London, June 22, 2020 (GLOBE NEWSWIRE) -- POC molecular diagnostics include portable devices and assays & kits used to detect and diagnose diseases in human samples, such as throat swab, blood, serum, and stool. Molecular diagnostics is shifting from centralized laboratories to decentralized point-of-care molecular testing. Due to its simplicity, convenience, rapid turnaround time, and the potential to improve patient outcomes, POCT is rapidly gaining traction. Owing to these advantages, it can be applied for the diagnosis in low-resource or remote areas.

The POC molecular diagnostics market expected to grow at a CAGR of 13.2% from 2019 to reach $2. 39 billion by 2027. The growth in this market is primarily driven by factors such as the rising prevalence of chronic diseases, development of CLIA-waived molecular POC tests, venture capital funding for the development of POC molecular diagnostic products, lack of skilled professionals, and need for rapid decision making in emergency care departments. However, technical requirements & regulatory processes for high or moderate tests hinders the growth of this market to a certain extent. Moreover, emerging countries provide increasing growth opportunities for players operating in the POC molecular diagnostics market.

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Traditional molecular diagnostic technologies require sophisticated infrastructure, expensive reagents, stable electrical power, long assay times, and skilled & trained staff. In developed countries or high economy countries, hospitals and large clinics are observed to have the necessary infrastructure and purchasing power to meet these requirements. However, in developing countries or low-to middle-economy countries, performing sophisticated laboratory testing is difficult due to the lack of high-end resources and infrastructure. Also, laboratory or medical testing facilities are often limited and inaccessible to patients in many parts of the developing countries. To control and prevent growing incidences for infectious and chronic diseases, a majority of the key players are focusing on developing countries to create awareness about POC diagnostic testing and promote their POC products to treat and prevent infectious diseases.

In addition, the lack of skilled laboratory professionals due to unmet training of technologically advanced products is also increasing the demand for POC diagnostic modalities in developed as well as developing countries. For instance, according to the U.S. Bureau of Labor Statistics, employment of medical laboratory technologists and technicians is estimated to grow by 13%, from 330,600 in 2010 to 373,500 in 2020 in the U.S. However, the programs preparing laboratory workforce are training only about a third of what is needed. Fewer than 5,000 individuals each year are graduating from accredited training programs. Thus, it creates gaps between the actual requirement and availability of technicians. Thus, the deployment of rapid and easy-to-use POC molecular tests in such countries can enhance on-site disease diagnosisat physicians office or home care facilitieswithout requiring trained healthcare professionals. Owing to their cost-effectiveness and portability, POC molecular diagnostic methods based on INAAT and RT-qPCR technologies are expected to drive the market growth in low-resource settings.

The global POC molecular diagnostics market is segmented on the basis of product & solution, technology, application, end user, and geography.

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Based on product and solution, the overall POC molecular diagnostics market is categorized into kits & assays, analyzers, and software & services. In 2019, the kits & assays segment accounted for the largest share of the POC molecular diagnostics market. This large share can be attributed to the frequent and repetitive usage of assays & kits. Apart from this, the growing portfolio of disease-specific assays for early diagnosis of chronic diseases, technological advancements, and focus on receiving CLIA approval are some of the other factors supporting the growth of this segment.

Based on technology, the overall POC molecular diagnostics market is categorized into real-time polymerase chain reaction (RT-qPCR), isothermal nucleic acid amplification technology (INAAT), and other technologies (microfluidic technology and microarrays). In 2019, the RT-qPCR segment accounted for the largest share of the POC molecular diagnostics market due to its growing adoption over the traditional PCR technology.

Based on application, the overall POC molecular diagnostics market is categorized into respiratory diseases, sexually transmitted diseases (STDs), oncology, hospital-acquired infections (HAIs), neonatal & prenatal testing, and other applications. In 2019, the respiratory diseases segment commanded the largest share of the POC molecular diagnostics market. The increasing number of respiratory & associated infectious diseases, large number of commercialized POC molecular diagnostic products, and focus of key vendors on adopting various strategies for developing new POC molecular diagnostic products for respiratory diseases are some of the key factors driving the growth of this segment.

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Based on end user, the overall POC molecular diagnostics market is categorized into clinics & diagnostic laboratories, hospital outpatient departments & intensive care units (ICUs), research & academic institutes, and other end users (ambulatory care settings, nursing homes, and home care settings). In 2019, the clinics and diagnostic laboratories segment dominated the POC molecular diagnostics market. The growing need for rapid & accurate diagnosis, growing number of physicians adopting POC technologies, and increasing focus of key companies on offering disease-specific POC molecular diagnostics are some of the major factors driving the growth of this segment.

Based on geography, the global POC molecular diagnostics market is categorized into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the global POC molecular diagnostics market, followed by Europe, and Asia-Pacific. The rising prevalence of chronic diseases, increasing venture capital funding, development of CLIA-waived tests/systems, lack of laboratory technicians, and presence of key players in the region are the major factors driving the growth of this regional segment.

Some of the key players operating in the global POC molecular diagnostics market are Alere Inc. (U.S.), Quidel Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMrieux SA (France), Meridian Bioscience Inc. (U.S.), Mesa Biotech Inc. (U.S.), GeneSTAT Molecular Diagnostics, LLC (U.S.), and Biocartis Group NV (Belgium).

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Scope of the Report:

POC Molecular Diagnostics Market by Product & Solution

POC Molecular Diagnostics Market by Technology

POC Molecular Diagnostics Market by Application

POC Molecular Diagnostics Market by End User

POC Molecular Diagnostics Market by Geography

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Point of Care (POC) Molecular Diagnostics Market Worth $2.39 Billion by 2027, Growing at a CAGR of 13.2% from 2019- Pre and Post COVID-19 Market...