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Rapid growths coupled with technological advancements alongside decentralization tendencies define interactions among the stakeholders of Point-of-Care Molecular Diagnostics industry. One of the leading drivers in this market is time and place sensitive molecular testing. The tests are performed away from traditional laboratories to enable health provider such opportunity as bedside nucleic acid testing, remote or clinic based on point of care molecular diagnostics that save lives faster by eliminating wait for centralized labs’ outputs. Demand for quick results especially during emergencies propels a continuous growth of this market hence making it a crucial component in modern healthcare.
Therefore, progress made in molecular biology aspects and diagnostic technology plays an essential role in shifting dynamics within Point of Care Molecular Diagnostics industry. This has led to development of more compact and user friendly molecular testing platforms like Isothermal Amplification Techniques, etc., which have revolutionized traditional industry norms. Introduction of rapid molecular assays for infectious diseases, genetic disorders and oncology applications has brought changes into capabilities within point-of-care testing market. Numerous studies have been done regarding expanding the target analytes range, increasing sensitivity as well as accessibility towards point-of-care molecular diagnostics thus propelling innovations in its industry.
One notable aspect of the Point-of-Care Molecular Diagnostics market dynamics is the competitive landscape among diagnostic companies and technology developers. By means of molecular testing platforms innovations, strategic partnerships and collaborations as well as extending markets, players in the industry seek to gain competitive advantage. Intense competition in the market is facilitated by diversity of point-of-care molecular assays such as infectious disease panels, genetic testing panels and oncology markers. The overall dynamic nature of the market is enhanced through collaborations between diagnostics manufacturers and healthcare institutions that promote creation and adoption of cutting-edge point-of-care molecular diagnostic solutions.
The dynamics within this market are also influenced by public awareness and societal attitudes towards infectious diseases, genetic disorders, and molecular diagnostics. Changing testing behaviours toward quick on-site diagnosis can be attributed to increased perception about rapid or instant disease management. These changes arise from a shifting social landscape with community-driven demand for accessible and timely diagnostics within Point-of-Care Molecular Diagnostics.
Point of Care Molecular Diagnostics Market Highlights:
Global Point-of-Care Molecular Diagnostics Market Overview
The Point-of-Care Molecular Diagnostics Market size was valued at USD 4.37 billion in 2022 and is projected to grow from USD 5.02 billion in 2023 to USD 13.26 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.90% during the forecast period (2023 - 2030).The rising preference for personalized medicine and the increasing prevalence of infectious diseases are positively contributing to market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Point-of-Care Molecular Diagnostics Market Trends
- Rising preference for personalized medicine boosts market growth
One of the upcoming trends in medical innovation is personalized or targeted medicine. It is one of the most important fields that require the use of point-of-care products. In order to improve patient outcomes, healthcare providers are focusing on using point-of-care diagnostics to develop new drugs based on specific genetic biomarkers in major fields such as oncology, cardiac disease, inflammation, infectious diseases, central nervous system disorders, and many others. The rising global prevalence of cancer is increasing the preference for targeted therapy, which is influencing the demand for point-of-care diagnostics. According to World Health Organization (WHO), cancer is the leading cause of death around the globe, accounting for nearly 10 million deaths in 2020.
Furthermore, the prevalence of infectious diseases has increased due to various factors, such as climate change, rapid urbanization, and microbial evolution, among others. The type of infection caused by bacteria, viruses, fungi, and parasites, such as influenza virus infection, urinary tract infection, pneumococcal pneumonia, cytomegalovirus, Epstein-Barr virus, and human herpesvirus 6, among several others. Hence, the growing preference for personalized or targeted medicine for chronic diseases and increasing incidences of infectious disease is increasing the demand of point-of-care molecular diagnostic products.
Point-of-Care Molecular Diagnostics Market Segment Insights
Point-of-Care Molecular Diagnostics Product & Service Insights
The Point-of-Care Molecular Diagnostics Market segmentation, based on product & service, includes assays & kits, instruments & analyzers, and software & services. The assays & kits segment held the majority of the market in 2022 and software & services is attributed to be the fastest-growing segment during the forecast period. Assays & kits are required for generating many DNA molecules using primers and preparing libraries designed for gene expression detection from the newly developed DNA molecules. The number of reagents and test kits required varies according to the number of reactions to be performed. The increasing development and commercialization of high-quality test kits is driving the segment.
February 2021: Thermo Fisher Scientific, Inc. (US) announced it has completed its previously announced acquisition of Mesa Biotech, Inc. (US), a privately held point-of-care molecular diagnostic company.
Point-of-Care Molecular Diagnostics Technology Insights
The market segments of Point-of-Care Molecular Diagnostics, based on technology, includes Real-time Polymerase Chain Reaction (RT-PCR), Isothermal Nucleic Acid Amplification Technology (INAAT), and others. The RT-PCR segment dominated the market in 2022 and the INAAT segment is expected to be the fastest-growing segment during the forecast period. Real-time polymerase chain reaction (RT-PCR) is a popular method for measuring gene expression. It is more sensitive than microarrays at detecting small changes in expression.
