A synopsis of PoC molecular diagnostics industry in terms of drivers, opportunities and challenges, Global valuation to surpass USD 2.5 billion by 2024

The potential of point of care diagnostics market has been a subject of much discussion and hype over the last decade. In vitro diagnostics has been playing an increasingly significant role in the provision of healthcare. In fact, as per authentic estimates, nearly 80% of the data grounding on which physicians take clinical decisions are produced by medical laboratories, which is why diagnostics now is considered as a critical input in the overall patient care. While clinical assay output, even a few decades back, had only reiterated around infection test and blood chemistry, modern clinical laboratories are capable of offering a wide array of diagnostics ranging from immunological, chromosomal, cardiovascular to even oncology and pharmacogenetics. In this regard, analysts believe recent advancements in molecular biology to be one of the pivotal factors driving the growth of point of care diagnostics market. In the year 2016, this fraternity held a market share of USD 1 billion and is further forecast to surpass a global valuation of USD 2.5 billion by 2024.

PoC molecular diagnostics industry