Point of Care (PoC) Molecular Diagnostics Market size was over USD 1 billion in 2016, with growth forecast over 9% CAGR from 2017 to 2024. Endorsed with a vast application expanse in the renewed healthcare fraternity, point of care molecular diagnostics market has already garnered substantial remuneration over the recent years. Testament of the statement is the billion-dollar valuation attained by the industry in 2016. The sheer popularity of POC molecular diagnostics market can be majorly credited to the increasing incidence of infectious diseases along with spreading public awareness with regards to its pre-disease detection. In this regard, it is prudent to mention some of the crucial aspects that have indirectly made the stage lucrative for point of care molecular diagnostics industry growth.
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Say, for instance, sudden outbreak of emerging infectious diseases like Ebola, MERS, and influenza A (H7N9) pose great challenges for optimal efficient patient care in resource-limited settings. Advanced diagnostics technologies that are highly expensive cannot be smoothly effectuated in RLS, subject to the economic constraints. Amidst the backdrop, healthcare giants and clinicians have been heavily concentrating on simple and cost-effective POC diagnostics that rely less on operator training and environmental context, which by extension is expected to reflect in the POC molecular diagnostics industry share over the ensuing years.
As reported by Global Market Insights, Inc., global POC molecular diagnostics market is slated to exceed a valuation a USD 2.5 billion by the end of 2024. A paradigm shift in healthcare business model with regards to increasing penetration of nanotechnology, miniaturization, and microfluidics is pushing the frontiers of point of care devices toward user friendly, enhanced sensitivity, and cost competitive molecular level diagnostics. Speaking of technological advancements, isothermal amplification technique is claimed to observe lucrative growth in point of care molecular diagnostics marketplace over the coming years. Subject to the fact that thermocycling machineries are not required in the utilization of this technology, it can mostly perform processes with greater efficiency, reduced time, and high throughput. Add to it, the constant temperature of amplification and increased reliability allows isothermal amplification to smoothly integrate in a variety of POC devices, which in turn, is favoring POC molecular diagnostics industry proliferation.
Reportedly, the company is presently focussing on developing a POC respiratory test on SIBA based GenRead platform. If experts are to be believed, this new method would be able to detect influenza A and B and other respiratory syncytial viruses. While Orion Group has been at the forefront in healthcare space since for a while now, its brand recognition in molecular diagnosis under the veil of Orion Diagnostica, has gained a renewed traction over the recent years, making it one of the profound players in POC molecular diagnostics industry space. Not to mention, the competitive landscape of point of care molecular diagnostics market is characterized by similar kind of unique products, explicitly designed for specific patient needs.
Top notch biggies involved in the business sphere have been vying up with one other to sustain their presence in the competitive POC molecular diagnostics market. Amidst the fierce share battle, these companies are readily adopting mergers and acquisitions as one of the significant growth strategies to expand their geographical reach. Citing a precedent, the acquisition of Alere by Abbott is claimed to mark an outset of a lucrative journey of the latter in POC molecular diagnostics industry. Recently inked, the agreement in all likeliness, would position Abbott as a global leader in POC testing portfolio and would further strengthen the healthcare giant’s diagnostics presence in overall business space. As per reliable sources, the acquisition comes on the heels of Abbott’s long-term strategy of maintaining its leading position in other key business spheres including nutritionals, medical devices, and pharmaceuticals.
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The current framework of technological interferences in healthcare space provides a significant testament to the fact that POC molecular diagnostics industry is set to thrive on upgraded state-of-the-art techniques over the ensuing years. Recently, OraSure Technologies, one of the acclaimed names in POC molecular diagnostics market, has recently received a prequalification certificate from the U.S. World Health Organization for its OraQuick HIV Self- Test. For the record, OraQuick HIV Self-Test is a simple point of care test aimed to detect antibodies both for HIV 1 and HIV 2 with just an oral swab. With ongoing R&D investments by renowned giants as well as leading research organizations with regards to pre-disease detection, POC molecular diagnostics industry is certain to tread toward one objective that is enhancing accuracy, preciseness, and improved research on molecular diagnosis at lower costs, which undoubtedly would sway the business growth in the coming years. As per reliable estimates, global POC molecular diagnostics market is slated to record 9% CAGR over 2017-2024.