Point of Care Molecular Diagnostics Market is anticipated to register growth through 2032 owing to its ability to detect causative agents in case of any infectious disease emergencies. POC molecular testing plays a vital role in TAT (turnaround time). It offers access to rapid and sensitive infectious disease diagnostic assays crucial for timely infection control, effective treatment, and accurate diagnosis.
The COVID-19 outbreak has underscored the need to detect the disease rapidly and accurately at much higher scales than ever before. Several benefits offered by point-of-care devices such as the possibility of using more portable and cost-effective instrumentation; eliminating sample transport to a clinical laboratory for analysis; alleviating sample processing; using samples that hardly require trained personnel for collection; and measuring different entities (virus, antigen, antibodies) in symptomatic or asymptomatic patients will spur the product adoption in the coming future.
Besides, strategic initiatives by various governmental bodies, such as funds and grants to support the development of novel products, will also positively influence the overall industry growth. For instance, in 2021, Thermo Fisher Scientific unveiled a manufacturing facility in India. The company’s MagMAX Dx prefilled viral/pathogen nucleic acid isolation kits and CoviPath RT-PCR testing kits are developed to offer more precise, faster, and easy-to-use Covid testing solutions.
Overall, the point-of-care molecular diagnostics market is segmented in terms of technology, application, end-use, and region.
Based on technology, the polymerase chain reaction (PCR) diagnostic test segment will register notable gains through 2032. Factors such as the budding use in research and development, medical diagnostics, constant technological advancements, increasing prevalence of diseases, and a rising geriatric population base would add to the segmental expansion.
Considering the application, the infectious disease segment accounted for 80% market share in 2022. The increasing prevalence of respiratory syncytial virus and influenza and the easy availability of rapid diagnostic tests, including screening tests for influenza A and B virus infections, will propel segmental demand over the estimated timeframe.
By end-use, the clinics segment accounted for over USD 10 billion revenue share in 2022. The increasing number of clinics, along with cost-effective treatment and portable point-of-care molecular diagnostics systems that help with accurate and timely diagnostics, will spur market growth by 2032 end.
Regionally, the North America point-of-care molecular diagnostics market will register notable gains throughout 2023–2032. The growth can be attributed to the increasing adoption of point-of-care molecular diagnostics and treatment devices equipped with advanced technology. Also, some of the leading regional market players are constantly investing in R&D and increasing their focus on launching novel products, bolstering regional market growth in the future.