Global Point of Care Molecular Diagnostics Market 2023-2030

Global Point of Care Molecular Diagnostics Market 2023-2030

Global Point of Care Molecular Diagnostics Market Size, Share & Trends Analysis Report by Application (Influenza, Mononucleosis, Respiratory Infectious Disease, Gastrointestinal Infectious Disease, Sexually Transmitted Disease, and Others (prenatal testing, and endocrinology)), by End User (Hospitals, Homecare, and Others (decentralized labs)), and by Technology (PCR, Genetic Sequencing, Hybridization, and Microarray) Forecast Period (2022-2030)

Global point of care molecular diagnostics market is estimated to grow at a CAGR of 8.2% during the forecast period. Increased R&D funding for technologies that will reduce clinical diagnostic testing time is driving growth in the point-of-care molecular diagnostics market. Notably, the COVID-19 pandemic has driven greater willingness by regulatory authorities to fast-track approval of diagnostic products. For instance, in April 2020, the US National Institutes of Health (NIH) Point-of-Care Technologies Research Network (POCTRN) launched the Rapid Acceleration of Diagnostics (RADxSM) initiative. The initiative accelerates the development, validation, and commercialization of innovative point-of-care and home-based tests, as well as improvements to clinical laboratory tests, that can directly detect SARS-CoV-2. In addition, the increased prevalence of chronic diseases that require long-term outpatient care, rapid shifts in government and research funding, and exciting advancements in life science technologies are the major factors that further boost the market growth. According to the Center for Disease Control and Prevention (CDC), almost half of all American adults have high blood pressure, and cardiovascular disease is responsible for one in three deaths, nearly 859,000 people in the US suffered from various chronic diseases in 2022.

Segmental Outlook

The global point of care molecular diagnostics market is segmented based on its application, end user, and technology. Based on application, the market is divided into Influenza, Mononucleosis, Respiratory Infectious Disease, Gastrointestinal Infectious Disease, Sexually Transmitted Diseases, and Others (prenatal testing, and endocrinology). Based on end user, the market is segmented into hospitals, homecare, and others (decentralized labs). Based on technology, the market is categorized into PCR, genetic sequencing, hybridization, and microarray. Based on technology, the PCR segment is projected to grow at a favorable rate. The growth is attributed to the growing use of PCR in proteomics, genomics, and COVID-19 testing, as it is easy-to-use devices are the major factors driving the growth of this market segment.

The Mononucleosis segment is Projected to Grow at a Favorable Rate

Based on application, the Mononucleosis segment holds a significant market share in the market during the forecast period. The major factors responsible for the growth of mononucleosis include rising health awareness, increasing mononucleosis cases, and the rise in the adolescent population. Moreover, infectious mononucleosis mostly affects adolescents and young adults 15 to 24 years of age (6 to 8 cases per 1,000 person-years), particularly those living in communal environments, such as dormitories or military barracks, nearly 11 to 48 cases per 1,000 people were infected by mononucleosis according to the American Heart Association.

Regional Outlooks

The global point of care molecular diagnostics market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Based on geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific is expected to witness the fastest growth over the forecast period owing to a larger population base, and availability of potential cost-effective implementation of point of care molecular diagnostics tests.

Global Point of Care Molecular Diagnostics Market Growth, by Region 2023-2030

Source: OMR Analysis

The North American Region Leads the Growth of the Global Point of Care Molecular Diagnostics Market

Increasing cases of cancer and well-established healthcare systems are the prominent factors that drive market growth According to the American Cancer Society, in 2021, there were 1,898,160 new cancer cases diagnosed and 608,570 cancer mortality in the US. In addition, the high prevalence of infectious diseases, and the presence of major market players that are offering molecular diagnostics tests by entering into partnership, collaboration, and funding strategy, is projected to boost market growth. For instance, in December 2021, Spesana, EMRs, and Biodesix Inc., announced that they have partnered to further streamline and automate the use of molecular diagnostics in clinical workflows across the US utilizing Spesana’s digital platform solutions for comprehensive lung cancer management. Spesana cloud-based Digital Healthcare Platform unifying all EMRs, Lab Information Systems and Molecular Diagnostics to improve what is often considered a broken electronic healthcare system that all too frequently turns what should be simple tasks into complex problems for healthcare providers.
\Market Players Outlook
Major companies contributing to the global point of care molecular diagnostics market include Abbott Laboratories, Becton, Dickinson and Co., Bosch Healthcare Solutions GmbH, Siemens Healthineers, Thermo Fisher Scientific Inc., Enzo Biochem, Eurofins Scientific, Fluxergy, and others. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger, and acquisition, collaborations with government, and technological advancements to stay competitive in the market. For instance, in March 2023, Global Fund, USAID and Stop TB partnership entered into a collaboration with Molbio Diagnostics, point-of-care molecular diagnostics company and inventor of the globally renowned Truenat platform. This partnership help democratize and increase access to timely and accurate diagnostic settings to affected patients, thus helping Molbio achieve its goal of providing complete testing solutions via the Truenat platform.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global point of care molecular diagnostics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.