Next-Gen Products Driving Global POC Molecular Diagnostics Market

By LabMedica International staff writers
Posted on 31 Dec 2018

The global point of care (POC) molecular diagnostics market is expected to grow at a CAGR of close to 14% during the period 2019-2023, driven mainly by the growing number of M&As and collaborations, and rising focus on next-generation products.

These are the latest findings of Technavio Research, (London, UK), a global technology research and advisory company.

Image: Research suggests the growing emphasis on technological advances will accelerate the growth of the global POC molecular diagnostics market (Photo courtesy of Technavio Research).

The growing number of M&As and collaborations is acting as a key growth driver of the global POC molecular diagnostics market. Large companies have been increasingly acquiring and collaborating with specialized POC molecular diagnostic companies to expand their product portfolio. As a result, the parent companies have reduced their internal costs for product development, clinical study, and regulatory approvals.

The growing emphasis on technological advances will accelerate the growth of the global POC molecular diagnostics market. Advances in the field of information technology are providing ease of transmission by electronically recording and transferring the data captured. The shift from curative medicine to predictive, personalized, and preemptive medicine is also driving an increasing demand for POC molecular diagnostics. This shift, coupled with advances in the field of biosensors, smartphones, wearables, and lab-on-a-chip, is expected to improve the market. For instance, the lab-on-a-chip diagnostics system is formed based on the disposable, single-use, credit card sized, plastic cassette that hosts a microfluidic network for sample processing and analysis. Hence, several companies are adopting this advancement to broaden their product and service portfolios.

Based on application, the infectious diseases segment held the largest market share of more than 45% in 2018 and is expected to continue dominating the market during the forecast period. Geographically, the Americas led the global POC molecular diagnostics market in 2018 with a share of around 56%, followed by the EMEA and APAC. The Americas is expected to continue dominating the market during the forecast period.

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Technavio Research