The healthcare industry is experiencing a revolution in rapid diagnostics, and the Near-Patient Molecular Solutions Market is at the forefront. This market is projected to see a phenomenal Compound Annual Growth Rate (CAGR) of 8%, according to a recent study by Future Market Insights (FMI). This translates to a significant market expansion, reaching a staggering US$7.56 billion by 2033, up from US$3.5 billion in 2023.
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 solutions market growth during the foreseen time.
The growing laboratory tests 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 solutions market 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 solutions market 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 From the Near-patient Molecular Solutions Market
- 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 Bn by 2032 with a CAGR of 8%.
- However, the market for near-patient molecular solutions increased fromUS$ 3.03 Bn 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.
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 Near-patient Molecular Solutions 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 for Near-patient Molecular Solutions Market
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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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