Government initiatives for large scale collaborations of Point-of-Care molecular diagnostics for technical advancements and the changing lifestyle and increasing strategic initiatives such as product launch or collaboration are key factors contributing to the high CAGR of the market during the forecast period.

Market Size – USD 883.5 Million in 2020, Market Growth - CAGR of 14.7%, Market Trends– Advancements in Point of Care molecular diagnostics like rapid testing and diagnosis

According to the current analysis of Reports and Data, the global Point-of-care molecular diagnostics market was valued at USD 883.5 Million in 2020 and is expected to reach USD 2,530.4 Million by the year 2026, at a CAGR of 14.7%. Point-of-care molecular diagnostics have provided rapid actionable information to the patient and also quick results to the test diagnosis boosting the growth of the market. Newly, emerging molecular diagnostics has proved to meet the requirements for speed, low cost, and have simplified methods of Point-of-care applications. The development of technology, which has made able to diagnose various infectious diseases at different sites with limited infrastructure, is expected to be the key driver boosting the market demand for POC molecular diagnostics. An intense effort has been made to build on existing technologies and further to generate new technologies for the diagnosis of a broad spectrum of infectious diseases.

A point-of-care (POC) test is done close by the site where a patient initially encounters the health care system so that it provides information that can achieve proper patient management. Rapid results are ease for patients, enable timely treatment. Diagnostics also reduce the dependence on possible treatment and thereby facilitate antibiotic therapy. Rapid diagnostic tests work by detecting analyte that is found in or extracted from clinical samples. There are two main types of analytes- microbial antigens and patient antibodies. However, there are emerging molecular technologies which use nucleic acid-based approaches at the point-of-care. Immunoassays such as ELISA (enzyme-linked immunosorbent assay) and RIA (radioimmunoassay) are used for the diagnosis of diseases for many individuals as it displays a high quality of test results rapidly.

Key companies profiled in the report include

Abbott Laboratories (US), Biomerieux (France), Danaher (US), Roche diagnostics (Switzerland), Meridian biosciences (US), Quidel (US), Johnson & Johnson (US), Cepheid(US), Bio-Rad Laboratories (US), Becton (US), Dickinson and Company (US), Alere, Inc. (US),

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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Point of Care Molecular Diagnostics market.

The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.

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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.

The key geographical regions analyzed in the market report are:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Point of Care Molecular Diagnostics Market Segmentation based on Types:

Product and Services Outlook (Revenue in Million USD; 2020–2028)

Assays & Kits
Instruments/Analyzers
Services & Software
Technology Outlook (Revenue in Million USD; 2020–2028)

Polymerase Chain Reaction
Genetic Sequencing-based (DNA/RNA Purification)
Hybridization-based (In-Situ Hybridization)
Microarray-based (Chips and Microarrays)
Real Time Polymerase Chain Reaction
Mass Spectrometry
Isothermal Amplification
Others                                                
Application Outlook (Revenue in Million USD; 2020–2028

Infectious Diseases
Oncology
Hematology
Prenatal Testing
Endocrinology
Sexually Transmitted Diseases
Health Care Associated Infection
Others            
End Use Outlook (Revenue in Million USD; 2020–2028

Hospitals
Clinics
Homecare
Assisted Living Healthcare Facilities
Decentralized Labs
Others                                                   
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Further key findings from the report suggest

In recent years there has been a drastic advancement in point-of-care diagnostics, as there were ongoing developments in biosensors, microfluidic, bioanalytical platforms, assay formats, lab-on-a-chip technologies, and complementary technologies.
It has been a principal advantage that to prescribe treatment in the first case without having to wait for ending results updating the knowledge for the understanding of various molecular mechanisms, rare disorders and the development of DNA sequencing and analysis are the factors that are subjected to improve molecular diagnostics capabilities in point-of-care molecular diagnostics.
The medical industry is advancing by the expansion of technology in order to expand molecular diagnostics. It emphasizes prevention and early detection rather than finding a cure to the disease.
Based on technology, the point-of-care molecular diagnostics market has been categorized into PCR-based, genetic sequencing-based, hybridization-based, and microarray-based tests and devices. PCR-based tests have accounted for the major revenue share in 2020. The materialistic growth in the point-of-care of tests provides PCR rapid real-time analysis with a high level of accuracy for infectious diseases, such as H1N1 and influenza, which are the key to drivers of the market. Next-Generation Sequencing is established based on molecular testing and is expected to witness significant growth over the forecast period due to the advances in the market.
Revolutionary changes in genetic sequencing and analysis of DNA data for the point of care along with high precision and provision for rapid diagnosis are factors in the growth of this segment. Rapid DNA analysis is likely to give a significant growth in the coming years due to ongoing innovation and R&D.
Escalating demand for Clinical Laboratory Improvement Amendments tests which are portable and safe enough to be used in non-laboratory platforms which include pharmacy clinics, physician offices, and home-care settings, is expected to fuel the demand in the market in the forecast period.
Brazil in recent years have taken initiatives for providing medical services that is funded and supported by the Ministry of Health, which runs the government hospitals in brazil they are focusing on the In-vitro devices market which includes Point of care molecular testing technologies and other testing at point of care these factors are likely to boost the market in the region
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