Growing prevalence of cancer, infectious diseases, and blood-related disorders and rising demand for point-of-care diagnostics are among the major factors expected to drive market revenue growth.
Growing prevalence of cancer, infectious diseases, and blood-related disorders and rising demand for point-of-care diagnostics are among the major factors expected to drive market revenue growth
According to Emergen Research, the global molecular diagnostics point-of-care market size was USD 2.25 billion in 2020 and is expected to reach USD 5.35 billion in 2028 and register a revenue CAGR of 10.6% during the forecast period, 2021-2028.
Market Dynamics:
Key factors contributing to the global molecular diagnostics point-of-care market revenue growth are growing geriatric population, rising prevalence of cancer, infectious diseases, and blood-related disorders, rising focus of healthcare providers on offering decentralized molecular diagnostic solutions, and increasing government and private funding for research and development of more advanced point-of-care molecular diagnostics. Rising demand for point-of-care diagnostics in hospitals, as well as home healthcare settings, increasing volumes of POC diagnostic tests, growing awareness of early disease diagnosis and treatment, and increasing demand for preventive medicine are some of the other major factors driving revenue growth of the global molecular diagnostics point-of-care market over the forecast period.
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Point-of-care molecular diagnostics refer to portable diagnostic devices and assay kits used for testing human samples such as blood, throat swab, serum, and stool to detect specific diseases. POC molecular diagnostics are gaining rapid traction globally, owing to their advantages such as portability, rapid test results, and accurate diagnosis. Increasing cases of the novel coronavirus infection worldwide and rapid adoption of molecular diagnostic technologies such as reverse transcriptase-polymerase chain reaction (RT-PCR) for COVID-19 diagnosis are factors that are expected to further boost market revenue growth over the forecast period.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
PCR-based Segment Accounted for Largest Revenue Share in 2020:
The PCR-based segment dominated other segments in terms of revenue share in the global market in 2020. Rapid commercialization of POC molecular diagnostic tests, increasing applications of the RT-PCR technology in COVID-19 diagnosis and treatment, and growing awareness of the advantages of the PCR technology such as real-time analysis, high precision, and faster results are major factors supporting this segment’s revenue growth.
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Infectious Diseases Segment to Account for Fastest Revenue CAGR:
The infectious diseases segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising cases of infectious diseases, including the novel coronavirus disease, growing need for better prevention and control of COVID-19, and growing applications of point-of-care molecular diagnostics such as RT-PCR tests in COVID-19 diagnosis are some of the key factors contributing to revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America molecular diagnostics point-of-care market led in terms of revenue share in the global market in 2020. Rise in geriatric population, increasing prevalence of cancer and infectious diseases, rapid shift from centralized to decentralized molecular diagnostic solutions, increasing adoption of advanced point-of-care molecular diagnostics in healthcare facilities, and presence of leading market players in the region, including Abbott Laboratories, Danaher Corporation, Meridian Bioscience, Inc., and Thermo Fisher Scientific, drive the regional market revenue growth.
Major Companies in the Global Molecular Diagnostics Point-of-Care Market Include:
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd.
- BioMérieux SA
- Danaher Corporation
- Quidel Corporation
- QIAGEN N.V.
- Co-Diagnostics, Inc.
- Biocartis N.V.
- Meridian Bioscience, Inc.
- Thermo Fisher Scientific
- Lucira Health, Inc.
- Cue Health
- OpGen, Inc.
- Binx Health, Inc.
- Molbio Diagnostics Pct. Ltd.
- Genomadix
- Visby Medical, Inc.
- QuikPath PTE Ltd.
- MD-Bio
- QuantuMDx Group Ltd.
- Aidian Oy
- GeneSTAT Molecular Diagnostics, LLC
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For the purpose of this report, Emergen Research has segmented the global molecular diagnostics point-of-care market based on test location, technology, application, end-use, and region:
Test Location Outlook (Revenue, USD Billion; 2018-2028)
- Over-the-Counter (OTC)
- Point-of-Care (PoC)
Technology Outlook (Revenue, USD Billion; 2018-2028)
- PCR-based
- Genetic Sequencing-based
- Hybridization-based
- Microarray-based
Application Outlook (Revenue: USD Billion; 2018-2028)
- Infectious Diseases
- Oncology
- Hematology
- Prenatal Testing
- Endocrinology
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals
- Homecare Settings
- Assisted Living Healthcare Facilities
- Decentralized Labs
- Others
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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