The near-patient molecular solutions market is projected to expand at a remarkable compound annual growth rate (CAGR) of 8% during the forecast period. According to FMI, the market is projected to expand from US$ 3.5 billion in 2023 to US$ 7.56 billion by 2033.
The increasing prevalence of diseases such as diabetes and cardiac diseases is increasing the adoption of near-patient molecular solutions for effective treatment during the forecast period. The rising number of elderly patients and multi-chronic conditions are driving the near-patient molecular solutionsmarket growth during the foreseen time.
The growing laboratory test for different healthcare devices and techniques are increasing the demand for near-patient molecular solutions during the forecast period. Healthcare manufacturing companies are pushing the envelope to provide better point-of-care devices that are more reliable, fast, and easier to process. The growing end-use sectors such as hospitals, home care, diagnostic laboratories, and research laboratories increase the near-patient molecular solutionsmarket size during the forecast period.
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By product type, Infectious disease testing kits dominate the global market by capturing a relevant share during the forecast period. The growing prevalence of diseases such as SARS COV-19 accelerates the demand for infectious disease testing kits during the forecast period.
The US is leading the global near-patient molecular solutionsmarket with a rising number of clinical studies and good reimbursement policies for diagnostic procedures during the forecast period. In addition, the growing demand for near-patient testing devices and the presence of prominent players boost the market expansion during the forecast period. Growing numbers of hospitals with modern equipment and an expanding general population have driven market share in recent years.
Key Takeaways:
- The US is leading the global market with a rising number of clinical studies and good reimbursement policies for diagnostic procedures during the forecast period.
- The global near-patient molecular solutions market valuation stands at US$ 7.56 Billion by 2032 with a CAGR of 8%.
- However, the market for near-patient molecular solutions increased from US$ 3.03 Billion between 2017 and 2021 with an impressive CAGR of 5%.
- The rising availability of high-tech central laboratories for testing and prominent manufacturers are uplift the UK market in recent years.
- The Korean nation is contributing a prominent role in the upsurge of the market size due to an increase the infectious diseases, a large patient population, and advanced healthcare equipment.
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Who is Winning?
The prominent vendors are making several marketing strategies to acquire a maximum share during the forecast period. Innovating the relevant products through their research and development activities increases the market opportunities during the forecast period. Some of the marketing tactics adopted by these players include collaborations, partnerships, mergers, acquisitions, agreements, and product launches.
Recent Developments in the Market
- In Jan 2021, MatMaCorp- a molecular diagnostic systems developer, was granted a (EUA) Emergency Use Authorization from US FDA for the 2SF RNA test for the COVID-19 virus. The detection of COVID-19 among patients by their portable detection systems.
- In Feb 2021, Bio-Rad laboratory received a (EUA) Emergency Use Authorization from the US FDA for COVID-19 flu. The company takes in-charge to detects COVID Waves in a single multiplex reaction.
- In Jun 2021, Bio-Rad Laboratories announced a partnership agreement with Seegene Company for multiplex molecular diagnostics treatment, clinical development and products related to molecular diagnostics.
Segmentation by Category in the Market for Near-patient Molecular Solutions
By Technology:
- PCR-based
- Genetic sequencing based
- Hybridization-based
- Microarray-based
By Product Type:
- Infectious diseases testing kits
- Cardio metabolic monitoring kits
- Pregnancy and fertility
- Coagulation monitoring kits
- Hematology testing kits
- Urinalysis testing kits
- Glucose monitoring kits
- Drugs-of-abuse testing kits
- Testing kits
- Fecal occult testing kits
- Tumor/cancer markers
- Cholesterol test strips
- Other products
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By End User:
- Hospitals
- Homecare
- Diagnostic Laboratories
- Research Laboratories
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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