The point-of-care molecular diagnostics market is estimated to capture a valuation of USD 4.4 billion in 2023 and is rising to USD 11.1 billion by 2033. The market is predicted at a CAGR of 9.7% during the forecast period.
Point-of-care Molecular Diagnostics Market - Driving Factors
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Lack of awareness about health and healthcare products in developing countries limits market growth. The absence of reimbursement policies and poor penetration of advanced healthcare devices further hinder the market growth in a few regions.
Emerging Growth Opportunities in the Developing Countries
Manufacturers in developing countries such as India, South Korea, and Brazil significantly produce point-of-care molecular diagnostics. Growing patients population, testing products, advanced healthcare infrastructure, and rising infectious diseases are advancing the market opportunities.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 9.7% |
| Market Valuation (2023) | USD 4.4 billion |
| Market Valuation (2033) | USD 11.1 billion |
According to Future Market Insights, the global point-of-care molecular diagnostics market is predicted at a healthy 9.7% CAGR during the forecast period. Historically, the market registered a CAGR of 10.4% between 2017 and 2022.
Increased prevalence of infectious diseases, research and development activities, and early detection of infectious diseases are the factors driving the market growth globally. Apart from these factors, increasingly advanced commercialized technology, diagnostic alternatives, and improved therapeutic are growing the demand for point-of-care molecular diagnostics.
Adopting point-of-care molecular diagnostics to identify gene expression in molecular biology fosters market growth. In the recent period, healthcare physicians have improved the standard of testing with the ability of quick testing, which consequently increases the demand for point-of-care diagnostics. In 2022, according to the American Cancer Society, around 1.9 million new cancer cases were recorded in the United States.
The market is estimated to reach USD 11.1 billion during the forecast period. Historically, the market stood at USD 3.4 billion from 2017 to 2022.
Principal Consultant
| Segment | Product and Services |
|---|---|
| Top Category | Assays & Kits |
| Historic CAGR | 10.2% |
| Forecast CAGR | 10% |
| Segment | Technology |
|---|---|
| Top Category | RT-PCR |
| Historic CAGR | 9.6% |
| Forecast CAGR | 9.2% |
Based on products & services, assays & kits are leading the global market by capturing a CAGR of 10% during the forecast period. The growing adoption of assays & kits products by several end-use industries is surging the market growth. The increasing adoption of assays & kits due to quick and accurate testing is further fueling the market expansion.
Growing demand for assays & kits in the laboratory to research drugs, science life, and environment monitoring is propelling market opportunities. Historically, the assays & kits captured a CAGR of 10.2% between 2017 and 2022.
Based on application, respiratory diseases are estimated to lead the global market by securing a significant CAGR during the forecast period. Due to surging respiratory diseases, the testing equipment for infectious illnesses is significantly growing, which results in indriving market growth.
According to a report by LANCET, in 2019, nearly 17.2 billion cases related to upper respiratory infections were there around the globe. These factors are expanding the global market by increasing sales.&
Based on technology, the RT-PCR category is leading the global market by securing a CAGR of 9.2% during the forecast period. Due to increasing several testing, including COVID-19, proteomics and genomics are rising the adoption of RT-PCR. The demand for RT-PCR is continuously growing due to cost efficiency, high sensitivity, and low time consumption.
The demand for RT-PCR is increasing for several other infections, such as Ebola, which favours market opportunities. Historically, the RT-PCR secured a CAGR of 9.6% between 2017 and 2022.
