Publication Month: Nov 2021 | Report Code: TIPRE00003124 | No. of Pages: 253 | Category: Medical Device | Status: Published
Point-of-care (POC) is one emerging healthcare service, which is being aggressively adopted by patients and healthcare service providers alike. It is extensively used in various healthcare processes, such as treatment, diagnostics, and patient monitoring. Leading medical device manufacturers and players in associated markets are actively involved in product innovation and development processes.
A few examples are mentioned below:
Moreover, patients prefer at-home medical care through POC products and services due to increasing awareness about POC products and services. It reduces patient movement, risk of infection, and facility cost for healthcare service providers. These factors are boosting the growth of the global molecular diagnostics market
|Market Size Value in||US$ 16,258.97 million in 2021|
|Market Size Value by||US$ 36,176.65 million by 2028|
|Growth rate||CAGR of 12.1% from 2021 to 2028|
|No. of Pages||253|
|No. of Tables||168|
|No. of Charts & Figures||94|
|Historical data available||Yes|
|Segments covered||Disease Area, Technology, Product and Services, End User and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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Molecular diagnostics has wide application in various indications such as Oncology, Infectious disease, Genetic testing, Cardiac diseases, Immune system disorders, Others. The increasing prevalence of the associated indications is expected to drive the market. For instance, cancer is one of the leading causes of death worldwide. The early detection of cancer can prevent death among the patients. POC diagnostics play an essential role in the early role and monitoring of cancer. The World Health Organization (WHO) stated that about 70% of deaths in low- and middle-income countries were caused by cancer in September 2021. In addition, as per the Global Burden of Disease Study in the Global Health Data Exchange and the World Health Statistics 2020 Cardiovascular Disease (CVD) mortality in China 322 per 100,000 population, India has reported 185 per 100,000 population of an early stage of CVD.
Moreover, as per the American Cancer Society in the US it is estimated that about 1.9 million new cancer cases diagnosed in the year 2021. Moreover, as per the data published by the UK.GOV in 22nd of November 2021 infection rate of COVID19 is about 422.7 per 100,000 population. Thus, the rising prevalence of target diseases in molecular diagnostics is expected to drive the market. During the forecast period.
The Molecular Diagnostics market, by technology, is bifurcated into [Polymerase Chain Reaction (PCR), isothermal nucleic acid amplification technology, DNA Sequencing and Next-Generation Sequencing (NGS), In Situ Hybridization, DNA Microarray, and Others. The in-vitro segment led the market in 2021, contributing to a market share of 64.45%, and is expected to retain its dominance during the forecast period to account for a market share of 65.73% of the overall revenue generated in 2028.
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By disease area, the molecular diagnostics market is bifurcated into oncology, infectious diseases, genetic testing, cardiac diseases, immune system disorders, and others. In 2021, the infectious disease segment held a larger share of the market. Moreover, the market for the oncology segment is expected to grow at a faster CAGR of 12.5% during 2021–2028.
The molecular diagnostics market, by assays and kits, instruments, services and software. In 2021, the assays and kits segment held the largest share of the market. Moreover, the market for the same segment is expected to grow at the fastest CAGR of 3.5% during 2021–2028.
The molecular diagnostics market, based on end user, is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. In 2021, the diagnostic laboratories segment held the largest share of the market. Moreover, the market for the same segment is expected to grow at the fastest CAGR of 12.5% during 2021–2028.
Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the molecular diagnostics market players focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name across the world.