Chicago, April 24, 2023 (GLOBE NEWSWIRE) -- The point of care molecular diagnostics industry is expected to grow significantly in the near future. This is due to the increasing adoption of point-of-care (POC) testing and its increasing availability within healthcare settings. The increased demand for POC testing is driven by the need for faster and more accurate diagnosis and the ability to provide quick results. Additionally, the availability of new technologies such as microfluidics, digital PCR, and next-generation sequencing, are driving the growth of the market. Furthermore, the increasing acceptance of POC diagnostics, driven by the cost savings associated with rapid diagnosis, is likely to drive further growth. In addition, the emergence of artificial intelligence and machine learning technologies in the healthcare sector, as well as the increasing trend of personalized medicine, are also expected to drive the growth of the point of care molecular diagnostics market in the near future.
Point of Care Molecular Diagnostics market in terms of revenue was estimated to be worth $2.8 billion in 2021 and is poised to reach $4.1 billion by 2026, growing at a CAGR of 8.2% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The increasing prevalence of infectious diseases and cancer, rising focus on decentralized diagnostics and increasing R&D funding, increasing awareness on the early detection of infectious diseases, and the increasing use of POC diagnostic tests are the major factors driving the molecular diagnostics market's growth.
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Point of Care Molecular Diagnostics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2021 | $2.8 billion |
| Estimated Value by 2026 | $4.1 billion |
| Growth Rate | Poised to grow at a CAGR of 8.2% |
| Market Size Available for | 2018–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product & Service, technology, application, end user, and region |
| Geographies Covered | North America, Europe, Asia Pacific and Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth opportunities in emerging countries |
| Key Market Drivers | Increasing prevalence of infectious diseases and cancer |
The point-of-care molecular diagnostics market has been segmented based on product & service, technology, application, end user and region. Based on product & service, the point-of-care molecular diagnostics market is segmented into assays & kits, instruments & analyzers and software & services. In 2020, the assays & kits segment accounted for the largest share. This can be attributed to the recurrent usage of these products in large numbers compared to instruments.
Based on technology, the point-of-care molecular diagnostics market is segmented into RT-PCR, INAAT, and other technologies. The RT-PCR segment accounted for the largest share of the global point-of-care molecular diagnostics market in 2020. This can be attributed to the growing use of RT-PCR in proteomics, genomics, and COVID-19 testing as well as the access to portable, easy-to-use devices.
Based on end-users, the point-of-care molecular diagnostics market is segmented into physicians’ offices, hospitals & ICUs, research institutes, and other end users. In 2020, the physicians’ offices segment accounted for the largest share of the point-of-care molecular diagnostics market. The major factors driving this segment's growth are the increasing prevalence of infectious diseases, growing awareness about CLIA waiver tests, and rising technological advancements.
The global point-of-care molecular diagnostics market is segmented into North America, Europe, Asia Pacific and Rest of the World. In 2020, North America accounted for the largest share of the global point-of-care molecular diagnostics market. The large share of this region can be attributed to the highly developed healthcare system in the US and Canada and the easy accessibility to technologically advanced instruments.
Key Market Players:
The major players operating in this market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Danaher Corporation (US), Quidel Corporation (US), QIAGEN N.V. (Netherlands), Co-Diagnostics, Inc. (US), Biocartis NV (Belgium), Meridian Bioscience, Inc. (US), Thermo Fisher Scientific, Inc. (US), Lucira Health, Inc. (US), Cue Health (US), OpGen, Inc. (US), Binx Health, Inc. (US), Molbio Diagnostics Pct. Ltd. (India), Genomadix (Canada), Visby Medical, Inc. (US), QuikPath PTE Ltd. (Singapore), MD-Bio (US), QuantuMDx Group Ltd. (UK), Aidian Oy (Finland), and GeneSTAT Molecular Diagnostics, LLC (US).
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Hypothetic Challenges of Point of Care Molecular Diagnostics Market in Near Future:
- Development of cost-effective and rapid diagnostics instruments: Development of cost-effective and rapid molecular diagnostics instruments that generate accurate test results is a key challenge for point of care molecular diagnostics market.
- Low market penetration: Low market penetration due to limited availability of products in the market, lack of awareness among healthcare professionals, and lack of reimbursement policies for point of care molecular diagnostics tests may limit the growth of the market.
- Availability of skilled personnel: Availability of skilled personnel to operate point of care molecular diagnostics instruments is another challenge for the market.
- Growing competition from conventional diagnostic techniques: Growing competition from conventional diagnostic techniques such as ELISA, western blot, and PCR may pose a challenge to point of care molecular diagnostics.
- Stringent regulatory requirements: Stringent regulatory requirements for the approval of point of care molecular diagnostics products in different countries may hinder the growth of the market.
Top 3 Use Cases of Point of Care Molecular Diagnostics Market:
- Infectious Disease Diagnostics: Point-of-care molecular diagnosis can be used to rapidly detect, diagnose, and monitor infectious diseases such as HIV, hepatitis, influenza, and tuberculosis. Such tests allow healthcare providers to quickly diagnose and treat patients, preventing the spread of the disease.
- Cancer Diagnostics: Point-of-care molecular tests can be used to detect and monitor cancer, allowing for earlier and more accurate diagnoses. Tests can include identifying biomarkers for various types of cancer, providing information about the stage of the disease and the best treatment options for patients.
- Genetic Testing: Point-of-care molecular testing can be used to detect genetic disorders such as cystic fibrosis, Huntington’s disease, and sickle cell anemia. Such tests allow healthcare providers to quickly identify and treat genetic diseases, leading to better patient outcomes.
Recent Developments:
- In October 2020, bioMérieux SA partnered with Africa Medical Supplies Platform (AMSP) to supply high-quality COVID-19 diagnostic solutions from the bioMérieux Pandemic Response Portfolio to African Union Member States.
- In March 2020, Abbott Laboratories launched the ID NOW PoC testing system.
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