Global Point-of-Care Molecular Diagnostics Market to Be Driven by Rising Instances of Infectious Diseases
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By LabMedica International staff writers Posted on 27 Dec 2021 |
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The global market for point-of-care (PoC) molecular diagnostics is predicted to record a solid growth over the next couple of years due to a rise in instances of infectious diseases and increasing public awareness about pre-disease detection. Additionally, growing research and development due to increased funding by both government and private entities, leading to new and better products being rolled out, will also have a positive impact on the market.
These are the latest findings of TMR Research (San Francisco, CA, USA), a provider of market research and consulting services.
PoC testing in diagnostics which mainly entail tests that are portable and generate rapid results is fast gaining traction. Molecular tests that study the genetic material of an infectious disease are gaining maximum traction since they are swift, portable, hassle-free to conduct, and cost less. Hospitals and other healthcare centers are eagerly adopting them because of the convenience they offer. PoC diagnostics finds usage in the domains of oncology, infectious diseases, and hematology and endocrinology. Out of these, infectious diseases are driving most of the demand in the market mainly on account of rising cases of Zika and other viruses causing deadly maladies. Quick unraveling of the causative agents of infectious diseases is the key to treating them successfully. Going forward, progress in DNA sequencing and analysis is expected to further speed up accurate detection of the causative agents. This kind of technological progress is expected to provide a further impetus to the market for PoC diagnostics.
Currently, the market for PoC molecular diagnostics is being dominated by a few top manufacturers. These vendors are competing against one another based on pricing and product quality. They are frequently upgrading their products to more effective ones. However, a key factor posing a challenge to market growth is the duration of time needed for developing molecular diagnostic products. This is because the development process consists of numerous stages involving prototype designing, research, testing, and pre- and post-marketing activities. Besides, complicated regulatory processes are also restraining market growth.
Geographically, the uptake of PoC molecular diagnostics is the highest in North America owing to the increasing occurrence of both cancer and infectious diseases in the region. Another factor that makes North America a market leader is the presence of several key players in the region which has resulted in the introduction of various PoC molecular diagnostics products. However, with new companies entering the fray, competition in the worldwide PoC molecular diagnostics market is set to heat up in the near future.
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