Point of Care Molecular Diagnostics Market is Poised to Grow at a CAGR of 8.2% during the Forecast Period of 2022-2031
The report predicts the global Point of Care Molecular Diagnostics Market to grow at a healthy CAGR of 8.2% over the forecast period from 2022-2031.
“The global point-of-care molecular diagnostics market size is projected to reach USD 4.1 billion by 2031 from USD 2.8 billion in 2021, at a CAGR of 8.2% 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 2020. 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.
“Sexually transmitted diseases segment accounted for the highest CAGR”
Based on applications, the point-of-care molecular diagnostics market is segmented into respiratory diseases, sexually transmitted diseases, hospital-acquired infections, cancer, hepatitis, gastrointestinal disorders, and other applications. In 2020, the sexually transmitted diseases segment accounted for the highest growth rate. The increasing prevalence of CT/NG infections, HPV, HIV, and Trichomonas vaginalis and technological advancements are major factors driving the growth of this market segment.
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“Hospitals & ICUs segment accounted for the highest CAGR”
Based on end users, the market is segmented into physicians’ offices, hospitals & ICUs, research institutes, and other end users. In 2020, the hospitals & ICUs segment accounted for the highest growth rate. This can be attributed to the increasing number of hospitals and high demand for diagnostic products in hospitals.
“North America: The fastest-growing region point-of-care molecular diagnostics market”
The global point-of-care molecular diagnostics market is segmented into North America, Europe, Asia Pacific and the Rest of the World. North America accounted for the largest share of the global point-of-care molecular diagnostics market. Factors such as the highly developed healthcare system in the US and Canada and the easy accessibility to technologically advanced instruments are driving the growth of the point-of-care molecular diagnostics market in this region.
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 the Rest of the World – 10%
Lits of Companies Profiled in the Report:
- 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).
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Research Coverage:
This report provides a detailed picture of the global point-of-care molecular diagnostics market. It aims at estimating the size and future growth potential of the market across different segments, such as product & service, technology, application, end-user, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.
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.”
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