Point-Of-Care Molecular Diagnostics Market: Dynamics, Key Players, and Industry Projections till 2029 by TechSci Research

Introduction

According to TechSci Research's report, "Point-Of-Care Molecular Diagnostics Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029," the global market for Point-Of-Care (POC) molecular diagnostics was valued at USD 2.07 billion in 2023. It is projected to witness impressive growth at a compound annual growth rate (CAGR) of 10.93% through 2029. In times of public health emergencies, such as pandemics or disease outbreaks, rapid and accurate diagnosis becomes crucial for effective containment and control measures. POC molecular diagnostics enable swift identification of pathogens and infectious diseases directly at the point of care, facilitating immediate actions to isolate cases, implement treatment protocols, and prevent further spread.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Point-Of-Care Molecular Diagnostics Market”

Industry Key Highlights

1. Market Valuation and Growth Rate: The market was valued at USD 2.07 billion in 2023 and is expected to grow at a CAGR of 10.93% through 2029.
2. Critical Role in Public Health: POC molecular diagnostics are vital during public health emergencies, offering rapid and precise diagnostic capabilities.
3. Geographic Insights: Asia Pacific is the fastest-growing region, driven by significant investments in healthcare infrastructure and the rising prevalence of infectious and chronic diseases.
4. Technological Advancements: Innovations in molecular diagnostic technologies, such as isothermal amplification and microfluidics, are driving market expansion.

Emerging Trends in Point-Of-Care Molecular Diagnostics

1. Technological Advancements

Technological innovation remains at the forefront of the POC molecular diagnostics market. Innovations such as isothermal amplification, microfluidics, and device miniaturization have facilitated the development of compact and portable diagnostic systems. These advancements have significantly reduced the time required to obtain test results and improved user-friendliness, making molecular diagnostics more accessible in point-of-care settings.

2. Shift Towards Decentralized Testing

There is a growing preference for decentralized testing, which involves conducting diagnostic tests outside traditional laboratory settings. POC molecular diagnostics offer the advantage of performing tests at the point of care, eliminating the need for sample transportation and reducing turnaround time for test results. Decentralized testing is particularly beneficial in resource-limited settings, remote areas, and non-traditional healthcare facilities where access to centralized labs may be limited.

3. Personalized Medicine

The growing shift towards personalized medicine, which tailors medical treatment to an individual's unique characteristics, is driving the expansion of the POC molecular diagnostics market. Molecular diagnostics provide crucial insights into a patient's genetic makeup, enabling healthcare professionals to make informed decisions about treatment strategies and medication choices. With the increasing availability of targeted therapies and precision medicine approaches, the demand for POC molecular diagnostics is expected to rise as personalized medicine gains broader acceptance.

4. Increasing Demand for Rapid and Accurate Diagnostics

There is a growing demand in healthcare settings for rapid and accurate diagnostic solutions. POC molecular diagnostics provide the capability to perform real-time testing directly at the care site, enabling healthcare professionals to promptly determine treatment options. These diagnostics excel in identifying infectious diseases, genetic disorders, and other medical conditions with a high degree of precision, ultimately improving patient outcomes.

Download Free Sample Report

Customers can also request for 10% free customization on this report

Market Drivers

1. Prevalence of Infectious Diseases

The increasing prevalence of infectious diseases is one of the key reasons for the market's growth. For instance, during the COVID-19 pandemic, the demand for rapid diagnostic solutions surged, highlighting the importance of POC molecular diagnostics in managing public health crises.

2. Rising Incidence of Cancer

The growing incidence of cancer is another significant driver of market growth. According to the Global Cancer Observatory, in 2020, there were 467,965 new cancer cases diagnosed and 185,621 cancer deaths in France. Increasing cancer cases necessitate more diagnoses, thus boosting the demand for POC molecular diagnostics.

3. Product Launches and Innovations

Product launches and technological innovations are driving market growth. For example, in March 2021, Agilent Technologies Inc. acquired Resolution Bioscience Inc., a leader in next-generation sequencing (NGS)-based precision oncology solutions. This acquisition expanded Agilent's capabilities in NGS-based cancer diagnostics.

Competitive Analysis

The POC molecular diagnostics market is characterized by a fragmented landscape with numerous competitors offering different products, technologies, and services. The market includes a diverse range of participants, such as multinational corporations, medium-sized enterprises, startups, academic institutions, and research organizations. This diversity results in a competitive market where companies strive to differentiate their products through innovation, technological advancements, and unique value propositions.

Top 10 Companies

1. Abbott Laboratories: A global leader in healthcare, Abbott offers a range of POC molecular diagnostic solutions, including the ID NOW platform.
2. Thermo Fisher Scientific: Known for its innovative molecular diagnostic products, Thermo Fisher Scientific is a major player in the market.
3. Roche Diagnostics: Roche's cobas Liat System is a widely used POC molecular diagnostic platform.
4. Danaher Corporation: Through its subsidiary Cepheid, Danaher offers the GeneXpert system, a leading POC molecular diagnostic solution.
5. bioMérieux: Specializing in in vitro diagnostics, bioMérieux provides a variety of POC molecular diagnostic products.
6. Qiagen: Qiagen offers the QIAstat-Dx platform, known for its comprehensive diagnostic capabilities.
7. Agilent Technologies: With its acquisition of Resolution Bioscience, Agilent has strengthened its position in the POC molecular diagnostics market.
8. Siemens Healthineers: Siemens provides a range of POC molecular diagnostic solutions, enhancing its presence in the market.
9. Hologic, Inc.: Known for its Panther Fusion system, Hologic is a key player in molecular diagnostics.
10. PerkinElmer: PerkinElmer offers innovative diagnostic solutions, including the POC molecular diagnostic platform LabChip.

