Point of Care Molecular Diagnostics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Point of Care Molecular Diagnostics Market Analysis

The Global Point-of-Care Molecular Diagnostics Market size is estimated at USD 3.67 billion in 2024, and is expected to reach USD 5.57 billion by 2029, growing at a CAGR of 8.77% during the forecast period (2024-2029).

Rapid Molecular Diagnostics has been the front runner in the world's response to the COVID-19 pandemic. For instance, in May 2021, a research paper published in the US National Library of Medicine titled 'Point-of-Care PCR Assays for COVID-19 Detection' stated that reverse transcriptase-polymerase chain reaction (RT-PCR) and the quantitative variant (qRT-PCR) have been the gold standard for COVID-19 diagnosis. However, Molecular Diagnostic technologies have some limitations. For instance, in November 2020, a research paper published in the US National Library of Medicine titled 'Molecular Diagnostic Technologies for COVID-19: Limitations and Challenges' stated that modern Point of Care Molecular Diagnostics are not intended for point-of-care diagnosis of COVID-19 but provide a core diagnostic solution to conduct large numbers of tests in a reasonable timeframe. Therefore, accurate Point of Care Diagnostics are crucial to curb its spread. Such research studies provide better insight into the applications and limitations of Molecular Diagnostic technologies. Product launches are another factor in the growth of the Point of Care Molecular Diagnostics Market. For instance, in November 2021, Sense Biodetection received USD 65 million in funding to support the anticipated US and European commercial launch of Sense's COVID-19 Test on the company's Veros instrument-free molecular platform.

Point-of-Care Molecular Diagnostics enable physicians to improve the standard of care by combining quick diagnosis with treatment decisions during the patient's first visit. In past decades, the prevalence of infectious diseases and chronic illnesses like cancer increased. The surging prevalence of chronic illnesses, such as cancer and infectious diseases, is expected to drive the Point of Care Diagnostics Market's growth. For instance, according to the Department of Health & Human Services 2020, about 38 million people were affected by HIV/AIDS in 2019. Therefore, people with HIV are creating a need for Point of Care Molecular Diagnostics devices for remote locations. As per the March 2020 report of the European Centre for Disease Control and Prevention, 52,862 new tuberculosis cases were reported in 2018 in 30 EU and European Economic Area (EU/EEA) countries, with a notification rate of 10.2 per 100,000 people in the EU/EEA. Out of the total diagnosed cases in 2018, 36,047 cases of tuberculosis were confirmed by culture or smear and nucleic acid amplification test, such as Rapid Molecular Testing (polymerase chain reaction test). This prevalence has led to increased demand for novel diagnostic methods, further leading to progress in technological advancements and pharmacogenomics. These factors have also increased the demand for Point of Care Diagnostics. Such factors are contributing to the market's growth.

However, uncertain reimbursement scenarios have dissuaded many manufacturers from entering the Point of Care Molecular Diagnostics Market. A lack of high-complexity test centers to use POC molecular testing is also hindering the market's growth.

Point of Care Molecular Diagnostics Market Trends

This section covers the major market trends shaping the Point-of-Care Molecular Diagnostics Market according to our research experts:

The Oncology Segment is Expected to Register a High CAGR During the Forecast Period

Point of Care Molecular Diagnostics Industry Segmentation

Point-of-care molecular tests check for certain changes in a gene or chromosome that may cause or affect the chance of developing a specific disease or disorder, such as cancer, at or near the point-of-care, i.e., at the time and place of the patient care. The point-of-care molecular diagnostics market is segmented by application (infectious diseases, oncology, hematology, prenatal testing, endocrinology, and other applications), technology (PCR, genetic sequencing, hybridization, and microarray), end user (hospitals, homecare, and other end users), geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.