POC Molecular Diagnostics Market

Global POC Molecular Diagnostics Market Size (2023 to 2028)

The global market size for POC molecular diagnostics is estimated to grow at a CAGR of 13.13% from 2023 to 2028 and be worth USD 7.06 billion by 2028 from USD 3.81 billion in 2023.

Point-of-care molecular diagnostics or POC molecular diagnostics is essential to detect infectious agents and minimal residual diseases and determine a patient's ability to metabolize a drug. In addition, it helps clinicians to improve the standard of care during the patient's first visit for test results by combining rapid diagnosis with a treatment opinion. Point-of-care molecular diagnostics are performed to diagnose and detect infectious diseases in patients in saliva, blood, nasal swab, urine, and feces.

Impact of COVID-19 on the global POC molecular diagnostics market:

The market had a positive impact on the COVID-19 pandemic since the growing number of patients and hospitalization rate is one of the most significant factors responsible for increasing the market rate, since it leads to growing global demand for diagnostic kits to detect disease early and the growing attention to providing the best facilities boosted the growth rate of the market in an upward direction. In addition, rising cases of different respiratory illnesses around the world have also accelerated the market's growth rate. These illnesses were crucial in the pandemic by allowing for the timely collection of specimens, and internet platforms have enhanced access to point-of-care equipment.

MARKET DRIVERS:

The increased focus of researchers on a wide range of assays for detecting specific sequences in DNA or RNA which diagnose changes in a gene or chromosome and the growing demand for diagnostic tools to control and eliminate infectious diseases are propelling the POC molecular diagnostics market.

The growing geriatric population worldwide, an increasing number of traffic accidents happening worldwide on a regular basis, growing demand for personalized medicine, a growing number of regulatory approvals, and the ability to give faster results through rapid detection of the causative agent for effective treatment are further anticipated to fuel the growth rate of the market. In addition, growing investments in R&D, remarkable change through modern techniques, and increased innovation and product development due to technological advancements are further driving the POC molecular diagnostics market.

The rising prevalence of various infections augments the POC molecular diagnostics market growth.

The increasing prevalence of infectious diseases among newborns and the elderly and the growing incidence rate of acute and chronic infectious disorders such as AIDS and HIV support the market's growth. For instance, more than 38 million people had AIDS because of HIV, according to the Department of Health and Human Services in 2019. This makes it even more critical to treat threatening diseases, increasing the demand for rapid tests for faster diagnosis of diseases, thereby driving the POC molecular diagnostics market.

Furthermore, the growing focus on improving the condition of healthcare facilities growing number of strategic partnerships and collaborations between public and private sectors is leading to the holding of research and development competitions for the development of emergency medical care services for improving the overall healthcare infrastructure, which is also expected to drive the market advantageously.

MARKET RESTRAINTS:

High costs associated with R&D, lack of favorable reimbursement scenarios, limited infrastructure, and stringent regulatory hurdles for POC diagnostic test kits are expected to hamper POC molecular diagnostics market growth. Additionally, lack of awareness in lagging economies, low technology penetration in developing economies, lack of alignments with outstanding laboratory facilities, lack of adequate infrastructure in low and middle, and frequent obstructions in funding for scientific research is expected to hamper the POC molecular diagnostics market over the forecast period.

REPORT COVERAGE:

This research report on the global POC molecular diagnostics market has been segmented and sub-segmented based on product, application, end-user, and region.

POC Molecular Diagnostics Market – By Product:

• Kits & Assays
• Analyzers
• Software & Services

Based on the product type, the tests and kits segment accounted for the leading share of the global POC molecular diagnostics market in 2022 owing to its highly accurate and rapid nature, growing adoption of these products in key end-use vertical markets, and wide adoption in clinical and research settings.

The analyzers segment is expected to hold a substantial market share during the forecast period due to improved efficiency, space-saving standardized results, cost-effectiveness, and efficient and accurate results. In addition, they are placed close to the patient when there is a need for an isolation laboratory for the patient's care.

POC Molecular Diagnostics Market – By Application:

• Oncology
• Respiratory Diseases
• Prenatal Testing
• Transmitted Diseases (STDs)
• Hospital Acquired Infections (HAIs)

Based on the application, the oncology segment is expected to grow at the highest CAGR during the forecast period owing to a rise in cancer cases worldwide. 19.3 million new cancer cases were diagnosed worldwide by WHO in 2020, due to which cancer is estimated to be the second leading cause of death in the US. To improve adoption and access to molecular diagnostics in oncology, the British Association for In Vitro Diagnostics has been working with NHS England to develop a starter framework to help molecular diagnostics in oncology.

