New York, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The Global Point-of-Care Molecular Diagnostics Market Size is to Grow from USD 7.13 Billion in 2022 to USD 11.84 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
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Point-of-care molecular diagnostics (POC MDx) is an emerging field that enables rapid and precise detection of diseases and genetic conditions at the point of patient care. Utilizing nucleic acid amplification techniques, such as PCR and isothermal amplification, POC MDx allows for on-site testing without the need for specialized laboratories. The technology provides timely results, facilitating immediate clinical decision-making, especially in remote or resource-limited settings. POC MDx has the potential to transform healthcare delivery by improving patient outcomes through early detection and targeted treatments, making it a promising tool for disease management and prevention on a global scale.
Browse key industry insights spread across 200 pages with 150 market data tables and figures & charts from the report on "Global Point-of-Care Molecular Diagnostics Market Size, Share, and COVID-19 Impact Analysis, By Technology (PCR-based, Genetic Sequencing-based, Hybridization-based, and Microarray-based), By Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, and Others), By Test Location (OTC and POC), By End-Use (Decentralized Labs, Hospitals, Home-care, Assisted Living Healthcare Facilities, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The POC segment is expected to grow at a CAGR of around 5.3% during the forecast period
Based on the test location, the global point-of-care molecular diagnostics market is segmented into OTC and POC. The point-of-care test location segment is projected to experience the fastest growth during the forecast period due to several key factors. Point-of-care tests (POCTs) offer the advantage of conducting rapid diagnostic tests directly at the patient's bedside or in community settings, without the need for complex laboratory infrastructure. The increasing demand for immediate results, especially in emergency situations or remote areas, drives the adoption of POCTs. Moreover, advancements in technology have led to the development of portable and user-friendly POCT devices, further promoting their use in decentralized healthcare settings. These factors contribute to the rapid expansion of the point-of-care test location segment in the molecular diagnostics market.
The decentralized labs segment held the largest market share with more than 41.6% in 2022.
Based on the end-use, the global point-of-care molecular diagnostics market is segmented into decentralized labs, hospitals, home care, assisted living healthcare facilities, and others. The dominance of the decentralized labs segment in the molecular diagnostics market can be attributed to several factors. Decentralized labs, such as clinics, point-of-care facilities, and ambulatory care centers, offer the advantage of rapid and on-site testing, eliminating the need for sample transportation to centralized laboratories. This convenience enables timely diagnosis and faster clinical decision-making, especially in critical situations. Additionally, the increasing adoption of point-of-care molecular diagnostics in resource-limited or remote areas further bolsters the segment's growth. The decentralized labs' ability to provide accessible and efficient testing solutions has made them a preferred choice, contributing to their largest revenue share in the market.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 5.4% over the projected period
Based on region, Asia Pacific is projected to register the fastest compound annual growth within the forecast period in the point-of-care molecular diagnostics market due to several key factors. The region's large and growing population, coupled with an increasing prevalence of infectious diseases and chronic conditions, creates a substantial demand for rapid and accurate diagnostic solutions. Additionally, improvements in healthcare infrastructure, rising healthcare expenditure, and growing awareness about the benefits of early disease detection further drive market growth. Moreover, advancements in technology, increasing investments in research and development, and the entry of major market players into the region contribute to the projected rapid expansion of the point-of-care molecular diagnostics market in Asia Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the Global Point-of-care Molecular Diagnostics Market include Abbott, Bayer AG, F. Hoffmann-La Roche AG, Nova Biomedical, QIAGEN, Nipro Diagnostics, Danaher, Bio-Rad Laboratories, Inc., bioMerieux, Agilent Technologies, Inc., Abaxis, and OraSure Technologies and others.
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Recent Developments
- In February 2022, Sense Biodetection and Una Health (Una) have formed a strategic agreement for the distribution of the Veros COVID-19 test in the United Kingdom. Through this partnership, Una will be responsible for distributing the Veros test, which is developed by Sense Biodetection, in the UK market. The agreement aims to expand accessibility to the Veros COVID-19 test and enhance the nation's testing capabilities during the ongoing pandemic.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global point-of-care molecular diagnostics market based on the below-mentioned segments:
Point-of-Care Molecular Diagnostics Market, By Technology
- PCR-based
- Genetic Sequencing-based
- Hybridization-based
- Microarray-based
Point-of-Care Molecular Diagnostics Market, By Application
- Infectious Diseases
- Oncology
- Hematology
- Prenatal Testing
- Endocrinology
- Others
Point-of-Care Molecular Diagnostics Market, By Test Location
- OTC
- POC
Point-of-Care Molecular Diagnostics Market, By End-Use
- Decentralized Labs
- Hospitals
- Home-care
- Assisted Living Healthcare Facilities
- Others
Point-of-Care Molecular Diagnostics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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