PoC molecular diagnostics market to grow at USD 5.6 billion by 2031

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.

The global point of care (PoC) molecular diagnostics market report from Global Insight Services is the single authoritative source of intelligence on Point of Care (PoC) molecular diagnostics Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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 trends and drivers
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.

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.

Global Point of Care (PoC) molecular diagnostics market by technology
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.

Global Point of Care (PoC) molecular diagnostics market by application
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.

Global Point of Care (PoC) molecular diagnostics market by end-use
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.

Geographical analysis of global Point of Care (PoC) molecular diagnostics market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America therapeutic respiratory devices market captured significant market share in 2021 and is expected to grow significantly during the forecast years. Rising prevalence of infectious diseases and growing application of POC tests for safe and early diagnosis will increase the demand for such rapid tests. Also, high research and development investment by governments and major market players for development of POC molecular diagnostic tests will foster the market revenue during the forecast timeline. Global Insight Services LLC