Transforming Healthcare Delivery: Point of Care Molecular Diagnostics Market Forecast
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
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.
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Point of Care Molecular
Diagnostics Market
Dynamics:
Drivers:
1. Increasing
prevalence of infectious diseases and cancer
2. Rising focus on decentralized diagnostics and
increasing R&D funding
3. Growing awareness of the early detection of
infectious diseases
4. Increasing use of POC diagnostic tests
Restraints:
1. Unfavorable reimbursement scenario
2. High capital investments and low cost-benefit ratio
Opportunities:
1.
Growing R&D activities in point-of-care
molecular diagnostics testing
2.
Growth
opportunities in emerging economies
Challenges:
1.
Stringent and time-consuming
regulatory policies that significantly increase product launch cycle
2.
Introduction of
alternative technologies
Key Market
Players:
The
major players operating in this market are Abbott Laboratories (US), F.
Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Danaher
Corporation (US), Quidel Corporation (US), QIAGEN N.V. (Netherlands),
Co-Diagnostics, Inc. (US), Biocartis NV (Belgium), Meridian Bioscience, Inc.
(US), Thermo Fisher Scientific, Inc. (US), Lucira Health, Inc. (US), Cue Health
(US), OpGen, Inc. (US), Binx Health, Inc. (US), Molbio Diagnostics Pct. Ltd.
(India), Genomadix (Canada), Visby Medical, Inc. (US), QuikPath PTE Ltd.
(Singapore), MD-Bio (US), QuantuMDx Group Ltd. (UK), Aidian Oy (Finland),
GeneSTAT Molecular Diagnostics, LLC (US), Labsystems Diagnostics Oy (Finland),
Akonni Biosystems (US) and Curetis N.V. (Germany).
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.
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Research Insight:
https://www.marketsandmarkets.com/ResearchInsight/point-of-care-molecular-diagnostic-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/point-of-care-molecular-diagnostic.asp
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