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Point of Care Molecular Diagnostics Market to Reach $3.4 Billion by 2028

The global point-of-care molecular diagnostics market size is projected to reach USD 3.4 billion by 2028 from USD 2.0 billion in 2023, at a CAGR of 10.6% during the forecast period. Growth in the point-of-care molecular diagnostics industry is mainly driven by factors such as the increasing incidence of infectious diseases and cancer, increasing R&D funding to reduce time required for testing, growing awareness about early diagnosis of testing and technological advancements.

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Point of Care Molecular Diagnostics Market to Reach $3.4 Billion by 2028

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  1. MarketsandMarkets Presents Point of Care Molecular Diagnostics Market worth $3.4 billion by 2028 https://www.marketsandmarkets.com/Market-Reports/point-of-care-molecular-diagnostic-market-143524127.html

  2. The report "Point of Care Molecular Diagnostics Market by Product (Assays, Kits, Instruments, Software), Application (Respiratory Diseases, HAIs, Cancer, STDs, Hepatitis), Technology (RT-PCR, INAAT), End User (Clinics, Hospitals, ICUs) & Region - Global Forecast to 2028" The global point of care molecular diagnostics market value is projected to be USD 3.4 billion by 2028, growing from USD 2.0 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period. Download a PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=143524127

  3. Objectives of the Study: • To define, describe, segment, and forecast the global point-of-care molecular diagnostics market by product & service, technology, application, end user, and region • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges) • To analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players • To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East & Africa • To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies • To track and analyze company developments such as acquisitions, product launches and approvals, expansions, and other developments in the point-of-care molecular diagnostics market. • Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=143524127

  4. The growth of this market is majorly driven by 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. The Assays & Kits segment is expected to account for the largest share of the Point of Care Molecular Diagnostics Market in 2022. The products & services in the point-of-care molecular diagnostics market are categorized into assays & kits, instruments & analyzers, and software & services. Assays & kits specifically cater to various point-of-care settings such as hospital critical care units, physicians' offices, outpatient clinics, home care settings, and long-term care settings, among others. The continuous demand and recurring purchases of assays & kits are anticipated to fuel the growth of the point-of-care molecular diagnostics market.

  5. The Respiratory Diseases segment accounted for the largest share of the point-of-care molecular diagnostics market in 2022. The molecular diagnostics market is categorized into various applications, including respiratory diseases, sexually transmitted diseases, hospital-acquired infections, cancer, hepatitis, gastrointestinal disorders, and other applications. The growth of this market segment is primarily driven by the escalating prevalence of infectious diseases and the growing demand for early diagnosis and detection of these diseases. These factors are particularly significant in emerging countries, where there is a heightened need to address the challenges posed by infectious diseases through timely and accurate molecular diagnostics. The point-of-care molecular diagnostics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the leading region, capturing the largest market share in the point-of-care molecular diagnostics market. The significant share of this region can be attributed to the highly advanced healthcare systems present in the United States and Canada. In recent years, there has been a notable increase in healthcare spending across North America. According to the Centers for Medicare & Medicaid Services, national health spending is projected to grow at an average annual rate of 5.4% from 2019 to 2028, reaching a staggering USD 6.2 trillion by 2028. This growing healthcare expenditure serves as a key driver for the biotechnology sector, including the point-of-care molecular diagnostics market.

  6. 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), Labsystems Diagnostics Oy (Finland), Akonni Biosystems (US) and Curetis N.V. (Germany)

  7. Company Insights Abbott Laboratories (US) accounted for the largest share of the point-of-care molecular diagnostics market in 2022. The company’s leading position can be attributed to its strong sales and distribution network. The company invests a significant amount of its revenue in R&D. The company also adopts organic growth strategies such as product launches to increase its dominance in this market. F. Hoffmann-La Roche Ltd. (Switzerland) held the second position in the point-of-care molecular diagnostics market in 2022. The company’s leading position is attributed to its wide product portfolio. Under its flagship brand- cobas- the company offers a wide variety instruments and reagents that are widely used by end users across the globe. The company also has a wide geographic presence, spanning North America, Europe, the Middle East and Africa, and Asia. This enables the company to cater to customers across the globe. bioMérieux SA (France) accounted for the third-largest share of the point-of-care molecular diagnostics market. The company operates in more than 150 countries across the Americas, Europe, the Middle East and Africa, and the Asia Pacific and has 18 production sites and 20 R&D sites. It has 43 subsidiaries across the globe. The company has a strong product portfolio which has helped it to maintain and enhance its presence in the market.

  8. About MarketsandMarkets MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

  9. Contact Us Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: 1-888-600-6441 sales@marketsandmarkets.com Press release: https://www.marketsandmarkets.com/PressReleases/point-of-care-molecular-diagnostic.asp Research insights: https://www.marketsandmarkets.com/ResearchInsight/point-of-care-molecular-diagnostic-market.asp

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