Point of Care Molecular Diagnostics Market to grow at a CAGR of 6.4% by 2031 | Abbott Laboratories, F. Hoffmann-La Roche Ltd., bioMérieux SA

New York, 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.

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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.

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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Global Point of Care (PoC) Molecular Diagnostics Market Segmentation

Technology
• Polymerase Chain Reaction
• In Situ Hybridization
• Sequencing
• Isothermal amplification
• Others
Application
• Infectious Disease
o Flu
o Respiratory Syncytial Virus
o Tuberculosis
o HIV
o Gonorrhea
o Chlamydia
o Hepatitis C
o Hepatitis B
o Others
• Oncology
• Hematology
• Others
End-use
• Hospitals
• Clinics
• Others

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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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