Global Point of Care Molecular Diagnostics Market Segmentation, By Product and Services (Assays and Kits, Instruments/Analyzers, Software and Services), Technology (Polymerase Chain Reaction-Based, Genetic Sequencing-Based, Hybridization-Based, Microarray-Based, Isothermal Nucleic Acid Amplification Technology (INAAT), Others), Test Location (Over The Counter, Point of Care), Application (Respiratory Diseases, Sexually Transmitted Diseases, Hospital-Acquired Infections, Oncology, Hepatitis, Hematology, Prenatal Testing, Endocrinology, Others), End User (Physician Offices, Hospital Emergency Departments and Intensive Care Units, Research Institutes, Home-Care, Decentralized Labs, Assisted Living Healthcare Facilities, Others) – Industry Trends and Forecast to 2031.
Point of Care Molecular Diagnostics Market Analysis
Increased focus of the researchers and scientists on the application of a wide array of tests to detect specific sequences in DNA or RNA has led to the wide scale application of point of care molecular diagnostics. These point of care molecular diagnostics tests help in diagnosing the changes in a gene or chromosome that may cause or affect the chance of developing a specific disease. Any change in such case can lead to disorders and diseases such as cancer.
Point of Care Molecular Diagnostics Size Market
Global point of care molecular diagnostics market size was valued at USD 3.86 billion in 2023 and is projected to reach USD 10.55 billion by 2031, with a CAGR of 13.4% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Point of Care Molecular Diagnostics Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Key Market Players
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Abbott (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher. (US), BD (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), bioMérieux S.A. (France), DiaSorin S.p.A (Italy), AccuBioTech Co., Ltd. (China), Meridian Bioscience (US), Biocartis Bioscience (Europe), GeneSTAT Molecular Diagnostics, LLC (US), Terumo Corporation (Japan) and Grifols, S.A (Spain)
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Market Opportunities
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Point of Care Molecular Diagnostics Market Definition
Point of care molecular diagnostics are the diagnostic tests that are conducted to diagnose and detect infectious diseases in patients these are fast, reliable and offer a greater degree of reach. Owing to their faster results, the point of care molecular diagnostics help to suggest the correct treatment options available for the patients.
Point of Care Molecular Diagnostics Market Dynamics
Drivers
- Rising prevalence of infections
Growing incidence rate of infectious diseases and acute and chronic disorders is one of the major factors fostering the growth of the market. For example- increasing prevalence of cancer and HIV aids is directly influencing the market growth rate. In 2019, according to the Department of Health & Human Services, more than 38 million people were suffering from HIV aids.
- Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the development of emergency healthcare services is also bolstering the market growth rate.
- Growing investment for healthcare facilities
Surging focus towards improving the condition of healthcare facilities and improving the overall healthcare infrastructure another important factor fostering the growth of the market. Rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology is further creating lucrative market opportunities.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities, rising conferences and exhibitions to raise awareness of robotic systems in pharmaceutical manufacturing, rising number of road accidents and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2024 to 2031. Additionally, increased demand for collaborative robots in manufacturing facilities, rising internet penetration rate, rising need for home healthcare services and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges
On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities and dearth of awareness in the backward economies are expected to obstruct market growth. Also, lack of favorable reimbursement scenario and technology penetration in the developing economies, stringent regulatory hurdles pertaining to the point of care diagnostic test kits, lack of alignment with definitive central lab methods and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2024-2031.
This point of care molecular diagnostics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the point of care molecular diagnostics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Point of Care Molecular Diagnostics Market
COVID-19 has stimulated the market growth rate in the upward direction. Increasing number of patients and booming hospitalization rate owing to the spread of virus is one of the biggest factors responsible for pushing up the market growth rate. Growing focus of the healthcare institutions to provide the best of facilities to the patients ensured a good run of the market in this pandemic. Further, rising global demand for diagnostic kits to rapidly detect the disease in this period created lucrative market growth opportunities. Moreover, increasing prevalence of other respiratory illnesses across the globe and improved access to point-of-care devices through online platforms further pushed the growth rate of the market.
Point of Care Molecular Diagnostics Market Scope
The point of care molecular diagnostics market is segmented on the basis of product and services, technology, test location, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product and services
- Assays and Kits
- Instruments/Analyzers
- Software and Services
Technology
- Polymerase Chain Reaction-Based
- Genetic Sequencing-Based
- Hybridization-Based
- Microarray-Based
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Others
Test location
- Over The Counter
- Point of Care
Application
- Respiratory Diseases
- Sexually Transmitted Diseases
- Hospital-Acquired Infections
- Oncology
- Hepatitis
- Hematology
- Prenatal Testing
- Endocrinology
- Others
End user
- Physician Offices
- Hospital Emergency Departments and Intensive Care Units
- Research Institutes
- Home-Care
- Decentralized Labs
- Assisted Living Healthcare Facilities
- Others
Point of Care Molecular Diagnostics Market Regional Analysis
The point of care molecular diagnostics market is analyzed and market size insights and trends are provided by country, product and services, technology, test location, application and end user as referenced above.
The countries covered in the point of care molecular diagnostics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the point of care molecular diagnostics market because of the strong base of healthcare facilities, increased adoption of advanced point of care molecular diagnostics solutions to detect infections diseases and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2024 to 2031 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, availability of massive untapped markets, large population pool, availability of the well-established infrastructure, improving rate of adoption of point of care molecular diagnostics in India and China and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Point of Care Molecular Diagnostics Market Share
The point of care molecular diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to point of care molecular diagnostics market.
Point of Care Molecular Diagnostics Market Leaders Operating in the Market Are:
- Abbott (US)
- Siemens Healthineers AG (Germany)
- Quidel Corporation (US)
- F. Hoffman-La Roche Ltd. (Switzerland)
- Danaher. (US)
- BD (US)
- Chembio Diagnostics (US)
- EKF Diagnostics (UK)
- Trinity Biotech plc (Ireland)
- Instrumentation Laboratory (US)
- Nova Biomedical (US)
- PTS Diagnostics (US)
- Sekisui Diagnostics (US)
- Thermo Fisher Scientific (US)
- bioMérieux S.A. (France)
- DiaSorin S.p.A (Italy)
- AccuBioTech Co., Ltd. (China)
- Meridian Bioscience (US)
- Biocartis Bioscience (Europe)
- GeneSTAT Molecular Diagnostics, LLC (US)
- Terumo Corporation (Japan)
- Grifols, S.A (Spain)
Latest Developments in Point of Care Molecular Diagnostics Market
- 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
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