PoC molecular diagnostics market worth USD 3.4 billion by 2028

Point of Care molecular diagnostics market in terms of revenue was estimated to be worth $2.0 billion in 2023 and is poised to reach $3.4 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is majorly driven by increasing prevalence of infectious diseases and cancer, rising focus on decentralized diagnostics, increasing R&D funding, increasing awareness on the early detection of infectious diseases, and the increasing use of POC diagnostic tests.

The point of care molecular diagnostics industry is poised for significant growth and advancements in the near future. With the increasing demand for rapid and accurate diagnostic solutions, point of care molecular diagnostics offers several advantages. These include faster turnaround times, portability, and the ability to deliver results at the patient’s bedside or in resource-limited settings. The industry is expected to witness the development of more compact and user-friendly devices that can detect a wide range of diseases, including infectious diseases, genetic disorders, and cancer, with high sensitivity and specificity.

The assays & kits segment is expected to account for the largest share of the Point of Care molecular diagnostics market in 2022
The products & services in the point-of-care molecular diagnostics market are categorized into assays & kits, instruments & analyzers, and software & services. Assays & kits specifically cater to various point-of-care settings such as hospital critical care units, physicians’ offices, outpatient clinics, home care settings, and long-term care settings, among others. The continuous demand and recurring purchases of assays & kits are anticipated to fuel the growth of the point-of-care molecular diagnostics market.

The respiratory diseases segment accounted for the largest share of the point-of-care molecular diagnostics market in 2022
The molecular diagnostics market is categorized into various applications, including respiratory diseases, sexually transmitted diseases, hospital-acquired infections, cancer, hepatitis, gastrointestinal disorders, and other applications. The growth of this market segment is primarily driven by the escalating prevalence of infectious diseases and the growing demand for early diagnosis and detection of these diseases. These factors are particularly significant in emerging countries, where there is a heightened need to address the challenges posed by infectious diseases through timely and accurate molecular diagnostics.

North America dominates the global point of care molecular diagnostics market
The point-of-care molecular diagnostics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the leading region, capturing the largest market share in the point-of-care molecular diagnostics market. The significant share of this region can be attributed to the highly advanced healthcare systems present in the United States and Canada. In recent years, there has been a notable increase in healthcare spending across North America. According to the Centers for Medicare & Medicaid Services, national health spending is projected to grow at an average annual rate of 5.4% from 2019 to 2028, reaching a staggering USD 6.2 trillion by 2028. This growing healthcare expenditure serves as a key driver for the biotechnology sector, including the point-of-care molecular diagnostics market.

Recent developments:

• In April 2023, QIAGEN N.V. (Netherlands) launched QIAstat-Dx in Japan with a respiratory panel for syndromic testing.
• In June 2022, Biocartis NV (Belgium) launched the Rapid CE-marked IVD Idylla GeneFusion Panel for fast treatment decisions in lung cancer.
• In May 2022, bioMérieux SA (France) received De Novo FDA Authorization for its BIOFIRE Joint Infection (JI) Panel.
• In September 2021, F. Hoffmann-La Roche Ltd. (Switzerland) acquired TIB Molbiol (Germany) to expand its PCR test portfolio with a wide range of assays for infectious diseases.

MarketsandMarkets™