Near Patient Molecular Solution Market To Show Strong Growth With Increasing Prevalence Of Infectious Diseases Around The World

 

Overview:

Near Patient Molecular Solution (NPMS) is a technology that enables patients to diagnose and monitor their health at the convenience of the patient. The technology uses basic health monitoring smartphone apps, wearable devices, biosensors and other innovations to offer patients easy access to testing solutions with quick turnaround times and accurate results. Point-of-care diagnostics are rapidly becoming a key component of the healthcare industry. They provide convenient and cost-effective testing solutions that can be used at various locations such as hospitals, home healthcare providers, research labs, and diagnostic labs.

Market Dynamics:

Increasing technological development, enhanced network connection, and real-time access are leading to demand for IoT solutions and services. This in turn is expected to propel growth of the global Near Patient Molecular Solution Market over the forecast period. For instance, in December 2021, FIND announced the investment of US$ 21 million in Bioneer, Biomeme, SD Biosensor and Qlife for accelerating the development, manufacturing, and launch of low-cost point-of care molecular diagnostic platforms for detecting multiple pathogens causing diseases such as COVID-19 among others.

However, factors such as unfavorable reimbursement scenarios are likely to hamper growth of global near patient molecular solution market during the forecast period.

Impact of COVID-19:

The outbreak of COVID-19 pandemic has positively impacted the global near patient molecular solution market, as the number of patients increased during this period along with the rate of hospitalization. The focus of healthcare institutes increased on providing the best facilities for the patients. During this period, the demand for diagnostic kits increased rapidly all over the world. Thus, these factors in turn positively impacted the market during the COVID-19 pandemic.

Key Takeaways:

·        The global near patient molecular solution market is anticipated to grow with a CAGR of 8% during the forecast period, due to growing prevalence of infectious diseases and cancer around the world. For instance, as per the February 2022 Factsheet of the World Health Organization (WHO), cancer caused nearly 10 million deaths in 2020 all over the world, with 2.26 million cases of breast cancer, and 2.21 million cases of lung cancer among others.

·        North America among regions is anticipated to show substantial growth in the global near patient molecular solution market during the forecast period. This can be attributed to increasing number of clinical studies conducted and availability of favorable reimbursement policies for diagnostic procedures in the U.S. Moreover, increasing demand for near-patient testing devices in the region is also driving growth of the market in the region.

·        Key players active in the global near patient molecular solution market are GenMark Diagnostics, Abbott Laboratories, Luminex Corp., Becton, Dickinson and Company, Veridex, LLC, Thermo Fisher Scientific Inc., Siemens AG, and F. Hoffmann-La Roche Ltd.