The Global Point of Care Molecular Diagnostics Industry is poised for a surge in growth, according to a recent market analysis by Future Market Insights (FMI). With a projected valuation of US$4.4 billion in 2023, the market is expected to experience significant expansion, reaching a staggering US$11.1 billion by 2033. This translates to a robust Compound Annual Growth Rate (CAGR) of 9.7% over the next decade.
The extraordinary trajectory of this industry indicates a growing demand for point-of-care molecular diagnostics, which is being driven by the increasing prevalence of infectious and chronic diseases. Cardiovascular disease, diabetes, and the continued issues posed by COVID-19 have all contributed to the increased demand for rapid and precise diagnostic treatments.
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The growing advanced technology, diagnostic tests, preventive medicine, and knowledge of molecular mechanisms are driving the market growth. Furthermore, the adoption of the Global Point of Care Molecular Diagnostics Industry by laboratory specialists for sequencing DNA & multi-gene is expanding the market size. These diagnostics rapidly show the results with accuracy and are estimated to increase the sales of point-of-care molecular diagnostics.
Increasing respiratory, gastrointestinal, and sexually transmitted diseases are advancing the market growth. Emerging economies, government initiatives, and low-cost POC molecular diagnostics are the prime factors that propel market opportunities.
Factors Restraining the Global Point of Care Molecular Diagnostics Industry Growth
The market is going through a growth decline due to a few factors which are given below:
The dearth of consciousness about healthcare products, and poor penetration of advanced healthcare devices restrain market growth. The unavailability of advanced devices and the absence of government policies must gain market growth in developing countries.
Which Technology Category Booms the Global Point of Care Molecular Diagnostics Industry Growth?
The RT-PCR category dominates the global market with its remarkable CAGR of 9.2% during the foreseen time. The adoption of RT-PCR is rising due to the rise in tests such as genomics, COVID-19, proteomics, and others. It is a real-time system that shows results immediately, has high sensitivity, and costs efficiently. Due to the significant growth of infectious patients, healthcare providers are accelerating the demand for RT-PCR to provide patients with relevant data immediately.
Global Point of Care Molecular Diagnostics Industry Key Takeaways:
- The Global point-of-care Molecular Diagnostics Industry is expected to have a valuation of US$ 11.1 billion by 2033.
- With a CAGR of 9.7%, the global market will increase from 2022 to 2033.
- The United States market is anticipated to capture a CAGR of 9.5% through 2033.
- With a CAGR of 8.8%, the United Kingdom market significantly uplifts during the forecast period.
- China’s market is expected to expand at a CAGR of 9.1% over the forecast period.
- Japan’s market is likely to capture a CAGR of 8.2% from 2023 to 2033.
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Who is winning?
Key players fragment the global market by contributing an impressive role. These players are bringing new ideas and adapting them to build advanced products, which in turn surging market opportunities. Growing technologies, including Artificial Intelligence and the Internet of Things, have surpassed market growth in recent years.
By accepting these technologies, key players welcome better detection machines and equipment as per patients’ requirements. They further follow several effective marketing strategies such as partnerships, mergers, acquisitions, agreements, and product launches.
Recent Developments in the Global Point of Care Molecular Diagnostics Industry:
- In Feb 2022, Sense Biodetection signed an agreement with Una Health to distribute COVID-19 testing equipment.
- In Dec 2021, FIND Company invested a valuation of US$ 21 million in S.D. Biosensor, Biomeme, Quaife, and Bioneer for manufacturing, developing, and launching an affordable COVID-19 testing detector.
- A healthcare provider BioMérieux agreed to partner with Africa Medical Supplies Platform in Oct 2020 to supply premium quality COVID-19 diagnostic solutions.
- Abbott Laboratories announced its new COVID-19 detection product which can deliver results within minutes, in March 2020.
- In Oct 2018, QIAGEN agreed to enhance its portfolio with STAT-Dx to provide its customers with a next-generation PCR system.
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Global Point of Care Molecular Diagnostics Industry Segmentation by Category
By Products & Services:
- 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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