Point-of-care Molecular Diagnostics Market is projected significant CAGR of 8% from 2022-2032 | FMI
[321 Pages Report] Per the point-of-care molecular diagnostics market survey by Future Market Insights (FMI), the market is forecasted to move forward at an average pace and register a CAGR of 8% from 2022 to 2032.
Many current POC diagnostics are based on lateral flow immunoassay technology, and these instruments use antibodies to detect the presence of an analyte, such as cancer biomarkers, in a short period and thus, having the effect of spurring the point-of-care molecular diagnostics market growth to a large extent.
As per the point-of-care molecular diagnostics market report, the demand for point-of-care molecular diagnostics is on a surge owing to the growing trend toward preventive medicine. This is considered to shape the point-of-care molecular diagnostics future trends to a large extent.
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According to United Nations data, the number of older adults has steadily increased for decades. As a result of this demographic shift, the prevalence of various chronic diseases is rising, thereby facilitating the adoption of point-of-care molecular diagnostics devices.
The study finds that current cancer diagnostic methods are invasive (for example, cystoscopy, which involves inserting a hollow tube/cystoscope installed with a lens into the urethra and bladder to diagnose cancer). However, less invasive methods, such as point-of-care molecular tests, can be available for point-of-care cancer diagnostics, broadening the point-of-care molecular diagnostics opportunities.
Though most of the industries’ overall sales of molecular diagnostics dwindled steeply due to the COVID-19 pandemic and the use of molecular diagnostic methods for COVID-19 testing, it had a positive impact on the point-of-care molecular diagnostics market size.
As countries gradually slacken their restrictions on movement, there is a resurgence in testing numbers. Aside from vaccines and therapeutic drugs, there is an increasing demand for the development of more precise and simple testing technologies and the expansion of testing structures.
Thus, point-of-care molecular diagnostics companies have made strategic decisions to introduce POC rapid tests, maintain revenue, and mitigate COVID-19’s impact on their operational capabilities. This point-of-care molecular diagnostics market trend is expected to continue in the coming years.
Aside from cancer in the elderly, respiratory diseases in children and adults are becoming one of the top five causes of death. However, as per Pfizer, there are currently no RSV immunization options available, although many vaccines are still in clinical trials.
People are dying due to this since they are unaware of the available treatment. Thus, the prevalence of point-of-care molecular diagnostic tests plays a vital role in quick analysis and, as a result, in providing patients with immediate treatment.
The point-of-care molecular diagnostics market is predicted to muster a total revenue of around US$ 4 Bn by 2026 on account of the abovementioned factors.
- The assays and kits segment is expected to account for a significant chunk of the POC molecular diagnostics market based on the product type. The market growth of this segment is being driven by the widespread purchase of these products’ POC diagnostic devices as a result of their frequent usage.
- The RT-PCR segment is expected to dominate the point-of-care molecular diagnostics market in terms of technology, owing to the increasing use of RT-PCR in proteomics, genomics, and COVID-19 testing and the availability of portable, easy-to-use POC devices.
- The respiratory diseases segment is projected to lead the POC molecular diagnostics market on account of the shift of concentration by key players on various strategies for developing advanced point-of-care diagnostics devices.
- By end-use, the hospital bedside segment is expected to witness the most significant point-of-care molecular diagnostics market share due to the rising adoption of advanced instruments in these settings and rapid investments in hospital infrastructure by the public and private sectors in emerging countries.
- The Asia Pacific region is expected to proliferate due to the expansion of key market players, a lack of sophisticated central laboratory point-of-care molecular testing services, and the potential cost-effectiveness of POC molecular diagnosis.
“The North American market is expected to be at the forefront of the point-of-care molecular diagnostics market, attributable to the United States’ emerging trends in point-of-care molecular diagnostics market such as well-organized health-care system. In addition, the system promotes research and development. These policies encourage foreign players to enter the United States and the North American market. As a result, many global market players are present in this region, and the market is projected to flourish as high demand is met by the presence of global players in the region.” opines an FMI researcher.
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The top point-of-care diagnostics companies are developing most point-of-care molecular diagnostic tests and have established their market position by investing more in research and developing a better distribution system.
The entry of new players challenges the semi-consolidated market and may result in intense competition during the forecast period.
Furthermore, due to increased awareness, the Asia-Pacific region is seeing the emergence of some minor players, which aided the point-of-care molecular diagnostics market growth.
LLC. (US), Danaher Corporation (US), Alere Inc. (US), Quidel Corporation (US), Biocartis Group NV (Belgium), bioMérieux SA (France), Thermo Fisher Scientific (US), Mesa Biotech Inc. (US), F. Hoffmann-La Roche Ltd., and Meridian Bioscience Inc. (US) are the critical point-of-care diagnostic companies profiled in the global POC molecular diagnostics market.
Recent developments in the point-of-care molecular diagnostics market are as follows:
- The World Health Organization (WHO), Africa Centers for Disease Control and Prevention (Africa CDC), the Bill & Melinda Gates Foundation, the Clinton Health Access Initiative (CHAI), the Foundation for Innovative New Diagnostics (FIND), and the Global Fund constituted a global partnership. Today, the organization announced the launch of the COVID-19 rapid test in low and middle-income countries.
- Mylab Discovery Solutions has collaborated with Hemex Health, the United States company, to develop next-generation diagnostic solutions for coronavirus and another point-of-care diagnostic testing.
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Point-of-care Molecular Diagnostics Market Key Segments
By Product & Service:
- Assays & kits
- Instruments & Analyzers
- Software & Services
- Other technologies
- Respiratory Diseases
- Sexually Transmitted Diseases
- Hospital-acquired Infections
- Gastrointestinal Disorders
- Other Applications
By End User:
- Physicians’ Offices
- Hospitals & ICUs
- Research Institutes
- Other End Users
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