Figure 2: Point-of-Care Molecular Diagnostics Market, by Technology, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Point-of-Care Molecular Diagnostics Application Insights
Based on application, the Point-of-Care Molecular Diagnostics industry has been segmented into cancer, infectious diseases, hematology, endocrinology, and others. The cancer segment is attributed to held the largest market share in 2022 and infectious diseases is projected to be the fastest growing segment during the forecast period, owing to the increasing prevalence of infectious diseases such as respiratory diseases, sexually transmitted diseases, and Human-acquired Infectious Diseases (HAIs). For instance, in March 2022, as per the World Health Organization's Member States Information Session on Infection Prevention and Control (IPC), 8.9 million HAIs occur in the European Union (EU) /European Economic Area (EEA) each year.
Point-of-Care Molecular Diagnostics End User Insights
Based on end user, the Point-of-Care Molecular Diagnostics industry has been segmented into hospitals & clinics, diagnostic centers, and others. The hospital & clinics is attributed to held the largest market share in 2022, and diagnostic centers are projected to be the fastest-growing segment during the forecast period, owing to the rising geriatric population and increasing prevalence of chronic diseases.
Point-of-Care Molecular Diagnostics Market Regional Analysis
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America point-of-care molecular diagnostics market accounted for the largest market share in 2022, due to the increasing incidences of cancer and infectious diseases. According to the American Cancer Society, Inc. (US), there were an estimated 1.9 million new cancer diagnoses and 608,570 cancer deaths in the US in 2021.
Further, the major countries studied are: The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: POINT-OF-CARE MOLECULAR DIAGNOSTICS MARKET BY REGION 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe point-of-care molecular diagnostics market accounts for the second-largest market share owing to the growing preference for personalized medicine, increasing collaboration among companies, increasing product approval by major players, and the increasing prevalence of cancer are driving the growth of the point-of-care market. According to the WHO and the Annals of Oncology, there were around 12 million new cases of cancer in Europe in 2022. The increasing cancer population supports market growth in this region. Furthermore, the Germany market of point-of-care molecular diagnostics is attributed to held the largest market share in 2022, and the France market of point-of-care molecular diagnostics is projected to be the fastest-growing market in the Europe region.
The Asia-Pacific point-of-care molecular diagnostics market is expected to grow at a significant share from 2023 to 2030 owing to the increasing prevalence of infectious diseases, and cardiovascular and neurological diseases. Moreover, China market of point-of-care molecular diagnostics is estimated to held the largest market share in 2022, and the India market of point-of-care molecular diagnostics is projected to be the fastest-growing market in the Asia-Pacific region.
Point-of-Care Molecular Diagnostics Market Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market of point-of-care molecular diagnostics grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the point-of-care molecular diagnostics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Abbott Laboratories, Inc. (US) is a multinational healthcare conglomerate whose mission is to help people live the healthiest lives possible. The company offers a comprehensive selection of market-leading solutions that are linked with long-term healthcare trends in both established and emerging markets. Abbott is poised to achieve top-tier growth, improving margins, robust cash flow, and increasing returns to shareholders, building on a strong foundation of more than 130 years of success. It has a strong presence in the Americas, Greater China, Europe, the Middle East, and Africa. In March 2020, the company launched a molecular point-of-care test to detect novel coronavirus in as little as five minutes. The test can be conducted on the company's ID NOW platform, a portable instrument with the largest point-of-care installed base that provides rapid results in a variety of healthcare settings, including physicians' offices, urgent care clinics, and hospital emergency departments.
Key Companies in the Market of Point-of-Care Molecular Diagnostics includes.
- Abbott Laboratories, Inc. (US)
- Hoffmann-La Roche Ltd (Switzerland)
- QIAGEN N.V. (Germany)
- Becton, Dickinson and Company (US)
- Cepheid (US)
- altona Diagnostics GmbH (Germany)
- Siemens Healthineers AG (Germany)
- Thermo Fisher Scientific, Inc. (US)
- ELITechGroup (France)
- Trinity Biotech plc (Ireland)
- Others
Point-of-Care Molecular Diagnostics Industry Developments
February 2021: Thermo Fisher Scientific, Inc. (US) announced it has completed its previously announced acquisition of Mesa Biotech, Inc. (US), a privately held point-of-care molecular diagnostic company.
July 2020: Becton, Dickinson, and Company (US) received US Food and Drug Administration approval for a rapid, point-of-care SARS-CoV-2 diagnostic test, namely the BD Veritor Plus System. It is an easy-to-use, highly portable instrument, which is imperative to improving access to COVID-19 diagnostics.
Point-of-Care Molecular Diagnostics Market Segmentation
Point-of-Care Molecular Diagnostics Product & Service Outlook
- Assays & Kits
- Instruments & Analyzers
- Software & Services
Point-of-Care Molecular Diagnostics Technology Outlook
- RT-PCR
- INAAT
- Others
Point-of-Care Molecular Diagnostics Application Outlook
- Cancer
- Infectious Diseases
- Hematology
- Endocrinology
- Others
Point-of-Care Molecular Diagnostics End User Outlook
- Hospitals & Clinics
- Diagnostic Centers
- Others
Point-of-Care Molecular Diagnostics Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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