Global Point-of-care Molecular Diagnostics Market to reach USD 8.4 Billion by 2030, at a 9.7% CAGR | MarketDigits
Point-of-care Molecular Diagnostics Market by Product and Services (Assays and Kits, Instruments/Analyzers, Software, and Services), Technology (Polymerase Chain Reaction-Based, Genetic Sequencing-Based, Hybridization-Based, Microarray-Based, Isothermal Nucleic Acid, Amplification Technology (INAAT), others), Application, End-user and Region - Global Forecast to 2030
Richmond, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global Point-of-care Molecular Diagnostics Market was valued USD 4.4 Billion in 2023 and projected to reach USD 8.4 Billion by 2030, growing at a CAGR of 9.7% during the forecast period of 2023-2030.
Major vendors in the global Point-of-care Molecular Diagnostics Market:
Abbott., BD, BIOMÉRIEUX, DH Life Sciences, LLC., EKF Diagnostics, Globetech Media., Grifols, S.A., Hoffmann-La Roche Ltd, Nova Biomedical, PTS Diagnostics, QuidelOrtho Corporation, SEKISUI Diagnostics, Siemens Healthcare Private Limited, Thermo Fisher Scientific Inc., and Others.
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Market Overview
The growth of the point-of-care molecular diagnostics market is involvedly linked to the increasing demand for diagnostic tests and preventive medicine. As global healthcare strategies go towards preventive and personalized approaches, the imperative for rapid and precise point-of-care molecular diagnostics has gained prominence. The awareness surrounding the advantages of early disease detection and proactive healthcare management is driving the need for diagnostic tests that can deliver immediate results at the point of care. Point-of-care molecular diagnostics play a central role in facilitating timely interventions, empowering healthcare professionals to implement preventive measures, and modifying treatment plans to individual needs.
This change towards preventive medicine is particularly critical in addressing the surge in chronic diseases globally, including cardiovascular conditions, diabetes, and cancer. The rapid and decentralized nature of point-of-care molecular diagnostics aligns seamlessly with the objectives of preventive healthcare, offering swift diagnosis, continuous monitoring, and effective management of chronic ailments. Moreover, as healthcare providers and policymakers acknowledge the cost-effectiveness and efficiency of preventive strategies, the adoption of point-of-care molecular diagnostics is dignified for substantial growth. This driver reflects a broader transformation in healthcare dynamics, placing the Point-of-care Molecular Diagnostics Market at the front of revolutionary advancements in medical care.
Increasing Diagnostic Tests and Preventive Medicine
The rise in demand for diagnostic tests and preventive medicine in the point-of-care molecular diagnostics market is driven by the increasing focus on personalized healthcare and the necessity for swift and precise disease identification at the point of care. Molecular diagnostics offer a distinct advantage in enabling healthcare professionals to rapidly detect genetic and molecular markers linked to specific diseases, facilitating early detection and personalized treatment strategies. The importance of preventive medicine globally has intensified, leading to a greater emphasis on genetic screening and molecular testing to identify individuals at risk of certain diseases.
The emergence of advanced point-of-care molecular diagnostic devices further amplifies this trend by enabling healthcare providers to conduct tests conveniently within clinical settings, eliminating the dependence on centralized laboratories and expediting decision-making processes. With continuous technological advancements, the Point-of-care Molecular Diagnostics Market is dignified for sustained growth, driven by the imperative for personalized and preventive healthcare approaches that ultimately contribute to enhanced patient care and improved public health outcomes.
Market Dynamics
Drivers:
Enhanced research and development activities
Strategic collaborations between healthcare providers and diagnostic technology companies
Increasing prevalence of infectious diseases
Opportunities:
Increasing demand for rapid infectious disease diagnosis
Technological advancements in diagnostic devices
Growing awareness and adoption of point-of-care testing
Rising importance of personalized medicine
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Increasing demand for rapid infectious disease diagnosis
The point-of-care molecular diagnostics market is composed to capitalize on a prominent opportunity arising from the growing need for rapid infectious disease diagnosis. The resolution for rapid and precise diagnostic solutions at the point of care has become dominant in effectively managing infectious diseases. Point-of-care molecular diagnostics, by offering rapid and decentralized disease detection, play a key role in enabling healthcare professionals to promptly determine infection status and initiate timely interventions.
This need for quick diagnosis is highlighted by the potential for rapid disease transmission, and point-of-care molecular diagnostics contribute significantly to swift isolation, treatment, and containment measures. This opportunity is further supported by continuous technological advancements in molecular diagnostic technologies, enhancing the speed and precision of test results. The market's response to the increasing demand for rapid infectious disease diagnosis reflects a change toward proactive healthcare strategies and decentralized diagnostic approaches, establishing the Point-of-care Molecular Diagnostics Market as a key player in the global effort to quickly and effectively address infectious disease challenges.
Major Segmentations Are Distributed as follows:
By Product and Services
Assays and Kits
Instruments/Analyzers
Software and Services
By Technology
Polymerase Chain Reaction
Genetic Sequencing
Hybridization
Microarray
Isothermal Nucleic Acid Amplification Technology (INAAT)
Others
By Application
Endocrinology
Hematology
Hepatitis
Hospital-Acquired Infections
Oncology
Prenatal Testing
Respiratory Diseases
Sexually Transmitted Diseases
Others
By End-user
Decentralized Labs
Home-Care
Hospital Emergency Departments and Intensive Care Units
Research Institutes
Others
North America dominates the market for Point-of-care Molecular Diagnostics.
In North America, the point-of-care molecular diagnostics market has experienced strong growth propelled by its advanced healthcare infrastructure, substantial healthcare expenditure, and a proactive approach toward integrating innovative medical technologies. The region, marked by an increasing incidence of infectious diseases, including the recent impact of the COVID-19 pandemic, underscores the critical need for rapid and decentralized diagnostic solutions. Collaborations between key market players and research institutions have played a key role in driving the development and commercialization of state-of-the-art point-of-care molecular diagnostic technologies.
Asia-Pacific region, the Point-of-care Molecular Diagnostics Market is rapidly expanding, driven by a growing population, growing healthcare awareness, and heightened government initiatives to improve healthcare accessibility. Point-of-care molecular diagnostics, fueled by the necessity for swift and efficient disease detection in diverse and remote settings. The market is also benefiting from the increasing prevalence of infectious diseases and the shift towards personalized medicine in the region. Further, advancements in healthcare infrastructure and escalating investments in research and development contribute to the flourishing market landscape in Asia-Pacific.
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The Polymerase Chain Reaction Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global point-of-care molecular diagnostics market, the technology segment comprises various categories such as PCR, genetic sequencing, hybridization, microarray, and others. The Polymerase Chain Reaction (PCR) segment is a key driver in the point-of-care molecular diagnostics market, significantly advancing rapid and precise disease detection in decentralized healthcare environments. PCR, a molecular biology technique, amplifies DNA segments, enabling the identification of specific genetic markers linked to various diseases.
In the area of point-of-care diagnostics, PCR technology has grown to offer faster and more accessible testing solutions. The development of compact and portable PCR devices empowers healthcare professionals to conduct molecular diagnostics on-site, reducing result change time crucial for timely decision-making and intervention in patient care. The efficiency of PCR technology makes it highly suitable for point-of-care applications, facilitating real-time detection of infectious diseases, genetic disorders, and other health conditions.
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