The point-of-care molecular diagnostics market is poised for significant growth, with a projected valuation of US$ 4.4 billion in 2023 and an anticipated increase to US$ 11.1 billion by 2033, reflecting a robust CAGR of 9.7% throughout the forecast period. The rising prevalence of infectious and chronic diseases, including cardiovascular disease, diabetes, and COVID-19, is driving the increased adoption of point-of-care molecular diagnostics. Furthermore, delays in testing results and high costs are contributing to the growing demand for these diagnostics. Manufacturers are capitalizing on this trend by ramping up production and expanding their offerings in the global market, thereby creating new opportunities for growth and innovation.
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The growing advanced technology, diagnostic tests, preventive medicine, and knowledge of molecular mechanisms are driving the market growth. Furthermore, the adoption of point-of-care molecular diagnostics by laboratory specialist for sequencing DNA & multi-gene are expanding the market size. These diagnostics rapidly show the results with accuracy and are estimated to increase the sales of point-of-care molecular diagnostics.
Increasing respiratory, gastrointestinal, and sexually transmitted diseases are advancing the market growth. Emerging economies, government initiatives, and low-cost POC molecular diagnostics are the prime factors that propel market opportunities.
Factors Restraining the Market Growth
The market is going through a growth decline due to a few factors which are given below:
The dearth of consciousness about healthcare products, and poor penetration of advanced healthcare devices restrain market growth. The unavailability of advanced devices and the absence of government policies must gain market growth in developing countries.
Which Technology Category Booms the Market Growth?
The RT-PCR category dominates the global market with its remarkable CAGR of 9.2% during the foreseen time. The adoption of RT-PCR is rising due to the rise in tests such as genomics, COVID-19, proteomics, and others. It is a real-time system that shows results immediately, has high sensitivity, and costs efficiently. Due to the significant growth of infectious patients, healthcare providers are accelerating the demand for RT-PCR to provide patients with relevant data immediately.
Key Takeaways:
- The point-of-care molecular diagnostics market is expected to have a valuation of US$ 11.1 billion by 2033.
- With a CAGR of 9.7%, the global market increasing from 2022 to 2033.
- The United States market is anticipated to capture a CAGR of 9.5% through 2033.
- With a CAGR of 8.8%, the United Kingdom market significantly uplifts during the forecast period.
- China market is expected to expand at a CAGR of 9.1% over the forecast period.
- Japan market is likely to capture a CAGR of 8.2% from 2023 to 2033.
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Who is winning?
Key players fragment the global market by contributing an impressive role. These players are bringing new ideas and adapting them to build advanced products, which in turn surging market opportunities. Growing technologies, including Artificial Intelligence and the Internet of Things, have surpassed market growth in recent years.
By accepting these technologies, key players welcome better detection machines and equipment as per patients’ requirements. They further follow several effective marketing strategies such as partnerships, mergers, acquisitions, agreements, and product launches.
Recent Developments:
- In Feb 2022, Sense Biodetection signed an agreement with Una Health to distribute COVID-19 testing equipment.
- In Dec 2021, FIND Company invested a valuation of US$ 21 million in S.D. Biosensor, Biomeme, Quaife, and Bioneer for manufacturing, developing and launching an affordable COVID-19 testing detector.
- A healthcare provider BioMérieux agreed to partner with Africa Medical Supplies Platform in Oct 2020 to supply premium quality COVID-19 diagnostic solutions.
- Abbott Laboratories announced its new COVID-19 detection product which can deliver results within minutes, in March 2020.
- In Oct 2018, QIAGEN agreed to enhance its portfolio with STAT-Dx to provide its customers with a next-generation PCR system.
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Point-of-care Molecular Diagnostics Market Segmentation by Category
By Products & Services:
- Assays & Kits
- Instruments &Analyzers
- Software & Services
By Technology:
- RT-PCR
- INAAT
- Other Technologies
By Application:
- Respiratory Diseases
- Sexually Transmitted Diseases
- Hospital-acquired Infections
- Cancer
- Hepatitis
- Gastrointestinal Disorders
- Other Applications
By End User:
- Physicians’ Offices
- Hospitals & ICUs
- Research Institutes
- Other End Users
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