Based on end users,&the hospitals & ICUs&segment registered a huge revenue by securing a significant share during the forecast period. Soaring diseases, patient population, and advanced technology testing equipment are driving the hospitals & ICUs segment. The increasing adoption of point-of-care molecular testing by healthcare providers to detect accurate diseases in hospitals & ICUs is surging the market opportunities.
| Country | United States |
|---|---|
| CAGR (2017 to 2022) | 12.2% |
| CAGR (2023 to 2033) | 9.5% |
| Valuation (2023 to 2033) | USD 3.9 billion |
| Country | United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 11.2% |
| CAGR (2023 to 2033) | 8.8% |
| Valuation (2023 to 2033) | USD 467.1 million |
| Country | China |
|---|---|
| CAGR (2017 to 2022) | 11.8% |
| CAGR (2023 to 2033) | 9.1% |
| Valuation (2023 to 2033) | USD 796.5 million |
| Country | Japan |
|---|---|
| CAGR (2017 to 2022) | 10.7% |
| CAGR (2023 to 2033) | 8.2% |
| Valuation (2023 to 2033) | USD 651 million |
| Country | South Korea |
|---|---|
| CAGR (2017 to 2022) | 9.3% |
| CAGR (2023 to 2033) | 7.4% |
| Valuation (2023 to 2033) | USD 383 million |
The United States is to capture a significant portion of the global market by securing a CAGR of 9.5% with a valuation of USD 3.9 billion during the forecast period. Rising research & development activities, innovation of advanced products, presence of key players, and government initiatives are expanding the United States' point-of-care molecular diagnostics market.
The increase of several chronic diseases, novel products, and prominent expansion in the healthcare sector surged the United States market opportunities. In North America, in 2020, the market surged at a valuation of USD 1.4 billion. Rising early-stage infectious, POC testing and increasing COVID-19 tests in recent years are expanding the market opportunities in the United States. Historically, the United States secured a CAGR of 12.2% between 2017 and 2022.
The United Kingdom is registering a CAGR of 8.8% with a valuation of USD 467.8 million during the forecast period. Rising healthcare infrastructure, urbanization, research & development activities, and huge investments by the government are driving market opportunities in the United Kingdom.
Growing demand for point-of-care molecular PCR to detect chronic and infectious diseases fuels the market size. According to Cancer Research United Kingdom, around 375400 new cancer cases were recorded in the United Kingdom between 2016 and 2018. Historically, the United Kingdom captured a CAGR of 11.2% between 2017 and 2022.
China is one of the significant contributors to the Asia-Pacific market. China is securing a CAGR of 9.1% with a valuation of USD 796.5 million during the forecast period. The increasing number of testing laboratories, clinical testing, and large population is expanding the market growth.
Rising cost-effective and advanced testing boosts the demand for point-of-care molecular diagnostics in China. China's point-of-care molecular diagnostics market historically captured a CAGR of 11.8% between 2017 and 2022.
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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
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa,South Africa, and Türkiye |
| Key Segments Covered | Product and Services, Technology, End User, Application, Region |
| Key Companies Profiled | 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. |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 4.4 billion in 2023.
Danaher Corporation, Quidel Corporation, and QIAGEN N.V. are the key market players.
The market is forecast to register a CAGR of 9.7% through 2033.
The market is estimated to be worth USD 11.1 billion by 2033.
The market registered a CAGR of 10.4% from 2017 to 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product & Service 5.1. Assays & kits 5.2. Instruments & Analyzers 5.3. Software & Services 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Technology 6.1. RT-PCR 6.2. INAAT 6.3. Other Technologies 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Application 7.1. Respiratory Diseases 7.2. Sexually Transmitted Diseases 7.3. Hospital-acquired Infections 7.4. Cancer 7.5. Hepatitis 7.6. Gastrointestinal Disorders 7.7. Other Applications 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End User 8.1. Physicians Offices 8.2. Hospitals & ICUs 8.3. Research Institutes 8.4. Other End Users 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Abbott Laboratories 17.2. F. Hoffmann-La Roche Ltd. 17.3. bioMérieux S.A. 17.4. Danaher Corporation 17.5. Quidel Corporation 17.6. QIAGEN N.V. 17.7. Co-Diagnostics, Inc. 17.8. Biocartis NV 17.9. Meridian Bioscience, Inc. 17.10. Thermo Fisher Scientific 18. Assumptions & Acronyms Used 19. Research Methodology
Healthcare
July 2022
REP-GB-6717
333 pages
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Point-of-care Molecular Diagnostics Market
