Point Of Care Molecular Diagnostic Testing Market to Grow At a High Rate during the Forecast Period!

Published Date : 2019-01-28
Point of care testing molecular diagnostic is medical diagnostic testing at or near the point of care. It is used to detect infectious diseases, genetic diseases such as HIV, diabetes, malaria, hepatitis B. Point of care testing molecular diagnostic test includes urine  test, pulse oximetry, blood glucose testing meter, blood gas and electrolytes analysis, rapid coagulation testing, rapid cardiac markers diagnostics, drugs of abuse screening, pregnancy testing, fecal occult blood analysis, food pathogens screening, hemoglobin diagnostics, infectious disease testing and cholesterol screening, nerve conduction study device, and different test kits such as CRP, HBA1C, Homocystein, HIV and salivary assay.
The report states that the market will exhibit a promising 4.6% CAGR over the period between 2019 and 2026, rising from a valuation of US$ 1,333.8 million in 2018 to US$ 2,728.7 million by 2028.

Noted below are the leading factors that are expected to have a notable impact on the overall development of the market in the near future:

1. Decrease in Patients’ Hospital and Clinic Stays
Point of care test molecular diagnostic is useful in providing the immediate results to the patient in critical condition owing to the increasing specificity of treatments. Thus, the point of care molecular diagnostic is expected to reduce the stay of the patients in hospitals & clinic, which results in healthier population and cost-effective treatment are propelling the growth of the point of care molecular diagnostic in the coming year. For instance, rapid tests can detect antibodies to HIV from a minute volume of whole blood, serum, plasma, urine or saliva. For example,  “OraQuick” is rapid HIV-1/2 antibody test is a POC test that can detect both HIV-1 and HIV-2 in whole blood or plasma and oral fluid specimens at low concentrations within 20 minutes.

2. Increasing Prevalence of Chronic Diseases The increasing prevalence of chronic diseases such as hematological infection, malaria, typhoid, HIV, hepatitis B virus infection is driving the growth of the market. For instance, according to WHO, in 2018, it was estimated that approximately 257 million people are living with hepatitis B virus infection. Additionally, according to the National Cancer Institute, in 2016, 1.6 million Americans were suffering from cancer.  Furthermore, increasing government support and growing healthcare awareness among the people have fueled the growth of the market. The National Institute of Cancer Prevention and Research is additionally providing funding for cancer treatment in India.

3. Infectious Disease Testing Products Segment to Grow at the Highest CAGR
The infectious disease testing products segment is expected to grow at the highest CAGR during the forecast period. The growing patient population of infectious disease and increasing availability and awareness about infectious disease POC testing products are responsible for the growth of the segment.

4. North America Is Expected To Command the Largest Market Share 
North America is expected to command the largest share in the global point of care molecular diagnostic market. Among all the other countries in North America, the U.S. point of care molecular diagnostics market held significant revenue share in 2018. The factor which is accountable for the high market share is increasing occurrences of the genetic diseases such as diabetes and blood pressure. For instance, according to the Center for Diseases Control and Prevention (CDC) in 2015, approximately 30.3 million people suffered from diabetes in the U. S.
Moreover, high healthcare spending, high presence of leading players, and growing incidences of infectious diseases is leading to huge healthcare costs and increasing focus on preventive care to reduce the economic burden are propelling the growth of the point of care molecular diagnostics market. For instance, according to CDC in 2017, it was estimated that around 16.8 million people suffered from infectious and parasite diseases in the U.S.

5. Latest Development Trends
Increasing demand for fast as well as portable tests along with the growing diagnostics adoption rate for hospital use as well in the local pathology lab settings serves as a highly influential factor which is driving the growth of the overall industry. The current trend in Point of care molecular devices market is growing strongly towards smart devices equipped with mobile healthcare. A wide range of mobile healthcare technologies have already been developed, the most promising being cellphone-based POC technologies for the readout of colorimetrics.

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