Segmentation by End User (Hospitals, Clinics, Diagnostic Labs, Research & Academic Institutes, and Others); by Product Type (Kits & Assays, Analyzers, and Software & Services); by Technology Type (PCR, DNA Microarray, Isothermal Amplification, Genetic Sequencing, Hybridization, and Others); and by Application – Demand Analysis & Opportunity Outlook 2019-2026
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Growth Drivers
Challenges
Geographically, the India and neighboring countries PoC molecular diagnostics market is segmented into India, Bangladesh, Pakistan, Sri-Lanka, Nepal, and Maldives. Amongst the market in these countries, the market in India is anticipated to hold the largest market share throughout the forecast period and further gain a revenue of USD 5323.40 Million by the end of 2026. The market in the country is further anticipated to grow with the highest CAGR of 17.29% during the forecast period. The growth of the market in the country can be attributed to the growing economy and the increasing health expenditure by the government of the nation. In other statistics by the World Bank, the current health expenditure per capita (in current US$) in India, Bangladesh, Pakistan, Sri Lanka, Nepal, and Maldives in the year 2018 was recorded to USD 72.835 thousand, USD 41.909 thousand, USD 42.873 thousand, USD 157.466 thousand, USD 57.847 thousand, and USD 973.537 thousand respectively.
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The market in the country is also anticipated to grow on account of the numerous health initiatives initiated by the government for the well being of its citizens, and for the growing focus of the nation to develop advanced healthcare resources. The market is also driven by the rising concern for the coronavirus cases in the country, which according to the WHO recorded to be 28,996,473 confirmed cases between the period 3rd of January 2020 and 8th of June 2021.
The India and neighboring countries PoC molecular diagnostics market is segmented on the basis of product type into kits & assays, analyzers, and software & services, out of which, the kits & assays segment in hospitals is anticipated to hold the largest market share throughout the forecast period and generate a revenue of USD 972.21 Million by the end of 2026. In the clinics end user segment, the kits & assays segment is anticipated to gain a market revenue of USD 1431.05 Million by the end of 2026. The market is further segmented by technology type into PCR, DNA microarray, isothermal amplification, genetic sequencing, hybridization, and others, out of which, the PCR segment in the clinics end user segment is anticipated to hold the largest market share and generate a revenue of USD 582.14 Million by the end of 2021. Based on application, the market is segmented into respiratory disease, infectious disease, oncology, STDs, prenatal testing, hematology, hepatitis, and others. Amongst these segments, the infectious disease segment is anticipated to hold the largest market share throughout the forecast period in the diagnostic labs end user segment, and further generate a revenue of USD 91.97 Million by the end of 2026.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the India and neighboring countries PoC molecular diagnostics market that are included in our report are F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., Molbio Diagnostics Pvt. Ltd., bioMerieux SA, Becton, Dickinson and Company, QuantuMDx Group Limited, Beckman Coulter, Inc., Abbott, MedGenome, Chembio Diagnostics, Inc., Sysmex Europe GmbH, Cepheid, and others.
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
September 1, 2020: F. Hoffmann-La Roche Limited announced that it has launched a SARS-CoV-2 Rapid Antigen Test for use in both symptomatic and asymptomatic people. The test kit provides results in a time span of 15 minutes.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The increasing prevalence of infectious diseases, along with the rising advancements in healthcare are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of 16.34% over the forecast period, i.e., 2021-2026.
Ans: The lack of reimbursement policies is one of the major factors estimated to hamper the market growth.
Ans: The major players in the market are F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories, Inc., Molbio Diagnostics Pvt. Ltd., Beckman Coulter, Inc., Abbott, MedGenome, Chembio Diagnostics, Inc., Sysmex Europe GmbH, Cepheid, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by end user, product type, technology type, application and by country.
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