Point-of-Care Molecular Diagnostics Market to Surge to USD 11.1 Billion by 2033, Growing at a 9.7% CAGR

Point-of-care Molecular Diagnostics Market

The global point-of-care molecular diagnostics market is poised for remarkable growth, with an estimated valuation of USD 4.4 billion in 2023. By 2033, the market is projected to reach USD 11.1 billion, representing a robust compound annual growth rate (CAGR) of 9.7% over the forecast period. This growth underscores the increasing demand for rapid, accurate, and accessible diagnostic solutions in the healthcare industry.

Point-of-care molecular diagnostics has revolutionized disease detection and management by enabling on-the-spot testing with high accuracy. These diagnostic tools are widely used for infectious diseases, genetic testing, and oncology, offering critical advantages in resource-limited settings and during public health emergencies. The technology’s ability to deliver reliable results quickly and cost-effectively is driving its adoption across healthcare sectors.

The market’s expansion is fueled by advancements in molecular testing technologies, including isothermal amplification and CRISPR-based diagnostics, along with the growing focus on decentralized healthcare. Rising awareness of early disease detection and the integration of digital health platforms with point-of-care systems are further accelerating market growth. Key players in the market are focusing on developing compact, user-friendly devices to meet the increasing demand for rapid diagnostics.

Key Takeaways:

• The point-of-care molecular diagnostics market is expected to grow from USD 4.4 billion in 2023 to USD 11.1 billion by 2033, with a CAGR of 9.7%.
• Rapid, accurate, and affordable diagnostics for infectious diseases, genetic testing, and oncology are key market drivers.
• Innovations in molecular testing technologies and the push toward decentralized healthcare are shaping the market landscape.
• Integration of digital health solutions and development of compact, user-friendly devices are enhancing market adoption.

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Point-of-care Molecular Diagnostics Market – Driving Factors

• The rising prevalence of chronic and infectious diseases increases the demand for point-of-care molecular diagnostics.
• Healthcare manufacturers are expanding the laboratory sector due to the growing adoption of point-of-care molecular diagnostics.
• Rising high costs for testing, delays in results, and time-consuming methods are accelerating the demand for point-of-care molecular diagnostics.
• Increasing diagnostic tests and preventive medicine are boosting the demand for point-of-care molecular diagnostics.
• Adopting modern techniques and improving knowledge-related molecular mechanisms drive market growth.
• Growing demand for point-of-care molecular diagnostics for DNA sequencing and multi-gene examination is booming the market growth.
• Fast and accurate results and rapid detection of diseases are increasing the sales of point-of-care molecular diagnostics.

Competitive Landscape

The number of key marketers uplifts the global market by playing a significant role. These players focus on developing innovative products to enhance the healthcare sector. Their new ideas, tactics, and deep market research welcome better products in the global market.

The distribution channels and innovative advanced novel technology products upsurge the market at another height. Apart from it, they adopted a few marketing strategies such as mergers, partnerships, acquisitions, collaborations, and agreements.

Recent Developments

• In Mar 2020, Abbott Laboratories launched its new point of care for COVID-19 detection.
• In July 2021, QuantuMDxintroduced its quick point-of-care PCR system for detecting Q-POC diagnoses.
• In 2022, a molecular diagnostics company- Co-Diagnostics, acquired Idaho Molecular.
• In Oct 2020, BioMérieux partnered with Africa Medical Supplies Platform to provide high-quality diagnostics solutions for COVID-19.
• In Oct 2018, QIAGEN negotiated with STAT-Dx to enhance its portfolio in testing solutions for next-gen PCR systems.

Other Prominent Players in the Market

• Abbott Laboratories
• Hoffmann-La Roche Ltd.
• BioMérieux S.A.
• Danaher Corporation
• Quidel Corporation
• QIAGEN N.V.
• Co-Diagnostics, Inc.
• Biocartis NV (Belgium)
• Meridian Bioscience, Inc.
• Thermo Fisher Scientific, Inc.

Point-of-care Molecular Diagnostics Market Segmentation by Category

By Products & Services:

• 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

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• The Middle East & Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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