Dublin, June 29, 2023 (GLOBE NEWSWIRE) -- The "Global Point-of-Care (PoC) Molecular Diagnostics Market by Product (Assays, Kits, Instruments, Software), Application (Respiratory Diseases, HAIs, Cancer, STDs, Hepatitis), Technology (RT-PCR, INAAT), End-user (Clinics, Hospitals, ICUs), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global point-of-care molecular diagnostics market is projected to reach USD 3.4 billion by 2028 from USD 2.0 billion in 2023, at a CAGR of 10.6%
Market growth is driven by factors such as 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.
On the other hand, stringent and time-consuming regulatory policies that significantly increase the product launch cycle may challenge market growth post their commercialization.
The assays & kits accounted for the highest growth rate in the point-of-care molecular diagnostics market, by product & service, during the forecast period
The point-of-care molecular diagnostics market is segmented into assays & kits, instruments & analyzers and software and services. The assays & kits segment accounted for the highest growth rate in the point-of-care molecular diagnostics market in 2022.
The requirement assays & kits in large numbers compared to instruments is the main factor contributing to this segment's high growth rate. This segment's market growth can also be attributed to repeat purchases of assays & kits compared to instruments.
Hospitals & ICUs segment accounted for the highest CAGR
The point-of-care molecular diagnostics market is divided into various end-user segments, including physicians' offices, hospitals & ICUs, research institutes, and other end-users. In 2022, the hospitals & ICUs segment experienced the most significant growth rate.
One of the primary advantages of utilizing point-of-care molecular tests in hospitals or clinical settings, as opposed to traditional point-of-care tests, is their ability to provide faster turnaround times and increased accuracy.
The hospitals & ICUs segment's substantial market share can be attributed to the growing number of hospitals and the high demand for diagnostic products within these healthcare facilities.
Asia-Pacific: The fastest-growing region point-of-care molecular diagnostics market
Asia-Pacific region is anticipated to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. The remarkable growth in the Asia-Pacific market can be attributed to several factors.
These include the proactive efforts by governments to raise awareness about early disease detection and promote regular health check-ups, the increasing healthcare expenditure in the region, the rising number of hospitals and clinical diagnostic laboratories in countries like India and China, and the strengthening research capabilities in diagnostic procedures across India, China, and Japan.
Competitive assessment
In-depth assessment of market ranking, growth strategies and service offerings of leading players like Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMerieux SA (France), Danaher Corporation (US), and QIAGEN N.V. (Netherlands), among others in the point of care molecular diagnostics market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 207 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2 Billion |
| Forecasted Market Value (USD) by 2028 | $3.4 Billion |
| Compound Annual Growth Rate | 10.6% |
| Regions Covered | Global |
Premium Insights
- Rising Adoption of POC Diagnostics to Support Market Growth During Forecast Period
- Assays & Kits Segment to Continue to Dominate Market in 2028
- Rt-Pcr Segment to Dominate Market During Forecast Period
- Respiratory Diseases Segment to Dominate Market During Forecast Period
- Physicians' Offices Segment to Continue to Dominate the Market During the Forecast Period
- Asia-Pacific to Register Highest Growth Rate in Point-of-Care Molecular Diagnostics Market During Forecast Period
Market Dynamics
Drivers
- Increasing Prevalence of Infectious Diseases and Cancer
- Rising Focus on Decentralized Diagnostics and Increasing R&D Funding
- Growing Awareness of the Early Detection of Infectious Diseases
- Increasing Use of POC Diagnostic Tests
Restraints
- Unfavorable Reimbursement Scenario
- High Capital Investments and Low Cost-Benefit Ratio
Opportunities
- Growing R&D Activities in Point-of-Care Molecular Diagnostics Testing
- Growth Opportunities in Emerging Economies
Challenges
- Stringent and Time-Consuming Regulatory Policies That Significantly Increase Product Launch Cycle
- Introduction of Alternative Technologies
Company Profiles
Key Players
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd.
- Biomerieux SA
- Danaher Corporation
- Qiagen N.V.
- Quidelortho Corporation
- Co-Diagnostics, Inc.
- Biocartis NV
- Meridian Bioscience, Inc.
- Thermo Fisher Scientific Inc.
Other Players
- Lucira Health, Inc.
- Cue Health
- Opgen, Inc.
- Binx Health, Inc.
- Molbio Diagnostics Pvt. Ltd.
- Genomadix
- Visby Medical, Inc.
- Quikpath Pte. Ltd.
- MD-Bio
- Quantumdx Group Ltd.
- Aidian Oy
- Genestat Molecular Diagnostics, LLC.
- Labsystems Diagnostics Oy
- Akonni Biosystems
- Curetis N.V.
For more information about this report visit https://www.researchandmarkets.com/r/j8j12p
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