Point Of Care Molecular Diagnostics Market Size, Share, Industry Trends and Forecast to 2030

Market Size & CAGR of Point Of Care Molecular Diagnostics market in 2021

The global point of care molecular diagnostics market is expected to reach a value of USD 5.36 billion by the end of 2021, with a compound annual growth rate (CAGR) of 8.2% from 2021 to 2026. The increasing demand for rapid diagnostic solutions and the rise in the prevalence of infectious diseases are driving the growth of the market.

COVID-19 Impact on the Point Of Care Molecular Diagnostics Market

The COVID-19 pandemic has had a significant impact on the point of care molecular diagnostics market. With the need for rapid and accurate testing to control the spread of the virus, there has been a surge in demand for point of care molecular diagnostic devices. Companies in the market have ramped up production to meet the increased need for testing solutions.

Point Of Care Molecular Diagnostics Dynamics

The point of care molecular diagnostics market is driven by factors such as technological advancements in molecular testing, increasing awareness about personalized medicine, and the growing prevalence of chronic diseases. Key players in the market are focusing on developing innovative solutions to cater to the rising demand for rapid and accurate diagnostic tests.

Segments and Related Analysis

The point of care molecular diagnostics market can be segmented based on technology, application, end-user, and region. By technology, the market is divided into PCR-based techniques, microarray-based techniques, and others. The application segment includes infectious disease testing, oncology testing, genetic testing, and others. Healthcare facilities, home care settings, and research laboratories are key end-users of point of care molecular diagnostics.

By Region Analysis

The point of care molecular diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share due to the presence of well-established healthcare infrastructure and the increasing adoption of advanced diagnostic technologies. The Asia Pacific region is projected to witness significant growth during the forecast period, driven by the rising prevalence of infectious diseases and the growing geriatric population.

Key Market Players and Competitive Landscape

Some of the key players in the point of care molecular diagnostics market include Abbott Laboratories, Roche Diagnostics, BioMerieux, Cepheid, Danaher Corporation, QIAGEN, Siemens Healthcare, and Thermo Fisher Scientific. These companies are focusing on strategic collaborations, partnerships, and product launches to strengthen their market position and expand their product portfolio.

Recent Happenings in the Point Of Care Molecular Diagnostics Market

In recent developments, Abbott Laboratories launched a new point of care molecular diagnostic device for COVID-19 testing. Roche Diagnostics introduced a novel molecular testing platform for rapid and accurate detection of infectious diseases. BioMerieux announced a partnership with a leading research institution to develop innovative molecular diagnostic solutions. These advancements are expected to drive the growth of the point of care molecular diagnostics market in the coming years.