The global point-of-care molecular diagnostics market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for faster and accurate testing methods.

Point-of-care (PoC) molecular diagnostics allows and enables physicians to enhance the standard of healthcare of patients by providing quick diagnosis with arriving at effective treatment decision in the first visit. This testing method helps doctors to prescribe an accurate treatment for patients in the first instance without waiting for the final results since it can detect the infections and also determine a patient’s ability to metabolize a drug or drug class. The testing also can detect minimal residual disease besides offering faster analysis of the diagnostics result with lowering the price per test. These developments are made possible due to rapid introduction of modern innovative techniques and production of advanced diagnostic devices. The use of mutation-specific targeted analysis for diagnosing of the ‘single gene’ ailments and parallel next-gene sequencing are providing key opportunities for rising demand for PoC molecular diagnostics.
In the recent times, several players of the healthcare industry are extensively focusing on the development of two key aspects of molecular diagnosis such as prevention and early detection rather than finding a cure. As a result of these development, it is observed that the revenue flow is progressively visible to areas widely associated with PoC testing enhancement and diagnostic capabilities. In the coming years, rise in number of new product development and product commercialization are projected to boost the PoC molecular diagnostics market growth.

Market Trends, Drivers, Restraints, and Opportunities
• Growing adoption and miniaturization of current technology along with increasing demand for faster and accurate testing methods are expected to boost the demand for molecular diagnostics.
• Rising funding from government organizations and other private firms encouraging research and development activities to develop innovative and effective testing kits are projected to propel the market expansion.
• Growing awareness of the benefits associated with molecular mechanisms in the detection of common and rare disorders are key factors driving the market.
• Rapid growth of a number of clinical studies investigating the efficiency and accuracy of novel molecular tests are expected to spur market growth during the forecast period.
• Ongoing R&D activities, product commercialization, market adoption, penetration rates, POC MDx application & usage are key aspects that can create several opportunities for the market expansion.
• The outbreak of COVID-19 pandemic has positively impacted the market growth. Increasing demand for PCR and RT-PCR kits during the COVID-19 pandemic has increased the adoption of the point of care molecular diagnostics.

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Scope of the Report
The report on the global point-of-care molecular diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Point-of-Care Molecular Diagnostics Market Segment Insights

OTC tests segment is anticipated to represent a considerable market share
On the basis of test locations, the point-of-care molecular diagnostics market is bifurcated into PoC and over-the-counter (OTC) tests. The OTC tests segment is anticipated to represent a considerable market share during the forecast period due to high flexibility and portability of the OTC tests as compared to PoC tests, in terms of assisted living facilities and usage at home. OTC users generally constitute non-skilled personnel and in most of the cases, the patients personally use the test themselves. Additionally, a large number of these test devices are CLIA waived, encouraging the users to use these tests in non-laboratory settings. Moreover, OTC tests are ease to use, greater adoption rate, and easy availability, which present key factors for the segment growth.

Infectious diseases segment projected to constitute a significant market share
In terms of applications, the market is classified as infectious diseases, oncology, hematology, prenatal testing, endocrinology, and others. The infectious diseases segment is projected to constitute a significant market share during the forecast period. Rising prevalence of infectious diseases and growing demand for oncology PoC molecular tests represent major drivers for the segment growth. The diagnostics provide crucial information and data about suitable antimicrobial treatment, efficient disease management, enhanced distribution of healthcare laboratory assets, and reduced mortality and costs in relation to the treatment of infectious diseases.

Decentralized laboratories segment expected to account for a key market share
On the basis of end-users, the point-of-care molecular diagnostics market is divided into decentralized laboratories, hospitals, homecare, assisted living healthcare facilities, and others. The decentralized laboratories segment is expected to account for a key market share during the forecast period. The decentralized laboratories tests are capable of providing rapid and accurate molecular analysis, while having a smaller footprint as compared to the central laboratory-based counterparts. These factors are contributing to the growth of decentralized laboratories segment.

PCR-based test segment estimated to represent a significant market share
Based on technology, the market is divided into PCR-based, genetic sequencing-based, hybridization-based, and microarray-based tests. The PCR-based test segment is estimated to represent a significant market share during the forecast period. Commercialization of PoC tests that offer rapid real time PCR analysis, having high level of accuracy for infectious diseases such as H1N1 and influenza are projected to drive the segment growth.

On the other hand, the genetic sequencing-based segment is expected to exhibit a high CAGR during the forecast period owing to rapid technological changes in the platforms enabling genetic sequencing and analysis of DNA data at the point of care with improved accuracy. Rapid DNA analysis is anticipated to witness a considerable growth during the forecast period owing to the continuous innovation and R&D by key market players.

Asia Pacific projected to register a robust CAGR
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to register a robust CAGR during the forecast period owing to rising awareness of molecular diagnostics to detect the diseases infection at early stage. The lack of sophisticated central laboratory testing services, cost-effective implementation of PoC molecular, and a large population base in need for clinical testing tests are the key factors driving the regional growth of the market.
The market in Europe, on the other hand, is estimated to expand at a high CAGR during the forecast period owing to the increasing demand for rapid diagnosis and development of newer molecular diagnostic tests for DNA analysis.

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Segments

Segments Covered in the Report: The global point-of-care molecular diagnostic market has been segmented on the basis of:-

Test Locations
• OTC
• PoC
Applications
• Infectious Diseases
• Oncology
• Hematology
• Prenatal Testing
• Endocrinology
• Others
End-users
• Decentralized Labs
• Hospitals
• Homecare
• Assisted Living Healthcare Facilities
• Others
Technology
• PCR-based
• Genetic Sequencing-based
• Hybridization-based
• Microarray-based
Regions
• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa
Key Companies
• Abbott Laboratories
• Bayer Healthcare
• F. Hoffmann-La Roche AG
• Becton, Dickinson and Company
• BioMerieux
• Bio-Rad Laboratories, Inc.
• Cepheid, Inc.
• Danaher Corporation
• Johnson and Johnson.

Competitive Landscape
Some of the key players in the global point-of-care molecular diagnostics market include Abbott Laboratories; Bayer Healthcare; F. Hoffmann-La Roche AG; Becton, Dickinson and Company; BioMerieux; Bio-Rad Laboratories, Inc.; Cepheid, Inc.; Danaher Corporation; and Johnson and Johnson.

The market is shifting towards a phase of consolidation, amalgamation, and acquisitions owing to the development and commercialization of novel miniaturized molecular diagnostic tests by key players. Additionally, these players are increasingly focusing on strengthening their market positions using several market strategies such as product launches, entering into partnerships, and expansion of the production units.

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