SAN FRANCISCO, October 8, 2021 / PRNewswire / – A new market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Point-of-Service Molecular Diagnostics (POC) – Global Market Trajectory and Analysis”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 5; Posted: September 2021
Executive pool: 613
Companies: 64 – Players covered include Abaxis Inc .; Abbott Laboratories; BioMérieux SA; Bio-Rad Laboratories; Danaher Company; F. Hoffmann-La Roche, Ltd .; Meridian biosciences; Mesa Biotech; Quidel; Siemens Health GmbH; Sysmex Company; Vircell SL and others.
Blanket: All major geographies and key segments
Segments: Technology (based on PCR, on genetic sequencing, on hybridization, on the microarray); Application (infectious diseases, oncology, hematology, other applications); End use (decentralized laboratories, hospitals, home care, home health care facilities, other end uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; 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-Service (POC) Molecular Diagnostics Market to Reach US $ 5.2 billion by 2026
Point-of-care molecular diagnostics (POC) refers to tests performed at nearby patient locations such as clinics, hospitals, and ambulances. Molecular diagnostic technology is currently used to perform oncology, coagulation, antigen typing, human leukocytes, infectious diseases, and genetic disease screening. The growth of the global market is being driven by the faster development and commercialization of new and more advanced technologies, as well as the faster passage of these advanced tests from the laboratory to the point of care (POC). The increasing prevalence of various types of cancers and infectious diseases is the major market growth driver for the market in the coming years. Other important factors in propelling growth include increasing awareness and acceptance of advanced therapeutic and diagnostic choices such as personalized medicine; development of biomarkers; and the advancement of proteomics and molecular techniques. Reimbursement reforms are also helping to fuel market growth to some extent. Another important growth driver for the market is the growing use of molecular diagnostics for home healthcare. Another factor supporting the growth of the molecular diagnostics market is the growing application of healthcare information technology to provide accurate diagnostics. The introduction of new diagnostic tests, mainly in the area of application of infectious diseases, is likely to maintain the momentum of molecular diagnostics in the coming years.
Amid COVID-19 Crisis, Global Point-of-Service (POC) Molecular Diagnostics Market is estimated at US $ 2.2 billion in 2020, is expected to reach a revised size of US $ 5.2 billion by 2026, with a CAGR of 14.4% over the analysis period. Based on PCR, one of the segments analyzed in the report, is expected to grow at a CAGR of 15.5% to reach 3.6 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the gene sequencing-based segment is readjusted to a revised CAGR of 11.4% for the next 7-year period. This segment currently accounts for a 19.5% share of the global point-of-service (POC) molecular diagnostics market. PCR technologies allow detection of diseases at an early stage, a major factor which is contributing to the growth of the market. Other growth drivers in the technology segment include growing demand for personalized medicine, pharmacogenomics, and inventive diagnostic tests. The emergence of next-generation sequencing technology (NGS) is contributing to the development of innovative yet cost-effective molecular diagnostic tests. Cost reduction would be the main factor that would make technologies more attractive. In addition, technological developments, over the years, have led to the development of sequencing products that require much less time to evaluate RNA, DNA and other cellular functions.
The US market is estimated at $ 1.1 billion in 2021, when China is expected to reach $ 558.7 million by 2026
The point-of-service (POC) molecular diagnostics market in the United States is estimated at US $ 1.1 billion in 2021. The country currently accounts for a 39.71% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 558.7 million during the year 2026, with a CAGR of 17.6% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 11.8% and 13.5% respectively during the analysis period. In Europe, Germany is expected to grow by around 13.6% CAGR while the rest of the European market (as defined in the study) will reach US $ 619.5 million at the end of the analysis period.
Segment based on hybridization to be achieved $ 612.3 million by 2026
Another important molecular diagnostic technology is ISH or In Situ-Hybridization. ISH is used to identify bacterial infections. Cancer screening is a common application for ISH. In the global segment based on hybridization, United States, Canada, Japan, China and Europe will drive the estimated 12.6% CAGR for this segment. These regional markets representing a combined market size of US $ 225.9 million in 2020 will reach a projected size of US $ 513 million at the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 72.9 million by 2026, while Latin America will increase at a CAGR of 13.8% throughout the analysis period. Following
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SOURCE Global Industry Analysts, Inc.