaher Corporation; F. Hoffmann-La Roche, Ltd.; Meridian biosciences; Mesa Biotech; Quidel; Siemens Healthcare GmbH; Sysmex Corporation; Vircell S.L and Others.
Coverage: All major geographies and key segments
Segments: Technology (PCR-based, Genetic Sequencing-based, Hybridization-based, Microarray-based); Application (Infectious Diseases, Oncology, Hematology, Other Applications); End-Use (Decentralized Labs, Hospitals, Home Care, Assisted Living Healthcare Facilities, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Point of Care (POC) Molecular Diagnostics Market to Reach US$5.2 Billion by the Year 2026
Point-Of-Care (POC) molecular diagnostics refer to tests that are performed at nearby patient locations such as clinics, hospitals, and ambulances. Molecular diagnostic technology is currently being used for performing oncology, coagulation, antigen typing, human leukocyte, infectious diseases, and genetic disease screening. Growth in the global market is being driven by faster development and commercialization of novel and more advanced technologies, and also the faster shift of such advanced tests from labs to point of care (POC) settings. Increasing prevalence of various cancers and infectious disease types constitutes the major factor to drive growth for the market for the market in the coming years. Other important factors to propel growth include growing awareness and acceptance of advanced therapeutic and diagnostic choices such as personalized medicine; biomarkers development; and advancement in proteomics and molecular techniques. Reimbursement reformations are also to an extent contributing towards fueling market growth. Increasing use of molecular diagnostics for home healthcare is another important growth driving factor for the market. The growing application of healthcare information technology for providing accurate diagnostics constitutes yet another factor supporting growth for molecular diagnostics market. Introduction of new diagnostics tests, primarily in the infectious disease application area is likely to keep the momentum going for molecular diagnostics over the forthcoming years.
Amid the COVID-19 crisis, the global market for Point of Care (POC) Molecular Diagnostics estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 14.4% over the analysis period. PCR-based, one of the segments analyzed in the report, is projected to grow at a 15.5% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Genetic Sequencing-Based segment is readjusted to a revised 11.4% CAGR for the next 7-year period. This segment currently accounts for a 19.5% share of the global Point of Care (POC) Molecular Diagnostics market. PCR technologies enable detection of diseases in early stages, a major factor that is contributing for market's growth. Other factors driving growth in the technology segment include growing demand for personalized medicine, pharmacogenomics and inventive diagnostic tests. The emergence of Next-Generation Sequencing (NGS) technology contributes to the development of innovative, yet cost-effective molecular diagnostic tests. Reduced costs would be the major factor that would make the technologies more attractive. Also, technological developments, over the years, have led to the development of sequencing products which need very less time for evaluating RNA, DNA and other cellular functions.
The U.S. Market is Estimated at $1.1 Billion in 2021, While China is Forecast to Reach $558.7 Million by 2026
The Point of Care (POC) Molecular Diagnostics market in the U.S. is estimated at US$1.1 Billion in the year 2021. The country currently accounts for a 39.71% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$558.7 Million in the year 2026 trailing a CAGR of 17.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.8% and 13.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.6% CAGR while Rest of European market (as defined in the study) will reach US$619.5 Million by the end of the analysis period.
Hybridization-based Segment to Reach $612.3 Million by 2026
ISH or In Situ-Hybridization is another important molecular diagnostic technology. ISH is used for identifying bacterial infections. Cancer testing constitutes a common application for ISH. In the global Hybridization-based segment, USA, Canada, Japan, China and Europe will drive the 12.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$225.9 Million in the year 2020 will reach a projected size of US$513 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$72.9 Million by the year 2026, while Latin America will expand at a 13.8% CAGR through the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.