The POC Molecular Diagnostics Market is being driven by Growing geriatric population
The POC Molecular Diagnostics Market is expected to grow at a CAGR of 10.03% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1140.3 million. In the healthcare industry, there is a growing emphasis on the development and adoption of technologically advanced Point-of-Care (POC) molecular diagnostic products. These advanced devices offer significant benefits to end-users, including decreased workload and rapid result turnaround times. In response to the increasing demand for efficient and effective diagnostic solutions, companies are investing heavily in the research and development of next-generation POC molecular diagnostic products. The shift towards personalized, predictive, and pre-emptive medicine is further fueling this trend. The integration of advanced technologies such as biosensors, smartphones, wearables, and lab-on-a-chip is expected to significantly enhance the market condition for POC molecular diagnostics.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (PCR, Microarray and hybridization) Application (Infectious diseases, Oncology, Hematology and endocrinology, Others) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in POC Molecular Diagnostics Market Research Report
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Molecular diagnostics play a crucial role in identifying various health conditions, including chronic diseases, infectious diseases, and genetic disorders. POC testing, which includes rapid tests and shelf products, is increasingly being used in primary care settings for conditions like Alzheimer's disease, Turner syndrome, and Parkinson's disease. Glucose testing and coagulation testing are common applications. Companies like Huwel Lifesciences offer RT-PCR machines and 3D printing technology for POC testing. Home care diagnostics are gaining popularity for conditions such as HIV, with OTC diagnostics from companies like Lucira Health. POC testing also includes PCR-based and genetic sequencing-based methods for public health surveillance, particularly in the geriatric population.
The POC Molecular Diagnostics Market is a significant segment of the global healthcare equipment market, encompassing innovative technologies for the detection and diagnosis of chronic diseases, infectious diseases, genetic disorders, Alzheimer's disease, and Turner syndrome, among others. Technavio, a leading global technology research and consulting firm, calculates the size of the global healthcare equipment market by aggregating the revenues of manufacturers producing diagnostic equipment and devices across various therapy areas. This market is a crucial component of the larger healthcare equipment industry, which includes capital equipment, instruments, implants, accessories, and consumables used for disease diagnosis, monitoring, and treatment. The healthcare equipment industry is further segmented into devices, which comprises advanced, differentiated, and clinically validated data-driven devices.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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