Molecular Diagnostics Point of Care Market Growth Fueled by Rising Prevalence of Infectious Diseases and Increasing Demand for Rapid Diagnostic Testing

"Molecular Diagnostics Point of Care Market" in terms of revenue was estimated to be worth $2.95 billion in 2023 and is poised to reach $6.42 billion by 2031, growing at a CAGR of 10.38% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Molecular Diagnostics Point of Care market are:
• Rising Prevalence of Infectious Diseases
• Investments in Healthcare Facilities
• Integration with Digital Health Solutions

The following are the primary obstacles to the Molecular Diagnostics Point of Care market's expansion:
• Cost Constraints
• Limited Imbursement Policies
• Infrastructure and Connectivity Issues

Future expansion opportunities for the global Molecular Diagnostics Point of Care market include:
• Market Penetration in Emerging Markets
• Regulatory Compliance
• Point-of-Care Testing in Clinical Trials

Market Analysis:
The rising incidence of infectious diseases and chronic conditions, including cancer, is anticipated to be a key driver of market growth. This upward trend in disease prevalence has led to increased demand for advanced diagnostic solutions, thereby accelerating innovations in technology and pharmacogenomics. Furthermore, while the development of personalized medicine and ongoing technological advancements offer substantial opportunities for market expansion, growth may be constrained by high implementation costs and complex regulatory requirements.

List of Prominent Players in the Molecular Diagnostics Point of Care Market:
• Abbott Laboratories
• Bayer Healthcare
• Roche Diagnostics
• OraSure Technologies Inc.
• Nipro Diagnostics
• Bio-Rad Laboratories
• Danaher Corporation
• BioMerieux, Dako
• Abaxis Inc.

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Recent Developments:
• In February 2022, Sense Biodetection entered into a strategic agreement with Una Health (Una) for the United Kingdom distribution of the Veros Covid-19 test.
• In December 2021, FIND invested USD 21 million in Biomeme, Bioneer, Qlife, and SD Biosensor to accelerate the development, manufacturing, and launch of affordable point-of-care molecular diagnostic platforms that can detect multiple pathogens that cause diseases including COVID-19.
• In Oct 2018, QIAGEN negotiated with STAT-Dx to enhance its portfolio in testing solutions for next-gen PCR systems.

Market Dynamics
Market Drivers:
The global rise in infectious diseases-such as COVID-19, influenza, HIV/AIDS, tuberculosis, and sexually transmitted infections-has significantly increased the demand for rapid and reliable diagnostic solutions at the point of care. Molecular point-of-care (POC) diagnostics offer swift test results, thereby facilitating timely clinical intervention and enhancing outbreak response. Additionally, the growing prevalence of both infectious diseases and cancer across developed and emerging economies is projected to bolster the expansion of the molecular POC diagnostics market. The increasing emphasis on preventive healthcare strategies is also expected to further stimulate demand for these technologies over the forecast period.

Challenges:
Despite the promising outlook, limited reimbursement coverage from public and private payers poses a major constraint to market growth. Existing reimbursement frameworks often do not fully capture the clinical value and cost-efficiency of molecular POC diagnostics, potentially discouraging adoption among healthcare providers. Securing reimbursement for these tests remains a critical challenge for diagnostic manufacturers. Notably, in 2018, Medicare introduced changes to its reimbursement model for specific in vitro diagnostic (IVD) tests, including molecular point-of-care solutions. Furthermore, the American Society of Clinical Oncology notes that Medicare does not currently cover genetic testing for individuals without a personal cancer history. These limitations in reimbursement policy are likely to impede broader implementation of molecular POC diagnostics in clinical settings.

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North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The molecular diagnostics point-of-care (POC) market in North America is expected to secure a significant share of global revenue and exhibit a robust compound annual growth rate (CAGR) throughout the forecast period. This projected growth is primarily attributed to the rising incidence of infectious diseases, an increase in the approval of Clinical Laboratory Improvement Amendments (CLIA)-waived products, and the enactment of supportive regulatory policies. Additionally, strategic initiatives undertaken by leading industry players to strengthen their market positioning are anticipated to further contribute to market expansion. The increasing volume of clinical research aimed at improving the precision and range of molecular diagnostic tests is also expected to enhance market growth. Continued demand for rapid and accurate diagnostic solutions, coupled with ongoing technological innovation, evolving healthcare delivery frameworks, and favorable regulatory developments, is projected to sustain the region's upward growth trajectory.

Segmentation of Molecular Diagnostics Point of Care Market-
By Test Location-
• Over-the-counter (OTC)
• Point of Care (POC)
By Technology-
• PCR Based
• Genetic Sequencing Based
• Hybridization-Based
• Microarray-Based
• Nucleic Acid Amplification Testing (NAAT)
By Applications-
• Infectious Disease Testing
• Oncology
• Hematology
• Prenatal Testing
• Endocrinology
• Others
By End Users-
• Decentralized Labs
• Hospitals & Clinics
• Home Care Settings
• Assisted Living Healthcare Facilities
• Emergency Medical Services (EMS)
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.