Point of Care Molecular Diagnostics Market To Reach USD 11.4 Billion By 2032 | DataHorizzon Research
Progressions in technology are playing a major role in the growth of the point of care molecular diagnostics market.
Fort Collins, Colorado, Jan. 16, 2024 (GLOBE NEWSWIRE) —
The Point of Care Molecular Diagnostics Market size was valued at USD 5.9 Billion in 2022 and is anticipated to reach USD 11.4 Billion by 2032 at a CAGR of 6.9%.
The medical diagnostics market is set to expand in the next few years due to the rising prevalence of chronic and infectious diseases, as well as genetic disorders like Alzheimer’s disease, Turner syndrome, and Parkinson’s disease. The market growth is attributed to the continuous improvement in diagnostic products’ quality and the increasing demand for rapid tests. Furthermore, introducing several new products in point of care (POC) molecular diagnostics will drive the market’s growth.
The risk of developing cancer is influenced by genetics and environment, with aging being the most significant factor. SEER estimates that 38% of women and 43% of men will develop cancer in their lifetime, with most cases being diagnosed in people over 65. Molecular diagnostics are crucial in managing cancer, heart disease, and infections, making it important for public health surveillance and detection. The growing geriatric population is expected to drive market growth.
POC molecular diagnostics are increasingly used in primary care settings to avoid delays during specimen preparation and transport and enable quicker decision-making. They offer faster availability of results, lower costs, and better outcomes. The POC molecular diagnostics market has grown significantly, particularly in the U.S. and Europe, due to increased awareness of medical and organizational concerns and well’s economic benefits of POCT.
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The global point of care molecular diagnostics market has been segmented into product and service, technology, application, end-user, and region. Assays and kits are popular in the product and service segment as they offer reliable and accurate results without needing guidance. They help analyze the effects and points of drug effects easily. Infectious diseases hold a major share in the application segment due to rising cases caused by falling immunity and the spread of pathogens through contaminated food and water.
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Point Of Care Molecular Diagnostics Market Report Highlights:
- The global point of care molecular diagnostics market growth is anticipated at a CAGR of 6.9% by 2032.
- The medical diagnostics market is expanding due to the rising prevalence of chronic and infectious diseases, genetic disorders, and an aging population. Molecular diagnostics are crucial in managing cancer, heart disease, and infections. POC molecular diagnostics are increasingly used in primary care settings for quicker decision-making, lower costs, and better outcomes. The POC molecular diagnostics market has grown significantly due to increased awareness of medical and organizational concerns and economic benefits.
- North America dominates the point of care molecular diagnostic market due to its skilled workforce and equipment availability. Chronic illness and cardiovascular issues have been rising in the region, and the need for such tests is expected to grow with the growing senior population.
- Some prominent players in the xx market report include Abbott Laboratories, Thermo Fisher Scientific, Danaher Corporation, Siemens Healthineers, Agilent Technologies, F. Hoffman- La Roche Ltd., Bayer AG, OraSure Technologies, Nipro Diagnostics, Biocartis, and others.
Industry Trends and Insights:
– Thermo Fisher Scientific has recently unveiled its latest offering, the PangenomiX Array, designed to facilitate population-scale disease studies and pharmacogenomics research. This array is expected to be valuable for researchers in developing new cures for various medical conditions.
– Jennifer Doudna, Danaher, and the Innovative Genomics Institute have come together to launch the Danaher-IGI Beacon for CRISPR Cures. This initiative aims to leverage the power of gene-editing platform solutions to address hundreds of diseases. The team hopes this collaboration will yield significant advancements in medical research and help relieve countless individuals suffering from various ailments.
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Point Of Care Molecular Diagnostics Market Segmentation:
By Product and Service: Assays and Kits, Instruments and Analysers, Software and Services
By Technology: PCR, Genetic Sequencing, Hybridization, and, Microarray
By Application: Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, and, Others
By End-user: Hospitals, Homecare, and, Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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