Introduction to Point of Care Genetic Testing Market
The field of point-of-care (POC) diagnostics offers the tantalizing possibility of providing rapid diagnostic results in non-laboratory settings. Point-of-Care testing is characterized as the clinical testing performed at or close to the site where clinical consideration is being given to the patient. It may be performed by the patients themselves or by any faculty. Continuously, analyzing the DNA and discovering the best treatment choice depending upon the hereditary, cosmetics of the patient comprise Point-of-Care hereditary testing. The point of-care hereditary testing approach is used to reduce the diagnosing time, and to pursue customized medication approach for individual patients. Generally, all the diseases are the combination of various genetic factors, and current genetic testing techniques require a lot of time in analyzing the problem. Accordingly, the utilization of Point-of-Care genetic testing frameworks is commonly used in rapidly diagnosing and devising an appropriate course of treatment.
Point-of-Care Genetic testing involves amplification of genetic material and then real-time analysis to detect the genetic variations among people. The first point-of-care version of a real-time nucleic acid detection system is the Cepheid’s expert system. It combines fully auto integrated sample preparation for amplification and detection process. This system is designed to concentrate, detect, and recognize targeted nucleic acid sequences delivering diagnosis using unprocessed samples approximately within 20 minutes.
Market Size and Forecast
The point of care genetic testing market globally is likely to record a CAGR of 15.4% over the forecast period i.e. 2019-2027. The market is segmented by end use into decentralized labs, hospitals and assisted living healthcare facilities out of which hospitals are anticipated to capture major share in the revenue on account of availability of wider range of genetic testing and treatments. Many multi-national companies are adopting new and improved technologies to rise the efficiency of their products. Currently, the point of care genetic testing market is observing vibrant growth owing to increasing demand for various highly advanced equipment systems to be used for screening purposes in the medical field.
The point of care genetic testing market is booming on the back of rising demand for high accuracy systems manufactured using advanced technologies which can be used to detect various diseases such as cancer, optical nerves defect, chromosomal defects and even infectious diseases.
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Growth Drivers
Technological Advancements
Various innovation has empowered a lot more tests to be finished by the patient's side. This approach has various advantages such as results are accessible more rapidly, which can mean quicker treatment and less expense to the health service. In 2017, an aggregate of 30,644 cases of essential and auxiliary (P&S) syphilis, the most irresistible stages of the disease, were accounted in the US, yielding a rate of 9.5 cases per 100,000 population. Rates expanded among both males and females, among all racial and Hispanic ethnicity gatherings, and in 72.0% of states in US and the District of Columbia. Diagnostics by advanced equipment is rising rapidly into the field of infectious disease, with devices now being used to identify disease and test viral load and anti-microbial susceptibility.
Restraints
There are some technical impediments such as inability to distinguish anomalous outcomes, algorithmic and programming inconveniences, high expense of support and fix, poor tests result in the event of contaminated samples, and lack of test result precision in the utilization of point of care hereditary testing frameworks.
Additionally, the high cost of point-of-care hereditary test and limited reimbursement support is further expected to obstruct the development of point of-care hereditary testing market growth.
Market Segmentation
Our-in depth analysis of the point of care genetic testing market includes the following segments:
By Technology
- Polymerase Chain Reaction
- Hybridization
- Chips
- Microarrays
By End Use
- Decentralized Labs
- Hospitals
- Assisted Living Healthcare Facilities
By Region
On the basis of regional analysis, the point of care genetic testing market is segmented into five major regions i.e. North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is panned to observe substantial growth in point of care genetic testing market on the back of high per capita health care expenditure, increasing prevalence of various diseases and availability of better and advanced health care facilities which has resulted in manufacturers investing more and more on R&D activities, new product launches, and technological advancements. Europe is expected to follow North America on account of rising demand for point of care genetic testing products in countries such as Germany, UK, Italy & France among others due to rising incidences to infectious diseases requiring effective diagnosis.
Asia pacific is expected to showcase a higher demand due to increase in population and rising government expenditure in developing economies such as China and India to develop the healthcare infrastructure and provide efficient diagnostic solutions.
Middle East & Africa is expected to grow at a modest pace over the forecast period due to gradually increasing usage of different advanced products observed in countries such as Israel & GCC among others.
The point of care genetic testing market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating the Market
- Abbott Laboratories
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Accriva Diagnostics
- Accubiotech Co, Ltd
- Acon Laboratries, Inc
- Arkray
- Atlas genetics Ltd.
- Beckman Coulter, Inc.
- Atlas Link Biotech Co., Ltd
- Bioptix
- Biomeme, Inc
- Other Prominent Players
