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The Molecular Diagnostics Point of Care Market Size is valued at USD 2.95 Billion in 2023 and is predicted to reach USD 6.42 Billion by the year 2031 at a 10.38 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The advent of the molecular diagnostic POC market represents a paradigm shift in healthcare accessibility, driving efficiency and quality of care improvements.
- The rising prevalence of infectious diseases like Cancer is expected to drive industry growth.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- One of the significant concerns restraining industry growth is the limited reimbursement policies and infrastructural issues.
Medical professionals use tests known as molecular diagnostics point of care to identify and diagnose infectious disorders. Hematology, fertility, infectious diseases, pregnancy, urinalysis testing kits, and glucose and cardiometabolic monitoring equipment are all included. In addition to monitoring hemoglobin and fecal occult blood, molecular diagnostics point of care is frequently used to identify infectious agents, gastrointestinal diseases, and minimal residual disease and to assess a patient's capacity to metabolize a given medicine or class of drugs. These tests provide quicker answers, lessen difficulties brought on by improper care, and enhance infection prevention techniques.
The global spread of infectious diseases is expanding, which is good news for the market. Another element driving expansion is the increasing need for PCR test kits to properly manage and control the spread of COVID-19. Additionally, the development of user-friendly, low-cost, and highly sensitive molecular diagnostic tests using downsizing, nanotechnology, and microfluidics is accelerating the market's expansion.
Moreover, numerous government initiatives to enhance molecular diagnostic capabilities and healthcare infrastructure favourably affect market growth. In addition, the market is anticipated to grow due to recent breakthroughs in cloud-connected POC diagnostic technologies, rapid progress in deoxyribonucleic acid (DNA) sequencing, and growing public awareness of advanced therapeutic and diagnostic testing.
Competitive Landscape
Some major key players in the Molecular Diagnostics Point of Care Market:
- Abbott Laboratories,
- Bayer Healthcare,
- Roche Diagnostics,
- Bio-Rad Laboratories,
- Danaher Corporation,
- BioMerieux, Dako,
- Abaxis Inc.,
- OraSure Technologies Inc.
- Nipro Diagnostics.
Market Segmentation:
The molecular diagnostics point-of-care market is segmented on test location, technology, application and end-use. Based on test location, the market is segmented into over-the-counter (OTC) and PoC. Based on the technology, the market is categorized into PCR-based, genetic sequencing-based, hybridization-based and microarray-based. Based on the application, the market is segmented into infectious diseases, oncology, hematology, prenatal testing, endocrinology and others. Based on end-use, the market is categorized into decentralized labs, hospitals, homecare and assisted living healthcare facilities and others.
Based On Test Location, The Over The Counter (OTC) Category Is Accounted As A Major Contributor To The Molecular Diagnostics Point-Of-Care Market.
The over-the-counter (OTC) category dominated the market in 2021. Compared to POC testing, OTC tests are more adaptable and portable when used in homes and supportive living institutions. In most instances, patients and unqualified personnel make up the majority of OTC users. Additionally, a few of these test instruments are exempt from CLIA, allowing users to utilize them in settings other than laboratories. OTC tests are anticipated to generate more money during the forecasted period due to their simplicity, usefulness, and higher acceptance rate.
The PCR-Based Category Witnessed Growth At A Rapid Rate.
The PCR-based category dominated the market in 2021. The commercialization of PoC tests, which provide quick real-time PCR analysis with excellent precision for infectious illnesses like H1N1 and influenza, is driving the market. NGS-based molecular testing close to the patient is anticipated to increase significantly during the projected period due to numerous industry breakthroughs. This part is expected to be successful because of cutting-edge technological advancements that enable accurate genetic testing and quick diagnosis at the treatment site. Quick DNA analysis is anticipated to have significant expansion in the following years due to key industry competitors' ongoing development and R&D.
The North American Molecular Diagnostics Point-Of-Care Market Holds A Significant Revenue Share In The Region.
The North American molecular diagnostics point-of-care market is expected to register the highest market share in revenue in the near future. The rising incidence of infectious diseases, increasing CLIA product approvals, and expanding legislative measures are driving this market's expansion in North America. The ongoing efforts of major market players to strengthen their position are a crucial contributing factor. Several clinical trials will contribute to market growth throughout the projection period due to the diversity and precision of contemporary molecular tests. In addition, Asia Pacific is projected to grow rapidly in the global molecular diagnostics point-of-care market. The Asia Pacific molecular diagnostics point-of-care market is driven by factors including the aging population's increased prevalence of chronic diseases, a lack of highly developed central laboratory testing services, the growth of major market players in this region, and the potential cost-effectiveness of molecular diagnostics point-of-care.
Recent Developments:
- In February 2022, Sense Biodetection entered into a strategic agreement with Una Health (Una) for the United Kingdom distribution of the Veros Covid-19 test.
- In December 2021, FIND invested USD 21 million in Biomeme, Bioneer, Qlife, and SD Biosensor to accelerate the development, manufacturing, and launch of affordable point-of-care molecular diagnostic platforms that can detect multiple pathogens that cause diseases including COVID-19.
Molecular Diagnostics Point of Care Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.95 Billion |
|
Revenue Forecast In 2031 |
USD 6.42 Billion |
|
Growth Rate CAGR |
CAGR of 10.38% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Test Location, Technology, Application, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Abbott Laboratories, Bayer Healthcare, Roche Diagnostics, Bio-Rad Laboratories, Danaher Corporation, BioMerieux, Dako, Abaxis Inc., OraSure Technologies Inc. and Nipro Diagnostics. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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