Point Of Care Molecular Diagnostics Market Size Scope Forecast to – 2030

The global Point of Care Molecular Diagnostics market size was estimated at USD 2.18 billion in 2021 and is expected to surpass around USD 10.7 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 14.5% during the forecast period 2022 to 2030. Market growth is driven by the increasing prevalence of infectious diseases and cancer, rising focus on decentralized diagnostics, increasing R&D funding, increasing awareness on the early detection of infectious diseases, and the increasing use of POC diagnostic tests.

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COVID-19 Impact on Global Point-of-Care Molecular Diagnostics Market

COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The COVID-19 pandemic negatively affected the overall sales of most of the companies but had an positive impact on the point-of-care molecular diagnostics market because of the use of molecular diagnostic methods for COVID-19 testing. Lockdowns resulting from the COVID-19 pandemic caused people to delay undergoing health checkups, thus affecting the number of tests being performed and sales of reagents. However, a resurgence in testing numbers is seen as countries gradually ease restrictions on movement. With the COVID-19 pandemic, responding to infectious disease has become a pressing medical issue worldwide. In addition to the development of vaccines and therapeutic drugs, there is a growing call for the development of more precise and simple testing technologies and the expansion of testing structures. COVID-19 has also impacted the regulatory environment and practices, as governments and healthcare providers face unprecedented challenges. Regulatory authorities utilized methods to speed approval of diagnostic products. Companies have taken strategic developments to introduce COVID-19 rapid tests, sustain their revenues, and nullify the impact of COVID-19 on their operational capabilities

Report Scope of the Point of Care Molecular Diagnostics Market

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Market Dynamics

Driver:

The increasing prevalence of infectious diseases and cancer in developed and developing regions will positively influence the growth of the point-of-care molecular diagnostics market. The diagnosis and management of such diseases are responsible for the increasing number of prescriptions for molecular diagnostic tests. These factors, alongside the growing trend for preventive medicine, is expected to drive the demand for point-of-care molecular diagnostics during the forecast period.

Opportunity:

Emerging economies such as India, South Korea, Brazil, and Mexico offer significant growth opportunities to players operating in the point-of-care molecular diagnostics market. This can be attributed to the low regulatory barriers, improvements in healthcare infrastructure, growing patient population, rising prevalence of infectious diseases, and rising healthcare expenditure. Moreover, the regulatory policies in some of these countries are more adaptive and business-friendly than those in developed countries.

Restraint:

Inadequate reimbursements are a major factor restraining the growth of the point-of-care molecular diagnostics market. A major challenge that most diagnostic companies face in commercializing their tests is getting Medicare and private health insurers to pay for them. In the US, Medicare revised its reimbursement mechanism for some IVD tests, including point-of-care molecular tests, in 2018. Some of these tests do not have their own Healthcare Common Procedure Coding System (HCPCS) codes and are instead billed using unlisted codes. In such cases, Medicare Administrative Contractors (MACs) establish a payment amount for their local jurisdictions. Centers for Medicare & Medicaid Services (CMS) reduced the Medicare reimbursement rate for COVID-19 tests based on high throughput technology to USD 75 unless labs can process results in under two days. Medicare does not currently provide genetic testing coverage in individuals without a personal history of cancer (Source: American Society of Clinical Oncology).

In 2021, assays & kits segment accounted for the largest share of the point-of-care molecular diagnostics market, by product & service

Based on product, the point-of-care molecular diagnostics market is segmented into instruments & analyzers, and software & services. In 2021, the assays & kits segment accounted for the largest share of this market. The frequent purchase of these products due to their recurrent usage drives the market growth of this segment.

In 2021, RT-PCR segment accounted for the largest share in the market, by technology

The point-of-care molecular diagnostics market is segmented into RT-PCR, INAAT and other technologies based on technology. In 2021, the RT-PCR segment accounted for the largest share. This can be attributed to the growing use of RT-PCR in proteomics, genomics, and COVID-19 testing as well as the access to portable, easy-to-use devices are the major factors driving the growth of this market segment.

North America is the largest regional market for point-of-care molecular diagnostics

The global point-of-care molecular diagnostics market is segmented into North America, Europe, Asia Pacific and Rest of the World. In 2021, North America accounted for the largest share of the global point-of-care molecular diagnostics market. The North American point-of-care molecular diagnostics market's growth can be attributed to the highly developed healthcare system in the US and Canada and the easy accessibility to technologically advanced instruments.

Some of the prominent players in the Point of Care Molecular Diagnostics Market include:

• 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).

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Point of Care Molecular Diagnostics market

By Product & Service

• Assays & kits
• Instruments & Analyzers
• Software & Services

By Technology

• RT-PCR
• INAAT
• Other technologies

By Application

• Respiratory Diseases
• Sexually Transmitted Diseases
• Hospital-acquired Infections
• Cancer
• Hepatitis
• Gastrointestinal Disorders
• Other Applications

By End User

• Physicians’ Offices
• Hospitals & ICUs
• Research Institutes
• Other End Users

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Point Of Care Molecular Diagnostics industry analysis from 2022 to 2030 to identify the prevailing Point Of Care Molecular Diagnostics industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Point Of Care Molecular Diagnostics industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Point Of Care Molecular Diagnostics industry trends, key players, market segments, application areas, and market growth strategies.

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