On the backdrop of an increase in demand for the standard of care and specific treatment the global POC molecular diagnostics market is expected to grow significantly in the near future
Global POC molecular diagnostics market, By Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, Other Applications), By Technology (PCR-based, Genetic Sequencing-based, Hybridization-based, Microarray-based) By Test Location (Over-the-Counter (OTC), PoC), By End Use (Decentralized Labs, Hospitals, Homecare, Assisted Living Healthcare Facilities, Other Uses), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
The global POC molecular diagnostics market is estimated for more than US$ 3,845.4 Mn in the year 2020 and expected to grow at a significant CAGR of 12.3% during the forecast period and expected to reach a value of more than US$ XX Mn in 2025.
As per the report, the healthcare industry is witnessing a huge evolution over the past decade with numerous technological advancements across the world which is primarily supporting the positive growth in the global POC molecular diagnostics market. There has been a remarkable makeover in the field of molecular diagnosis with the advent of modern technologies such as POC molecular diagnostics.
Presently, the molecular diagnostics industry is observing a transforming shift to such advanced molecular diagnostics tests, which allows specialists to further enhance the experience of the population by quick diagnosis and treatment results and decisions so there is no need to wait for many hours and days for the results.
Owing to which, the global POC molecular diagnostics market is expected to witness rapid growth during the forecast period.
Also, the growing need for faster testing methods with high quality of test results in a very short time is also propelling the growth of the global POC molecular diagnostics market.
Additionally, the healthcare professionals and researchers are also focused on continuous research and development, in order to minimize molecular diagnostics testing that provides improved patient testing with higher efficiency and fewer turnaround times are major factors stimulating the demand for POC molecular diagnostics tests in the global market, hence giving a breakthrough to the growth of the global POC molecular diagnostics market.
Moreover, the growth in the understanding among the physicians and researchers with respect to molecular mechanisms in the familiar as well as unique illness and the development of DNA analysis and sequencing are other major factors that are projected to improve the potential of molecular diagnostics, thus further promoting the growth of the global POC molecular diagnostics market. In addition to that, the widespread applications of POC molecular diagnostics tests is also driving the growth of its global market.
The numerous applications of POC testing in molecular diagnostics is also driving the growth of the global market, involving hematology, oncology, prenatal testing, and endocrinology.
Furthermore, there have been huge acquisitions and collaborations among the giant organizations of the global market in order to diversify their product portfolio, thereby expanding the company’s reach, resultantly contributing to the growth of the global POC molecular diagnostics market.
MMC Study identifies some of the key participating players in the POC molecular diagnostics market globally are Roche Diagnostics, Biomerieux, Danaher, Abbott Laboratories, Quidel and Meridian Bioscience.
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