According to a recently published report by Research Nester on “Point of Care Genetic Testing Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the point of care genetic testingin terms of market segmentation by technology, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global point of care genetic testing market is segmented by technology into PCR-based, genetic sequencing-based, hybridization-based, and microarray-based tests; by end use into decentralized labs, hospitals and assisted living healthcare facilities. The global point of care genetic testing market is anticipated to record a CAGR of 15.4% over the forecast period i.e. 2019-2027.
Real Time Analysis to Detect Genetic Variation
Real-time Point of Care (PoC) testing has transformed the method of clinical pathology laboratories in diagnosing many microbial infections. This challenging technique combines polymerase chain reaction (PCR) chemistry with fluorescent probe detection of target molecule in the same reaction container. It delivers sensitivity and specificity corresponding to that of conventional PCR. The mixture of exceptional sensitivity and specificity, with limited risk of contamination and speediness has made real-time PCR technology an attractive substitute to culture or immunoassay based testing methods for identifying many communicable diseases. These factors are expected to fuel the growth of the market over the forecast period.
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Technological Advancement in Genetic Testing
Systematic and technological innovations are becoming more progressive, resulting in advances in the accessibility and usage of genetic testing and other advanced technologies, including gene editing. The increasing speed and availability of genomic testing is altering the interpretation of genomic information that is increasingly influencing decisions around patient care in the acute inpatient setting. Such factors are expected to boost the demand for POC genetic testing products.
The technological limitation such as failure in recognition of abnormal results and higher cost of maintenance is expected to hamper the market in near future. However, high cost of point of care genetic test and limited awareness among people across the globe may limit the market in near future.
The market in North America is expected to display a significant growth on the back of rising urbanization and technological advancement for innovative techniques. Further, the Europe market is anticipated to induce a growth owing to rising demand for rapid diagnosis and increasing number of diseases such as cancer, cystic fibrosis, Alzheimer’s and others requiring effective diagnosis.
The market in Asia Pacific is estimated to face the highest growth during the forecast period on account of increasing fund by the government to improve healthcare infrastructure and active participation of healthcare key players.
This report also provides the existing competitive scenario of some of the key players of the point of care genetic testing marketwhich includes company profiling of Accriva Diagnostics, Biomeme, Inc Accubiotech Co, Ltd, Atlas genetics Ltd., Beckman Coulter, Inc., Acon Laboratries, Inc., Arkray, Alere Inc, Atlas Link Biotech Co., Ltd, Bioptix and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the point of care genetic testingmarketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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