Future Outlook

The future of the global POC molecular diagnostics market looks promising, driven by continuous technological advancements and the increasing need for rapid and accurate diagnostic solutions. The market is expected to expand significantly, with a growing emphasis on personalized medicine and decentralized testing.

Key Factors Shaping Future Growth

1. Technological Innovation: Ongoing advancements in molecular diagnostic technologies will continue to drive market growth. Innovations such as CRISPR-based assays and next-generation sequencing (NGS) are expected to expand the capabilities and applications of POC molecular diagnostics.
2. Expansion in Emerging Markets: The Asia Pacific region, in particular, is poised for significant growth, driven by investments in healthcare infrastructure and rising demand for advanced diagnostic technologies.
3. Regulatory Approvals: Increasing regulatory approvals for POC molecular diagnostic products, particularly in oncology and infectious diseases, will further boost market growth.
4. Collaborations and Partnerships: Strategic collaborations and partnerships among key market players will facilitate the development and commercialization of innovative diagnostic solutions.

10 Benefits of the Research Report

1. Comprehensive Market Analysis: Provides an in-depth analysis of the global POC molecular diagnostics market, including market size, growth rate, and key trends.
2. Competitive Landscape: Offers detailed insights into the competitive landscape, including profiles of top companies and their market strategies.
3. Technological Insights: Highlights the latest technological advancements and innovations in the market.
4. Market Drivers and Restraints: Identifies key market drivers and restraints, providing a clear understanding of factors influencing market growth.
5. Emerging Trends: Discusses emerging trends and their potential impact on the market.
6. Regional Analysis: Provides a detailed analysis of market dynamics across different regions, including Asia Pacific, Europe, North America, and others.
7. Future Outlook: Offers a forecast of market growth and key factors shaping the future of the market.
8. Segment Analysis: Analyzes market segments by technology, application, test location, and end user.
9. Regulatory Insights: Discusses regulatory approvals and their impact on market growth.
10. Investment Opportunities: Identifies potential investment opportunities in the market.

The global Point-Of-Care Molecular Diagnostics Market is poised for significant growth in the coming years, driven by technological advancements, increasing demand for rapid and accurate diagnostics, and the rising prevalence of infectious and chronic diseases. The market's future looks promising, with emerging trends such as personalized medicine and decentralized testing expected to further drive its expansion. With a diverse competitive landscape and continuous innovation, the POC molecular diagnostics market is set to play a crucial role in the future of healthcare diagnostics.

Recent Developments

1. Sense Biodetection and Una Health Partnership: In February 2022, Sense Biodetection entered a strategic agreement with Una Health for the distribution of the Veros COVID-19 test in the United Kingdom.
2. FIND's Investment in Diagnostic Platforms: In December 2021, FIND invested USD 21 million in companies like Biomeme, Bioneer, Qlife, and SD Biosensor to accelerate the development and launch of affordable POC molecular diagnostic platforms.

The continuous evolution of new technologies and strategic partnerships will ensure the sustained growth of the POC molecular diagnostics market, addressing unmet clinical needs and enhancing patient care globally.

Major companies operating in Global Point-Of-Care Molecular Diagnostics Market are:

• Siemens Healthineers AG
• Quidel Corporation
• F. Hoffman-La Roche Ltd.
• Danaher Corporation
• Beckton & Dickinson Company
• Trinity Biotech plc
• Thermo Fisher Scientific Inc.
• BioMérieux S.A.
• DiaSorin S.p.A
• AccuBioTech Co., Ltd.

“In the Point-of-Care Molecular Diagnostics Market, significant growth is propelled by several key factors. These include heightened demand for rapid and precise diagnostic tests, advancements in technology facilitating miniaturization and automation, and the escalating prevalence of infectious diseases and chronic conditions worldwide. The emergence of innovative technologies and platforms like nucleic acid amplification-based assays and microfluidics presents opportunities for timely and decentralized testing directly at the point of care. This capability promises to enhance patient outcomes, diminish healthcare expenses, and improve healthcare accessibility, especially in resource-constrained environments and remote regions", said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.

“Point-Of-Care Molecular Diagnostics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Technology (PCR-based, Genetic Sequencing-based, Hybridization-based, Microarray-based), By Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, Other), By Test Location (OTC, POC), By End User (Decentralized Labs, Hospitals, Home-care, Assisted Living Healthcare Facilities, Others), By Region, and By Competition, 2019-2029F”, has evaluated the future growth potential of Global Point-Of-Care Molecular Diagnostics Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Point-Of-Care Molecular Diagnostics Market.

Drive your strategy: Access key factors and challenges in our free sample

Related Reports-

United States Fiber Glass Market

Global Automatic Scaffolding Market

India White Cement Market

Contact

US -

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +13322586602

Email: [email protected]

Web: https://www.techsciresearch.com/