Point-of-Care Molecular Diagnostics Market Growth Scenario, Size Overview and Share Forecast to 2028

Point-of-Care Molecular Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product & Services (Assays and Kits, Instruments, and Services and Software), Technology [PCR, Isothermal Nucleic Acid Amplification Technology (INAAT), and Other Technologies], Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, and Other Applications), and End User (Hospitals and Clinics, Diagnostic Laboratories, Research and Academic Institutes, and Others) Geography

The continuous spread of the disease has led to an elevated demand for advanced diagnostic solutions in Europe, thus boosting the adoption of point-of-care molecular diagnostic kits. Moreover, uninterrupted investments and business activities by industry players are also boosting the point-of-care molecular diagnostic market growth. In 2020, European Medicines Agency (EMA) approved ~97 medicines for the marketing authorization, of which 39 were novel drugs. In October 2020, Eurofins introduced PCR-based COVID-19 diagnostic tests with at-home, self-sampling options, in the for European market.

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Technology-Based Insights

Based on technology, the point-of-care molecular diagnostics market is segmented into PCR, isothermal nucleic acid amplification technology (INAAT), and other technologies. The PCR segment holds the largest share of the market, whereas the isothermal nucleic acid amplification technology (INAAT)segment is anticipated to register the highest CAGR in the market during the forecast period.
Application-Based Insights

Based on application, the point-of-care molecular diagnostics market is segmented into infectious diseases, oncology, hematology, prenatal testing, endocrinology, and other applications. The infectious diseases segment holds the largest share of the market. However, the oncology segment is anticipated to register the highest CAGR in the market during the forecast period.
End User-Based Insights

Based on end user, the point-of-care molecular diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. The diagnostic laboratories segment holds the largest market share and is estimated to register the highest CAGR during the forecast period. The market growth for this segment is attributed to the innovations in point-of-care molecular diagnostics.

Rising Incidence of Infectious Diseases Fuels Point-of-Care Molecular Diagnostics Market Growth

The rising spread of infectious diseases increases the level and rate of testing. Moving molecular diagnostic testing for infectious diseases from laboratories to the point-of-care settings has the potential to revolutionize the rate and amount of testing to be performed. Molecular diagnostics is a more sensitive product and services that allows the detection of smaller concentrations of infectious pathogens, allowing diseases detection earlier than previously allowed. Point-of-care molecular diagnostics offers the potential to minimize the time required to get an actionable result and promote early infection detection, appropriate infection control measures, and enrollment into therapy clinical trials. The rising prevalence of influenza A/B, respiratory syncytial virus (RSV), and hospital-acquired infections (HAIs) boosts the demand for point-of-care molecular testing. Influenza and respiratory syncytial virus (RSV) point-of-care testing can improve patient treatment and infection control. Recently, point-of-care molecular diagnostics played a crucial role in detecting the COVID-19 infection. For COVID-19 infection detection, RT-PCR-based diagnostic tests are time-consuming, expensive, and require advanced equipment and specialized personnel. The high cost of diagnosis and the scarcity of test kits made it difficult to monitor the community transmission. As a result, rapid, affordable, and effective approaches for detecting COVID-19 viral infection in people were needed urgently. The easy and effective point-of-care molecular diagnostic devices allow on-site testing, which aids in the prevention of infection and control of its spread. Therefore, the rising demand for rapid and effective point-of-care molecular kits to detect infectious diseases drives the market growth.

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