Point of Care Molecular Diagnostics Market is projected to reach USD 1,440.2 Million in 2023

The global point of care molecular diagnostics market was valued at USD 632.5 Million in 2017 and is projected to reach USD 1,440.2 Million in 2023, at a CAGR of 14.7%.

(EMAILWIRE.COM, January 22, 2021 ) The global point of care (POC) molecular diagnostics market is projected to reach USD 1440.2 million in 2023 from USD 725.5 million in 2018, at CAGR of 14.7%. POC molecular diagnostics are various point of care portable device and assays & kits used by healthcare professionals to detect and diagnose diseases in human samples such as serum, blood, throat swab, and stool.

In this report, the market has been categorized based on product & service, applications, technology, end user, and region.

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Based on the applications, the market is segmented into respiratory diseases, hospital-acquired infections (HAIs), sexually transmitted diseases (STDs), oncology, hepatitis, and other applications (meningococcal meningitis, malaria, Herpes Simplex Virus, Ebola, Zika virus). The respiratory application segment is expected account for the largest share of the global POC molecular diagnostics market in 2018. This large share of this segment can be attributed to the rising prevalence of influenza A & B and increasing research investments by key players for other respiratory disease such as Strep A and TB. In addition to this, most of the FDA approved RT-PCR POC molecular diagnostics are focused on influenza disease.

The POC molecular diagnostics market is broadly segmented into instruments, assays & kits, and services & software based on the basis of product & service. Assays & kits segment is expected to account for the largest share of the global POC molecular diagnostics market and expected to register the highest CAGR during the forecast period. POC molecular diagnostic assays and kits are specially designed for points of care such as hospital critical care units, physician offices, outpatient clinics, and community health posts. POC molecular diagnostics assays and kits enable the early diagnosis of respiratory tract infections, women’s health and sexual health conditions and among others.

The POC molecular diagnostics market is segmented into RT-PCR, INAAT, and others technologies. In 2018, the RT-PCR segment is expected to account for the largest share of the global POC molecular diagnostics market. The large share of this segment can be attributed to the growing use of RT-PCR in Proteomics and Genomics and access to portable, easy-to-use devices. In the last three years from 2015, more than 42 RT-PCR based products have been launched for various diseases.

In 2018, North America is expected to account for the largest share of the global POC molecular diagnostics market. Growing prevalence of infectious diseases, increasing number of CLIA product approvals, and rising government initiatives are the major factors driving the growth of this market in North America. However, Asia Pacific is expected to grow at highest CAGR during forecast period.