The global point-of-care molecular diagnostics market size is projected to reach USD 3.4 billion by 2028 from USD 2.0 billion in 2023, at a CAGR of 10.6% during the forecast period.

Market growth is driven by factors such as the increasing prevalence of infectious diseases and cancer, rising focus on decentralized diagnostics and increasing R&D funding, increasing awareness on the early detection of infectious diseases, and the increasing use of POC diagnostic tests. On the other hand, stringent and time-consuming regulatory policies that significantly increase the product launch cycle may challenge market growth post their commercialization.

“The assays & kits accounted for the highest growth rate in the point-of-care molecular diagnostics market, by product & service, during the forecast period”
The point-of-care molecular diagnostics market is segmented into assays & kits, instruments & analyzers and software and services. The assays & kits segment accounted for the highest growth rate in the point-of-care molecular diagnostics market in 2022. The requirement assays & kits in large numbers compared to instruments is the main factor contributing to this segment’s high growth rate. This segment’s market growth can also be attributed to repeat purchases of assays & kits compared to instruments.

“Hospitals & ICUs segment accounted for the highest CAGR”
The point-of-care molecular diagnostics market is divided into various end-user segments, including physicians’ offices, hospitals & ICUs, research institutes, and other end users. In 2022, the hospitals & ICUs segment experienced the most significant growth rate. One of the primary advantages of utilizing point-of-care molecular tests in hospitals or clinical settings, as opposed to traditional point-of-care tests, is their ability to provide faster turnaround times and increased accuracy. The hospitals & ICUs segment’s substantial market share can be attributed to the growing number of hospitals and the high demand for diagnostic products within these healthcare facilities.

“Asia Pacific: The fastest-growing region point-of-care molecular diagnostics market”
The global market for point-of-care molecular diagnostics is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the Asia Pacific region is anticipated to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period. The remarkable growth in the Asia Pacific market can be attributed to several factors. These include the proactive efforts by governments to raise awareness about early disease detection and promote regular health check-ups, the increasing healthcare expenditure in the region, the rising number of hospitals and clinical diagnostic laboratories in countries like India and China, and the strengthening research capabilities in diagnostic procedures across India, China, and Japan.

The primary interviews conducted for this report can be categorized as follows:

  • By Company Type: Tier 1 - 40%, Tier 2 - 30%, and Tier 3 - 30%
  • By Designation: C-level - 27%, D-level - 18%, and Others - 55%
  • By Region: North America - 51%, Europe - 21%, Asia Pacific - 18% and Latin America 6% and Middle East & Africa 4%

Prominent companies Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioM?rieux SA (France), Danaher Corporation (US), QIAGEN N.V. (Netherlands), QuidelOrtho Corporation (US), 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).

Research Coverage:
This research report categorizes the point of care molecular diagnostics market by product & service, technology, application, end user and region. The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the point-of-care molecular diagnostics market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the point of care molecular diagnostics market. Competitive analysis of upcoming startups in the point of care molecular diagnostics market ecosystem is covered in this report.

Key Benefits of Buying the Report:
The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall point-of-care molecular diagnostics market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies.

This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the point of care molecular diagnostics market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the point of care molecular diagnostics market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the point of care molecular diagnostics market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the point of care molecular diagnostics market.
  • Competitive Assessment: In-depth assessment of market ranking, growth strategies and service offerings of leading players like Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioM?rieux SA (France), Danaher Corporation (US), and QIAGEN N.V. (Netherlands), among others in the point of care molecular diagnostics market strategies.