The global point-of-care molecular diagnostics market was estimated to be worth US$ 3 billion in 2021 and is expected to grow at a robust CAGR of 8% between 2022 and 2032, reaching around US$ 11 billion by 2032. The rising prevalence of infectious diseases and cancer worldwide, as well as growing end user preference for point-of-care molecular testing due to its appealing features, are driving the growth of the point-of-care molecular diagnostics market.
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According to the point-of-care molecular diagnostics market report, the growing trend toward preventive medicine is driving up demand for point-of-care molecular diagnostics. This is expected to significantly influence future trends in point-of-care molecular diagnostics.
According to UN data, the number of older adults has been steadily increasing for decades. As a result of this demographic shift, the prevalence of various chronic diseases is increasing, making point-of-care molecular diagnostics devices more appealing.
Current cancer diagnostic methods, according to the study, are invasive (for example, cystoscopy, which involves inserting a hollow tube/cystoscope equipped with a lens into the urethra and bladder to diagnose cancer). However, less invasive methods, such as point-of-care molecular tests, may be available for point-of-care cancer diagnostics, expanding the opportunities for point-of-care molecular diagnostics.
As countries gradually relax their travel restrictions, the number of people testing has increased. Aside from vaccines and therapeutic drugs, there is a growing demand for more precise and simple testing technologies, as well as the expansion of testing structures.
Aside from cancer in the elderly, respiratory diseases in children and adults are quickly becoming one of the top five killers. According to Pfizer, there are currently no RSV immunisation options available, despite the fact that many vaccines are still in clinical trials.
People are dying as a result of this because they are not aware of the available treatment. As a result, the availability of point-of-care molecular diagnostic tests is critical for rapid analysis and, as a result, providing patients with immediate treatment.
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Key Takeaways
- Based on product type, the assays and kits segment is expected to account for a significant portion of the POC molecular diagnostics market. This segment’s market growth is being driven by the widespread purchase of POC diagnostic devices for these products as a result of their frequent use.
- Because of the increasing use of RT-PCR in proteomics, genomics, and COVID-19 testing, as well as the availability of portable, easy-to-use POC devices, the RT-PCR segment is expected to dominate the point-of-care molecular diagnostics market in terms of technology.
- Because key players are shifting their focus to various strategies for developing advanced point-of-care diagnostics devices, the respiratory diseases segment is expected to lead the POC molecular diagnostics market.
- Because of the rising adoption of advanced instruments in these settings and rapid investments in hospital infrastructure by the public and private sectors in emerging countries, the hospital bedside segment is expected to have the largest point-of-care molecular diagnostics market share.
- Because of the expansion of key market players, a lack of sophisticated central laboratory point-of-care molecular testing services, and the potential cost-effectiveness of POC molecular diagnosis, the Asia Pacific region is expected to grow.
Competitive Landscape
Most point-of-care molecular diagnostic tests are developed by the top point-of-care diagnostics companies, which have established their market position by investing more in research and developing a better distribution system.
LLC. (US), Danaher Corporation (US), Alere Inc. (US), Quidel Corporation (US), Biocartis Group NV (Belgium), bioMérieux SA (France), Thermo Fisher Scientific (US), Mesa Biotech Inc. (US), F. Hoffmann-La Roche Ltd., and Meridian Bioscience Inc. (US) are the critical point-of-care diagnostic companies profiled in the global POC molecular diagnostics market.
Recent developments in the point-of-care molecular diagnostics market are as follows:
- A global partnership was formed by the World Health Organization (WHO), Africa Centers for Disease Control and Prevention (Africa CDC), the Bill & Melinda Gates Foundation, the Clinton Health Access Initiative (CHAI), the Foundation for Innovative New Diagnostics (FIND), and the Global Fund. The organisation announced today the availability of the COVID-19 rapid test in low and middle-income countries.
- Mylab Discovery Solutions has worked with Hemex Health, a company based in the United States, to create next-generation diagnostic solutions for coronavirus and other point-of-care diagnostic testing.
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Point-of-care Molecular Diagnostics Market Key Segments
By Product & Service:
- Assays & kits
- Instruments & Analyzers
- Software & Services
By Technology:
- RT-PCR
- INAAT
- Other technologies
By Application:
- Respiratory Diseases
- Sexually Transmitted Diseases
- Hospital-acquired Infections
- Cancer
- Hepatitis
- Gastrointestinal Disorders
- Other Applications
By End User:
- Physicians’ Offices
- Hospitals & ICUs
- Research Institutes
- Other End Users
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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