Global POC Molecular Diagnostics Market 2019-2023
About this market
Growing focus on technological advances to drive growth in the market. The increasing focus on the development of technologically advanced POC molecular diagnostic products will result in the augmented adoption of these products. These advanced devices decrease the workload of end-users and offer results within limited time. Therefore, to increase the efficiency and effectiveness of the results, the companies are developing advanced products. Technavio’s analysts have predicted that the POC molecular diagnostics market will register a CAGR of almost 14% by 2023.
Growing number of M&A and collaborations
Large companies are increasingly acquiring and collaborating with specialized POC molecular diagnostic companies to expand their product portfolio. Collaboration would result in the development of additional POC tests which can be offered across the globe, thereby expanding the company’s reach.
End-users rely on companies that provide high-quality products. When products lead to patient injury or fatalities, manufacturers wither voluntarily recall them from the market. This affects the market growth and brand image.
For the detailed list of factors that will drive and challenge the growth of the POC molecular diagnostics market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Abbott and bioMérieux the competitive environment is quite intense. Factors such as the growing number of M&A and collaborations and the growing focus on technological advances, will provide considerable growth opportunities to POC molecular diagnostics manufactures. Abbott, bioMérieux, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, and QIAGEN are some of the major companies covered in this report.
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