Point of Care Molecular Diagnostics Market At A CAGR of 6.4% During 2021-2031

Market Definition

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 Outlook

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.

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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Research Objectives

Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
Identify factors influencing market growth and challenges, opportunities, drivers and restraints
Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives

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Global Point of Care (PoC) Molecular Diagnostics Market Segmental Overview

The report analyses the global point of care (PoC) molecular diagnostics market based on technology, application, end use, and region

Based on technology, it is segmented into polymerase chain reaction, in situ hybridization, sequencing, isothermal amplification and others. Among these, the PCR segment accounted for significant market share in 2021 driven by improved results and faster outcomes for better treatment through polymerase chain reaction (PCR) technology. In addition, RT-PCR and DNA/RNA purification are observing high growth due to their benefits such as low reagent consumption, real-time process monitoring, automation of workflow, and greater precision and reproducibility. Thus, rising occurrence of genetic disorders and infectious diseases coupled with increasing public-private investments, grants and funds for PCR-based research will further support the business growth.

Based on application, it is segmented into infectious disease, oncology, hematology, and others. Infectious disease further sub segmented into flu, respiratory syncytial virus (RSV), tuberculosis, HIV, gonorrhea, chlamydia, hepatitis c, hepatitis b and others. Among them, the infectious disease segment segment accounted significant share in 2021 owing to the Rising demand for novel products regarding early and cost-effective detection of infectious diseases will influence the product demand. Rising laboratory capacity for the diagnosis of infectious diseases and early detection of emerging pandemic strains will spur the industry expansion. Growing prevalence of infectious disease in elderly people, new-born babies, and people with certain chronic illnesses coupled will impel the growth during analysis period. Additionally, increasing availability of rapid tests resulting in rising applications in faster disease diagnosis will impact the product demand in future. Flu segment will showcase robust growth during forecast period. As per WHO, the average worldwide burden of seasonal influenza is approximately 600 million cases, with 250,000-500,000 deaths and 3 million cases of severe sickness per year. According to CDC estimates, in the U.S. about 200,000 individuals are hospitalized and around 36,000 people die from flu and its complications every year. Thus, growing disease pervasiveness and innovation in diagnostic tools will drive the segment revenue.

Based on end-use, it is segmented into hospitals, clinics and others. The hospitals segment accounted for significant revenue size in 2021 owing to the Easy availability of the diagnostic products and presence of skilled workforce in hospitals. Moreover, sophisticated infrastructure, presence of skilled workforce and increasing number of hospital admissions will strengthen the segment growth. Furthermore, requirement of faster diagnostic kits in hospitals for better treatment option will further enhance the segment demand during the forecast period

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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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Research Scope

Scope - Highlights, Trends, Insights. Attractiveness, Forecast
Market Sizing - Product Type, End User, Offering Type, Technology, Region, Country, Others
Market Dynamics - Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
Business Framework - Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
Competitive Landscape - Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
Company Profiles - Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
Market Size in 2021 - US$ 3.0 Billion
Market Size in 2031 - US$ 5.6 Billion
CAGR % - 6.4%
Historic Period - 2015-2020
Forecast Period - 2022-2031
Base Year - 2021

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