Market Research Report
Point-of-Care Molecular Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||922063|
|Published||Content info||110 Pages
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|Point-of-Care Molecular Diagnostics Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 110 Pages||
Point-of-Care (POC) Molecular testing enables physicians to improve the standard of care by combining quick diagnosis with treatment decision in the first visit by the patient instead of hours and days to have the test results. This would help prescribe treatment in the first instance without having to wait for final results. In past decades, the prevalence of infectious diseases and chronic illnesses like cancer have increased. This has led to an increase in demand for novel diagnostic methods, which has led to progress in technological advancements and pharmacogenomics. This has also increased the demand for POC testing. These factors have helped the growth of the POC molecular testing market.
However, uncertain reimbursement scenarios have dissuaded many manufacturers to enter the market. Also, lack of high-complexity test centers to use POC molecular testing have also hindered the market growth.
Application in Oncology is Expected to Register a High CAGR
Cancer Research UK suggests that the population suffering from cancer is expected to increase in the future. As per the report, if recent trends in the incidence of major cancers and population growth are consistent, it is predicted there will be 27.5 million new cancer cases worldwide each year by 2040. This is an increase of 61.7% from 17 million new cancer cases worldwide in 2018.
Many current point-of-care (POC) diagnostics utilize lateral flow immunoassay based technologies. Lateral flow immunoassays are devices that incorporate antibodies to detect the presence of an analyte like cancer biomarkers. In principle, a lateral flow test is a device that will provide a qualitative answer to the presence of a biomarker in a short period of time. Hence, the demand for these quick detection tests is expected to increase as the incidence of cancer increases.
North America is Expected to Dominate the Market
The prevalence of cancer in the United States is one of the highest in North American countries like the United States (US) and Mexico. According to a 2018 report by the National Cancer Institute, the incidence of cancer in the US is 439.2 per 100,000 men and women per year. The prevalence of infectious disease is also high in the United States and Mexico. This has created a high demand for point-of-care diagnostics tests.
However, the United States has a developed and well-structured health care system. The system also encourages research and development. These policies encourage global players to enter the US, and eventually the North American market. As a result, this region enjoys the presence of many global market players. As high demand is met by the presence of global players in the region, the market is further expected to increase.
The majority of the point of care molecular diagnostic tests are being developed by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing the emergence of some small players due to the rise of awareness. This has also helped the market to grow.