Point-of-Care Molecular Diagnostics Market Size, Share & Trends Analysis By Application (Infectious Diseases, Oncology, Prenatal Testing), By Technology, By Test Location, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Point-of-Care Molecular Diagnostics Market Size, Share & Trends Analysis By Application (Infectious Diseases, Oncology, Prenatal Testing), By Technology, By Test Location, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Point-of-Care Molecular Diagnostics Market Growth & Trends

The global point-of-care molecular diagnostics market size is expected to reach USD 10.12 billion by 2030, registering a CAGR of 3.1% over the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of infectious diseases such as COVID-19, HIV, HBC, HCV, along with growing geriatric population is predicted to fuel the need for POC molecular diagnostics tests. Furthermore, rapid and accurate results offered by these POC tests act as a major factor for such growing acceptance across geographies. Moreover, rising emphasis for home care and assisted care facilities across emerging economies is also predicted boost POC molecular diagnostics market growth during the forecast years.

Global geriatric population is increasing, which is expected to boost the demand for POC molecular diagnostics. Estimates published by the WHO suggest that the global population of age group 65 years and above is expected to increase from 7% in 2000 to 16% in 2050. Aging elevates the risk of diseases such as cardiovascular and cancer. Therefore, increase in global geriatric population is expected to raise the demand for continuous monitoring via facilities requiring POC MDx, such as home healthcare and assisted living healthcare facilities. Japan and China are two of the most affected Asian countries, and a significant increase in Japan’s geriatric population is anticipated. Currently, more than 20% of the country’s population is over the age of 65 years.

Increasing prevalence of cancer across countries has resulted in a continuous demand for point-of-care molecular diagnostic tests within hospitals. According to the National Center for Chronic Disease Prevention and Health Promotion, the annual cancer cases are likely to grow from 1.53 million in 2015 to 2.28 million by 2050. CDC has predicted incidence is likely to increase by 50% owing to increasing population within the U.S. Furthermore, emergence of CRISPR and NGS techniques for cancer detection has improved the diagnosis rates tremendously. With increasing affordability of NGS in past decade has also benefited the POC molecular diagnostics market for oncology. Such factors are likely to drive the global market.

Major companies active in the POC molecular diagnostics market include Danaher, BioMerieux, Bio-Rad Laboratories, Inc., Abbott, F. Hoffmann-La Roche AG, BD, and many more. Large number of pilot programs being initiated are likely to bring new products in the market. For instance, in march 2022, Intermountain Healthcare announced that they will be rolling out a Galleri Multi-Cancer Early Detection Test for 50 of their employees as a pilot plan, with this the company is expecting to launch new product in order to improve their market position.

Point-of-Care Molecular Diagnostics Market Report Highlights

• By technology, the PCR-based segment held a larger share of the point-of-care molecular diagnostics market owing to increasing demand for RT-PCR tests for diagnosis of COVID-19 and other infectious diseases
• The POC test location segment is expected to grow lucratively over the forecast period due to rising demand from hospitals, clinics and ambulatory centers opting for rapid POC tests
• North America dominated the global market in 2022, owing to increasing demand for new technologies, a large pool of key players, rising prevalence of cancer, infectious diseases, and advanced healthcare infrastructure
• The Asia Pacific is expected to grow considerably in the future owing to due to the growing healthcare infrastructure and rising awareness of cancer testing within the region

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