Point of Care (PoC) Molecular Diagnostics Market is anticipated to grow up to USD 5.6 billion by 2031 | Global Insight Services

The global point of care (PoC) molecular diagnostics market was valued at USD 3.0 billion in 2021 and it is anticipated to grow up to USD 5.6 billion by 2031, at a CAGR of 6.4% during the forecast period.

POC Molecular testing enables physicians to improve the standard of care by combining quick diagnosis with treatment decision in the first visit by the patient instead of hours and days to have the test results. This would help prescribe a treatment in the first instance without having to wait for final results.

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Market Trends and Drivers:

High demand for PCR and RT PCR kits during COVID-19 pandemic will stimulate the point of care molecular diagnostics market expansion. COVID-19 has affected millions of people resulting into high infectivity and mortality rate. Quick diagnosis of COVID-19 is essential to control the spread of infectious disease. Point of care molecular diagnostics has played a vital role during pandemic from collecting samples at the right time and from the exact anatomical site that is crucial for proper diagnosis. For instance, China formulated RT-PCR as a primary diagnostic procedure for detecting SARS-CoV-2.

Various major market players are collaborating with government organizations to develop products that have a potential to lower the burden of diagnosis on the primary diagnostic techniques like RT-PCR. However, concerns associated long product development time and complex regulatory process can moderately affect the industry growth during the forecast timeline.

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COVID-19 Impact:

The COVID-19 pandemic negatively affected the overall sales of most of the companies but had an positive impact on the point-of-care molecular diagnostics market because of the use of molecular diagnostic methods for COVID-19 testing. Lockdowns resulting from the COVID-19 pandemic caused people to delay undergoing health checkups, thus affecting the number of tests being performed and sales of reagents. However, a resurgence in testing numbers is seen as countries gradually ease restrictions on movement. With the COVID-19 pandemic, responding to infectious disease has become a pressing medical issue worldwide.

Major Players in the Global Point of Care (PoC) Molecular Diagnostics Market:

The key players in the market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Danaher Corporation (US), Quidel Corporation (US), QIAGEN N.V. (Netherlands), Co-Diagnostics, Inc. (US), Biocartis NV (Belgium), Meridian Bioscience, Inc. (US) and Thermo Fisher Scientific, Inc. (US) among others.

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