The point-of-care (POC) molecular diagnostics market consists of sales of point-of-care (POC) molecular diagnostics products and equipment by entities (organizations, sole traders, and partnerships) that are used for the detection of disease antigens or antibodies in human samples, such as mononucleosis, influenza, and group A streptococcus (GAS). It refers to tests that detect the presence of specific nucleic acids in a clinical specimen, such as feces, saliva, urine, blood, and tissue. This molecular diagnostic is based on seeing targeted portions of microbial genetic material, DNA or RNA. It is utilized by the healthcare sector to detect emergency usage authorization to diagnose diseases.
The main products and services of point-of-care molecular diagnostics are assays and kits, instruments and analyzers, and software and services. Assays and kits refer to the equipment which is used in carrying out analyses such as studying disease pathways. Assays and kits were widely used for detection, rapid and accurate diagnosis, and monitoring of various diseases. Reverse transcription-polymerase chain reaction (RT-PCR), in situ-hybridization, and sequencing are the technologies used in point-of-care molecular diagnostics that are used for the diagnosis of diseases such as respiratory diseases, hospital-acquired infections (HAIs), cancer/oncology, hepatitis, and hematology. Point-of-care molecular diagnostics is used by decentralized labs, hospitals, homecare, and assisted living healthcare facilities.
The point-of-care molecular diagnostics market research report is one of a series of new reports from The Business Research Company that provides point-of-care molecular diagnostics market statistics, including point-of-care molecular diagnostics industry global market size, regional shares, competitors with a point-of-care molecular diagnostics market share, detailed point-of-care molecular diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the point-of-care molecular diagnostics industry. This point-of-care molecular diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The global point-of-care molecular diagnostics market size is expected to grow from $2.50 billion in 2021 to $2.78 billion in 2022 at a compound annual growth rate (CAGR) of 11.18%. The global point-of-care molecular diagnostics market size is expected to reach $4.32 billion in 2026 at a compound annual growth rate (CAGR) of 11.59%.
The rapid growth in the incidence of infectious and respiratory diseases is expected to significantly contribute to the growth of the point-of-care molecular diagnostics market. Respiratory infections, such as viruses or bacteria, are caused by microorganisms that influence the respiratory system. These microbes can be transferred through coughing, sneezing, or direct contact. The severity of the respiratory medications includes a variety of inhalers, oral medications, intravenous treatments, and point-of-care molecular diagnostic to cure the patient. For instance, in May 2020, an annual report on MCCD (Medical Certification of Cause of Death) 2020 shows that respiratory system diseases are the second most common cause of death, accounting for 10% of the total medically certified causes of death (88.7%). Furthermore, between 2019 and 2020, the number of deaths caused by respiratory disorders increased from 152,311 to 181,160. Therefore, the rapid occurrence of infectious and respiratory diseases and deaths will drive the point-of-care molecular diagnostics market.
Technological innovation is a key trend gaining popularity in the point-of-care molecular diagnostics market. Major companies operating in the point-of-care molecular diagnostics market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation point-of-care molecular diagnostics technologies solutions and related services, such as enzyme-linked immunosorbent assay (ELISA), polymerase chain reaction (PCR), and mass spectrometry (MS), situ hybridizations, spectral karyotyping imaging, DNA microarrays, and others to implement on POC devices with features of accelerating analysis times and lowering costs. For instance, in March 2020, Abbott Laboratories, a US-based medical device company, launched the molecular point-of-care test available for detecting new coronavirus (COVID-19). According to the company, the device shows positive results in five minutes and negative in 13 minutes. This test will run on the ID NOW™ platform with isothermal nucleic acid amplification technology that generates molecular results in minutes.
In February 2021, Thermo Fisher Scientific, a US-based supplier of scientific instrumentation, reagents, consumables, and software services firm, acquired Mesa Biotech for an undisclosed amount. With this acquisition, Thermo Fisher Scientific will expand into molecular diagnostics at the point-of-care by bringing much-needed diagnostics to the market on a larger scale. Mesa Biotech is a US-based point-of-care molecular diagnostic company.
Major players in the point-of-care molecular diagnostics market are Abbott Laboratories, F. Hoffmann-La Roche Ltd, BioMérieux SA, Danaher Corporation, Quidel Corporation, Qiagen Gmbh, Biocartis NV, Nova Biomedical, Thermo Fisher Scientific, Dickinson and Company, Mesa Biotech Inc, OraSure Technologies Inc, Bio-Rad Laboratories Inc, Sysmex, Siemens Healthineers, Bayer HealthCare Pharmaceuticals LLC, Alere Inc, Lucira Health Inc, Cue Health Inc, OpGen Inc, Binx Health Inc, Molbio Diagnostics Pct Ltd, Genomadix, Visby Medical, QuikPath PTE Ltd, QuantuMDx Group Ltd, and Sekisui Medical Co., Ltd.
North America was the largest region in the point-of-care molecular diagnostics market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global point-of-care molecular diagnostics market during the forecast period. The regions covered in the global point-of-care molecular diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the point-of-care molecular diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The global point-of-care molecular diagnostics market is segmented -
1) By Product and Service: Assays and Kits, Instruments and Analyzers, Software and Services
2) By Technology: Reverse Transcription - Polymerase Chain Reaction (RT-PCR), In Situ Hybridization, Sequencing
3) By Application: Respiratory Diseases, Hospital Acquired Infections (HAIs), Cancer/Oncology, Hepatitis, Hematology
4) By End-User: Decentralized Labs, Hospitals, Home Care, Assisted Living Healthcare Facilities