The respiratory disease segment is expected to hold a more significant market share due to the rise in respiratory diseases worldwide, primarily due to virus since it is estimated to cause 5.8 million deaths, advances in POC molecular testing for infectious disease using standard multiplex PCR test which can detect multiple respiratory viruses in a single test.

POC Molecular Diagnostics Market – By End-User:

• Hospital Outpatient Department and Intensive Care Units (ICUs)
• Clinics and Diagnostic Laboratories
• Research and Academic Institutes

The hospitals and ICUs segment of the point-of-care molecular diagnostics market is expected to dominate the market owing to a Rising number of hospitals along with increasing adoption of point-of-care molecular testing in these units to detect the diseases rapidly and accurately and due to the presence of a skilled workforce, sophisticated infrastructure, and a growing number of hospitals over the forecast period.

The clinics and diagnostic labs segment is anticipated to grow at a healthy CAGR during the forecast period due to reimbursement of diagnostic tests since these tests are typically conducted in private or public laboratories, which are outfitted with suitable and occasionally pricey instruments and staffed with employees who are trained and competent to conduct the tests. In addition, in infectious bacteria diagnosis, POC tests conducted at or close to the location of patient care are desired so that the healthcare team can acquire results more rapidly and make educated management decisions immediately.

POC Molecular Diagnostics Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the global market for point-of-care molecular diagnostics in 2022 owing to factors such as vital safe and early diagnosis, strong healthcare facility base, increasing prevalence of infectious diseases, and the role of key industry players to gain competitive advantage by adopting various inorganic growth strategies, and increased adoption of advanced point-of-care molecular diagnostics solutions since they can overcome the use of PCR-based procedures. Moreover, increasing research operations for new product development, high R&D investments by governments, the rapid expansion of the automated molecular diagnostic testing systems, and an increase in cases of cancer and various infectious diseases are other factors driving market growth in the North American region. In this region, investments in R&D are growing significantly to develop advanced POC molecular diagnostic tests, which is expected to generate lucrative growth possibilities for the market participants.

The point-of-care molecular diagnostics market in Europe is anticipated to show the highest CAGR in the POC molecular diagnostics market over the forecast period owing to the growing epidemiology of infectious and chronic diseases, the established healthcare sector, the growing demand for rapid diagnostics, the presence of rapid growth in the diagnostics market, and the development of new molecular diagnostic tests for DNA analysis. Further, approximately 375,400 new cases of cancer were recorded in 2018 in the UK, according to Cancer Research UK. This is leading to a rise in continuous efforts of significant market players to strengthen their position in the market, increased governmental and non-governmental investments, and a rise in focus on developing advanced technologies are some of the other significant factors contributing to the increase in market share.

The Asia-Pacific region is expected to rise considerably over the forecast period owing to the ever-expanding patient pool, a more extensive population base requiring clinical testing, higher market penetration, early prevention and diagnosis, high unmet market needs, and more targeted therapies. Also, due to an increase in government awareness initiatives, availability of well-established infrastructure, increase in medical tourism, and improved adoption rate of point-of-care molecular diagnostics in developing countries like India and China, which demand growing quality health care in the region.

Most key market players in the molecular diagnostics market in Latin America, the Middle East, and Africa offer good instruments and software and some products which cover the categories of kits and reagents, due to which there is the expectation of significant market share from these regions.

KEY MARKET PARTICIPANTS:

Abbott Laboratories, Bayer AG, BioMerieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche Ltd., Nova Biomedical, OraSure Technologies, Inc., Qiagen Gmbh and Sekisui Medical Co., Ltd are a few of the prominent companies operating in the global POC molecular diagnostics market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2022, the fastest growing segment of in vitro diagnostics, EDAN Instruments, Inc., Bangkok, showcased ClariLight CL30, the first molecular diagnostic test system for expanding the product portfolio in diagnostic applications.
• In October 2022, a next-generation point-of-care diagnostics company, LumiraDx, received the award and announced its new name, the 2022 European Technology Innovation Leader for the microfluidic point-of-care diagnostics industry by Frost & Sullivan, since the company leveraged active microfluidic technology which gives comprehensive, real-time, and accurate diagnostics for healthcare providers.