Point of Care Molecular Diagnostics Market

Point of Care Molecular Diagnostics Market Size

Global Point of Care Molecular Diagnostics Market to surpass USD 7.6 billion by 2031 from USD 3.2 billion in 2021 at a CAGR of 9.2% in the coming years, i.e., 2021-2031

Molecular diagnostic testing blends laboratory testing with molecular biology precision, revolutionizing how clinical and public health laboratories explore human, viral, and microbial genomes, genes, and the products they encode. Various conventional tests have been replaced by molecular diagnostic assays in many areas of laboratory medicine, including infectious diseases, oncology, clinical genetics, and clinical chemistry. Furthermore, advances in molecular diagnostic testing will continue to improve the precision and speed with which we can detect microbial infections or study a patient's genes, and it will become an increasingly important part of patient-tailored interventions and medicines.

Market Highlights

Global Point of Care Molecular Diagnostics Market is expected to register huge progress at a notable CAGR of 9.2% by 2031

Global Point of Care Molecular Diagnostics Market to surpass USD 7.6 billion by 2031 from USD 3.2 billion in 2021 at a CAGR of 9.2% in the coming years, i.e., 2021-2031. The Point of Care Molecular Diagnostics Market is being driven by factors such as the rising prevalence of infectious diseases & cancer, a growing focus on decentralized diagnostics, and increased R&D investment. Furthermore, growing awareness of the early diagnosis of infectious diseases and increased usage of point-of-care diagnostic tests are other drivers driving market expansion.

Global Point of Care Molecular Diagnostics Market: Segments

Assays & Kits segment is predicted to lead the market over the forecast period with maximum CAGR

By Product and Service, the Global Point of Care Molecular Diagnostics Market is divided into Assays & Kits, Instruments & Analyzers, and Software & Services. The sector of assays and kits held the greatest share of the market. The market expansion of this sector is driven by frequent purchases of these products due to their regular use. Today, a diverse range of kits and assays are available for monitoring and diagnosing a wide range of disorders.

RT-PCR segment is expected to witness a higher share of the market in the near future

By Technology, the Global Point of Care Molecular Diagnostics Market is divided into RT-PCR, INAAT, and Other Technologies. The RT-PCR sector had the most market share. The expanding usage of RT-PCR in proteomics, COVID-19 testing, genomics, as well as the availability of portable, easy-to-use instruments, are the primary drivers of this market segment's growth.

Market Dynamics

Drivers

Growing number of cancer patients and individuals affected with infectious diseases across the globe is majorly boosting the market

Infectious diseases and cancer are becoming more common in both developed and developing countries, which will boost the market for point-of-care molecular diagnostics. The rising frequency of prescriptions for molecular diagnostic tests is due to the diagnosis and management of such disorders. During the projection period, these factors, combined with the growing tendency toward preventive medicine, are likely to increase the demand for point-of-care molecular diagnostics.

The shift from centralized to decentralized owing to its simplicity, convenience, and other benefits is propelling the market growth

Molecular diagnostics is changing from centralized laboratories to point-of-care testing. POCT is quickly gaining acceptance because of its ease of use, comfort, quick turnaround time, and potential to enhance patient outcomes. It can be used for diagnosis in low-resource or distant places because of these advantages.

Restraint

Insufficient reimbursements are hampering the market growth of Global Point of Care Molecular Diagnostics

Inadequate reimbursements are a major stumbling block to the point-of-care molecular diagnostics market's expansion. Most diagnostic companies have significant difficulty in commercializing their tests: convincing Medicare and private health insurers to pay for them.

Global Point of Care Molecular Diagnostics Market:

Key Players

• Abbott Laboratories

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• Bayer AG
• BioMerieux SA
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• F. Hoffmann-La Roche Ltd.
• Nova Biomedical
• OraSure Technologies, Inc.
• Qiagen Gmbh
• Sekisui Medical Co., Ltd.
• Zoetis Inc.
• Other Prominent Players

Global Point of Care Molecular Diagnostics Market: Regions

Global Point of Care Molecular Diagnostics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa North America has the greatest share of the worldwide point-of-care molecular diagnostics market by region. The highly developed healthcare system in the United States and Canada, as well as simple access to technologically advanced instruments, are driving the expansion of the North American point-of-care molecular diagnostics market.

Impact of COVID-19 on Global Point of Care Molecular Diagnostics Market

The COVID-19 pandemic had a negative impact on most companies' total sales, but it had a favorable impact on the point-of-care molecular diagnostics industry due to the widespread use of molecular diagnostic technologies for COVID-19 testing. Lockdowns triggered by the COVID-19 epidemic forced people to put off getting their health checked, reducing the number of tests performed and reagent sales. However, as governments increasingly loosen travel restrictions, there is a rebound in testing numbers.

Global Point of Care Molecular Diagnostics Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, Japan, and Rest of Asia Pacific
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, South Africa, and Rest of Middle East and Africa

Global Point of Care Molecular Diagnostics Market report also contains an analysis on:

Global Point of Care Molecular Diagnostics Market Segments:

• By Product & Service
  • Assays & Kits
  • Instruments & Analyzers
  • Software & Services
• By Technology
  • RT-PCR
  • INAAT
  • Other Technologies
• By Application
  • Respiratory Diseases
  • Sexually Transmitted Diseases
  • Hospital-acquired Infections
  • Cancer
  • Hepatitis
  • Gastrointestinal Disorders
  • Other Applications
• By End-User
  • Physicians’ Offices
  • Hospitals & ICUs
  • Research Institutes
  • Other End Users
• Global Point of Care Molecular Diagnostics Market Dynamics
• Global Point of Care Molecular Diagnostics Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Global Point of Care Molecular Diagnostics Market Report Scope and Segmentation

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