Overview –
The Point of Care Molecular Diagnostics Market is experiencing rapid growth globally. These innovative diagnostic tools offer real-time results, enabling healthcare professionals to make timely treatment decisions at the patient's bedside or in the clinic. The market is driven by the increasing prevalence of infectious diseases, rising demand for personalized medicine, and advancements in molecular technology. Key players are investing in research and development to introduce portable, user-friendly devices that can deliver accurate molecular testing outside traditional laboratory settings. North America leads the market due to robust healthcare infrastructure and early adoption of point-of-care diagnostics, while Asia Pacific is poised for significant growth with expanding healthcare access and rising disease burden.
The Point-of-Care Molecular Diagnostics Market was valued at USD 4.37 billion in 2022 and is expected to rise from USD 5.02 billion in 2023 to USD 13.26 billion by 2030, representing a compound yearly growth rate (CAGR) of 14.90% over the forecast period (2023- 2030).
The point-of-care molecular diagnostics market is rapidly evolving, driven by the demand for rapid and accurate testing solutions. Molecular point-of-care testing enables quick detection of infectious diseases and genetic conditions at the patient's bedside. With advancements in technology and increased accessibility, this market is poised for significant growth, revolutionizing healthcare delivery.
Key Players –
Point-of-care molecular diagnostics major players include Abbott Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), QIAGEN N.V. (Germany), Becton, Dickinson, and Company (US), Cepheid (US), altona Diagnostics GmbH (Germany), Siemens Healthineers AG (Germany), Thermo Fisher Scientific, Inc. (US), ELITechGroup (France), and Trinity Biotech plc (Ireland).
Segmentation –
The segmentation of the global point-of-care molecular diagnostics market revolves around product & service, technology, application, and end user categories.
Product & service options include assays & kits, instruments & analyzers, and software & services. Assays & kits dominated the market in 2022, while software & services are expected to exhibit the highest growth rate throughout the forecast period.
Technological segmentation features RT-PCR, INAAT, and other methodologies, with the INAAT segment anticipated to experience the most rapid expansion.
Application-wise, the market encompasses cancer, infectious diseases, hematology, endocrinology, and other areas, with cancer projected to command the largest market share in the forecast period.
Finally, end user segmentation includes hospitals & clinics, diagnostic centers, and other facilities, with hospitals & clinics predicted to maintain the largest market share, while diagnostic centers are expected to witness the fastest growth.
Regional Analysis –
The global point-of-care molecular diagnostics market is regionally segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America encompasses the US and Canada, while Europe includes Germany, France, the UK, Italy, Spain, and other European nations. Asia-Pacific comprises China, India, Japan, Australia, South Korea, and other regional countries. The Rest of the World category encompasses the Middle East, Africa, and Latin America.
In North America, market growth is driven by rising cancer and infectious disease prevalence, coupled with strategic initiatives. For instance, Precision Diabetes, Inc. (US) and DxGen Corp. (US) collaborated to launch Epithod AutoDx, a user-friendly point-of-care analyzer for diabetes measurement, bolstering market expansion.
Similarly, Europe's market sees continuous growth, fueled by increasing infectious disease incidences and a preference for personalized medicine in chronic disease management, such as diabetes and obesity.
Meanwhile, Asia-Pacific experiences rapid market growth due to escalating infectious disease prevalence like influenza and cardiovascular diseases. Notably, India's influenza cases, including H3N2, reached 3038 as of March 2023, contributing to market expansion.
In the Rest of the World, comprising the Middle East, Africa, and Latin America, market growth is driven by factors like rising infectious disease rates and unhealthy lifestyles leading to conditions such as obesity and diabetes.
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