Point-of-Care Molecular Diagnostics Market Worth $10.12 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, March 13, 2023 /PRNewswire/ -- The global point-of-care molecular diagnostics market size is expected to reach USD 10.12 billion by 2030, registering a CAGR of 3.1% over the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of infectious diseases such as COVID-19, HIV, HBC, HCV, along with growing geriatric population is predicted to fuel the need for POC molecular diagnostics tests. Furthermore, rapid and accurate results offered by these POC tests act as a major factor for such growing acceptance across geographies. Moreover, rising emphasis for home care and assisted care facilities across emerging economies is also predicted boost POC molecular diagnostics market growth during the forecast years.

Key Industry Insights & Findings from the report:

• By technology, the PCR-based segment held a larger share of the point-of-care molecular diagnostics market owing to increasing demand for RT-PCR tests for diagnosis of COVID-19 and other infectious diseases.
• The POC test location segment is expected to grow lucratively over the forecast period due to rising demand from hospitals, clinics and ambulatory centers opting for rapid POC tests.
• North America dominated the global market in 2022, owing to increasing demand for new technologies, a large pool of key players, rising prevalence of cancer, infectious diseases, and advanced healthcare infrastructure.
• The Asia Pacific is expected to grow considerably in the future owing to due to the growing healthcare infrastructure and rising awareness of cancer testing within the region.

Read 150 page market research report, "Point-of-Care Molecular Diagnostics Market Size, Share & Trends Analysis By Application (Infectious Diseases, Oncology, Prenatal Testing), By Technology, By Test Location, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Point-of-Care Molecular Diagnostics Market Growth & Trends

Global geriatric population is increasing, which is expected to boost the demand for POC molecular diagnostics. Estimates published by the WHO suggest that the global population of age group 65 years and above is expected to increase from 7% in 2000 to 16% in 2050. Aging elevates the risk of diseases such as cardiovascular and cancer. Therefore, increase in global geriatric population is expected to raise the demand for continuous monitoring via facilities requiring POC MDx, such as home healthcare and assisted living healthcare facilities. Japan and China are two of the most affected Asian countries, and a significant increase in Japan's geriatric population is anticipated. Currently, more than 20% of the country's population is over the age of 65 years.

Increasing prevalence of cancer across countries has resulted in a continuous demand for point-of-care molecular diagnostic tests within hospitals. According to the National Center for Chronic Disease Prevention and Health Promotion, the annual cancer cases are likely to grow from 1.53 million in 2015 to 2.28 million by 2050. CDC has predicted incidence is likely to increase by 50% owing to increasing population within the U.S. Furthermore, emergence of CRISPR and NGS techniques for cancer detection has improved the diagnosis rates tremendously. With increasing affordability of NGS in past decade has also benefited the POC molecular diagnostics market for oncology. Such factors are likely to drive the global market.

Major companies active in the POC molecular diagnostics market include Danaher, BioMerieux, Bio-Rad Laboratories, Inc., Abbott, F. Hoffmann-La Roche AG, BD, and many more. Large number of pilot programs being initiated are likely to bring new products in the market. For instance, in march 2022, Intermountain Healthcare announced that they will be rolling out a Galleri Multi-Cancer Early Detection Test for 50 of their employees as a pilot plan, with this the company is expecting to launch new product in order to improve their market position.

Point-of-Care Molecular Diagnostics Market Segmentation

Grand View Research has segmented the global point-of-care molecular diagnostics market based on technology, test location, application, end-use and region:

Point-of-Care Molecular Diagnostics Market - Technology Outlook (Revenue, USD Million, 2018 - 2030)

• PCR-based
• Genetic Sequencing-based
• Hybridization-based
• Microarray-based

Point-of-Care Molecular Diagnostics Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Infectious Diseases
• HIV POC
• Clostridium difficile POC
• HBVPOC
• Pneumonia or Streptococcus associated infections
• Respiratory syncytial virus (RSV) POC
• HPVPOC
• Influenza/Flu POC
• HCVPOC
• MRSAPOC
• TB and drug-resistant TB POC
• HSVPOC
• Other Infectious Diseases
• Oncology
• Hematology
• Prenatal Testing
• Endocrinology
• Other Applications

Point-of-Care Molecular Diagnostics Market - Test Location Outlook (Revenue, USD Million, 2018 - 2030)

• OTC
• POC

Point-of-Care Molecular Diagnostics Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Decentralized Labs
• Hospitals
• Home-care
• Assisted Living Healthcare Facilities
• Others

Point-of-Care Molecular Diagnostics Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Denmark
• Sweden
• Norway
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Thailand
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Kuwait

List of Key Players in the Point-of-Care Molecular Diagnostics Market

• Abbott
• Bayer AG
• F. Hoffmann-La Roche AG
• Nova Biomedical
• QIAGEN
• Nipro Diagnostics
• Danaher
• Bio-Rad Laboratories, Inc.
• bioMérieux
• Agilent Technologies, Inc.
• Abaxis
• OraSure Technologies

Check out more related studies published by Grand View Research:

• Primary Care POC Diagnostics Market - The global primary care POC diagnostics market size is expected to reach USD 8.6 billion by 2025, according to a new report by Grand View Research, Inc., registering a 3.5% CAGR during the forecast period. Flexible and forward-thinking core molecular labs have been embracing and supporting the use of POC tests to move screening of many common targets to hospital receiving rooms and physicians' offices.
• Molecular Diagnostics Market - The global molecular diagnostics market size is expected to reach USD 31.9 billion by 2030, and is expected to decline at a CAGR of -1.6% from 2022 to 2030, according to a recent study by Grand View Research, Inc. The contraction in the market will be due to the decline in demand for molecular testing for COVID-19. However, factors such as the rising geriatric population and increasing demand for technologies such as NGS is expected to drive market growth.
• Infectious Disease Molecular Diagnostics Market - The global infectious disease molecular diagnostics market size is expected to reach USD 40.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 3.0% from 2020 to 2028. The market is driven by the introduction of technologically advanced products and an increase in demand for molecular diagnostics in PoC settings.

Browse through Grand View Research's  Clinical Diagnostics Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.