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The size of the point of care molecular diagnostics market is anticipated to be USD 13.26 billion by 2030, at a forecasted CAGR of 14.9% during the period from 2021-2030.
The Point of Care Molecular Diagnostics Market is influenced by several factors that are intertwined to shape its dynamics. One of these drivers includes high demand for fast and precise diagnosis especially in situations where there is need for immediate results to improve patient condition as well as save life. In view of this, point-of-care molecular diagnostics market has become increasingly important with respect to the rapid identification and accurate detection of infectious diseases and genetic disorders respectively.
This market is heavily impacted on by the diagnostic industry which makes continuous efforts in research and development focusing on innovative testing platforms. The market gets affected greatly when new molecular diagnostic devices such as handheld PCR systems or isothermal amplification technologies are introduced since it creates competition among diagnostic companies that seek more efficient access through point-of-care solutions.
Regulatory Factors Are Paramount When It Comes To Governing The Point Of Care Molecular Diagnostics Market. Owing to the critical nature of point-of-care diagnostic results, strict regulations and approval processes guaranteeing safety, reliability, accuracy molecular diagnostics test have been put in place. Regulatory authorities’ endorsement provides confidence to healthcare practitioners as well as patients who rely on their performance and validity thereby making compliance with regulatory guidelines a must for any diagnostic company introducing new technologies into the market.
Public awareness campaigns and education programs play an important role in shaping the Point Of Care Molecular Diagnostics Market. Educating medical professionals and ordinary people about various benefits associated with POCMD (Point-of-Care Molecular Diagnostic) improves demand for these advanced diagnosis tools due to fast results leading better outcomes. Diagnostic companies, health care providers & governments carry out awareness drives aimed at ensuring people get informed about them hence taking proactive approach towards implementation different health facilities like laboratory.
Technological Advancement in Molecular Diagnostics also affects Point of Care Molecular Diagnostics Market. Improved Nucleic acid amplification techniques, microfluidics and detection methodologies contribute to the development of more portable, easy to use rapid point-of-care molecular diagnostics devices. Additionally, advancements in sample preparation technologies and integration with information systems boost the overall efficiency and accessibility of point-of-care molecular testing. With these technological advancements come increased diagnostic precision as well as a response to the need for decentralized testing particularly in resource limited or remote areas.
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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