Introduction
Molecular diagnostics is broadly used to diagnose and monitor various diseases, detect risks, and to identify beneficial treatment for patients. In simple terms, molecular diagnostics is a process to identify a disease by studying molecules, such as DNA, RNA, and proteins, in a tissue or fluid. For many years, molecular diagnostics has been conducted in centralized laboratories. However, it has few drawbacks like the high cost of tests, delay in results, late disease diagnosis, and less accuracy are resulting in to an increase in mortality rate. Thus, limiting the growth of this market. Therefore, to overwhelm this, the new technique called a point of care molecular diagnostics has emerged. This technique has the ability to provide accurate and rapid results in less than 1-2 hours has helped to surge its adoption in various low-resource settings. The global p-o-c molecular diagnostic market accounted for US$ 1.7 billion in 2019 and is estimated to be US$ 6.7 billion by 2029 and is anticipated to register a CAGR of 14.8%.....Read More
Impact of Covid-19 pandemic on market
The outbreak of COVID-19 has raised the demand for a number of kits and rapid tests. As screening is being performed at a massive scale during this outbreak hotspot. There is a high demand for Covid-19 screening as a crucial factor for revenue growth in this market space. This report will quantify the impact of this pandemic on the p-o-c molecular diagnostic market.
Key Players:
The key players operating in the global p-o-c molecular diagnostic market include Abbott Laboratories, Bayer Healthcare, Cepheid, Inc., Becton, Dickinson and Company, BioMerieux, F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., Danaher Corporation, and Johnson and Johnson. Larger market participants involved in the target market are trying to strengthen their market positions by witnessing a phase of consolidation, amalgamation, and acquisitions. For instance, in March 2020, Abbott has received emergency use authorization (EUA) from the FDA for its molecular test for the identification of SARS-CoV-2, the virus that causes COVID-19. Tests already have been sent to the hospital and academic medical center labs in 18 states including Illinois, California, New York, Massachusetts, and Washington. Abbott is scaling up production at its U.S. manufacturing location to reach capacity for one million tests per week by end of March.
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