The Point of Care (PoC) Molecular Diagnostics Market is set to exceed USD 2.5 billion by 2024; according to a new research study published by Global Market Insights, Inc. Increasing awareness regarding pre-disease diagnosis along with growing incidence of infectious diseases will drive point of care molecular diagnostics market growth. Growing R&D focused on reducing time required for molecular tests will further propel industry growth. However, long product development time and complex regulatory process will hamper the business acceleration.
Isothermal amplification technology should exhibit lucrative growth as they are used as an alternative to polymerase chain reaction. Thermocycling machines are not required in the use of this technology and it can mostly be performed with reduced time, greater accuracy and high throughput. The increased reliability of isothermal amplification will drive segment growth. The added benefit of constant temperature of amplification provides a high potential for simple integration of this technique in PoC devices.
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Healthcare experts have been rigorously experimenting with this technology, claiming it to be disruptive for the entire point of care molecular diagnostics market space. For instance, Orion Diagnostica, the fully owned subsidiary of Finland’s Orion Group, continued to bring innovative solutions for its patent POC isothermal amplification based molecular diagnostic platform, GenRead, in a bid to bring molecular diagnostics in the foreground for the Americans. In a latest news snippet, speaking of the recent advancements on the platform, the healthcare giant has unveiled an absolutely state-of-the art method, dubbed as SIBA (Stand invasion based amplification).
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.
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.
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Some of the prominent industry players include Abbott, Sysmex, Roche, Bayer, Danaher, BioMerieux and Bio-Rad Laboratories. Presently, there are few companies operating in the industry, however, the rivalry will intensify in the coming years with the entry of new players. The industry participants adopt various strategic initiatives such as launching of new products, geographical expansion and acquisitions to consolidate their market position. For instance, in July 2017, OraSure Technologies received prequalification from WHO for its OraQuick HIV Self- Test. The company also recently entered into an agreement with Bill & Melinda Gates Foundation for reducing the price of the test in 50 developing countries. Both the aforementioned strategies would accelerate adoption and deployment of the test.