Point of Care Molecular Diagnostics Market worth $4.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 9, 2022 /PRNewswire/ -- According to the new market research report "Point of Care Molecular Diagnostics Market by Product (Assays, Kits, Analyzers, Service), Application (Respiratory Diseases, HAIs, STDs, Cancer, Hepatitis), Technology (RT-PCR, INAAT), End User (Physician Office, Hospitals, ICUs) - Global Forecast to 2026", published by MarketsandMarkets™, the global Point-of-Care Molecular Diagnostics Market size is projected to reach USD 4.1 billion by 2026 from an estimated USD 2.8 billion in 2021, at an 8.2% CAGR.
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The increasing prevalence of infectious diseases and cancer, rising focus on decentralized diagnostics, increasing R&D funding, increasing awareness on the early detection of infectious diseases, and the increasing use of POC diagnostic tests drives growth in the point-of-care molecular diagnostics market. Emerging economies in Asia Pacific region are providing lucrative opportunities for the players operating in the point-of-care molecular diagnostics market.
The assays & kits segment accounted for the largest share of the point-of-care molecular diagnostics market, by product & service segment, in 2020
Based on products & service, the point-of-care molecular diagnostics market is segmented into assays & kits, instruments & analyzers, and software & services. In 2020, the assays & kits segment accounted for the largest share of this market. This is due to the frequent purchase of these products which drives the market growth of this segment.
RT-PCR segment accounted for the largest share during the forecast period
Based on technologies, the point-of-care molecular diagnostics market is segmented into RT-PCR, INAAT, and other technologies. In 2020, the RT-PCR segment accounted for the largest share of this market. Factors such as the growing use of RT-PCR in proteomics, genomics, and COVID-19 testing as well as the access to portable, easy-to-use devices are the major factors driving the growth of this market segment.
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The respiratory diseases segment accounted for the largest share of the point-of-care molecular diagnostics market, by application segment, in 2020
Based on application, the molecular diagnostics market is segmented into respiratory diseases, sexually transmitted diseases, hospital-acquired infections, cancer, hepatitis, gastrointestinal disorders, and other applications. In 2020, the respiratory diseases segment accounted for the largest share of this market. The increasing prevalence of infectious diseases and the outbreak of COVID-19 are major factors driving the growth of this market segment.
The physicians' offices segment accounted for the largest share of the point-of-care molecular diagnostics market, by end user segment, in 2020
Based on end users, the market is segmented into physicians' offices, hospitals & ICUs, research institutes, and other end users. In 2020, physicians' offices accounted for the largest share of this market. The large share of this market can be attributed to factors such as the increasing prevalence of infectious diseases, growing awareness about CLIA waiver tests, and rising technological advancements.
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North America is the largest regional market for point-of-care molecular diagnostics market
The point-of-care molecular diagnostics market is segmented into four regions, namely, North America, Europe, Asia Pacific and the Rest of the World. In 2020, North America accounted for the largest share of the point-of-care molecular diagnostics market. The large share of this region can be attributed to highly developed healthcare system in the US and Canada and the easy accessibility to technologically advanced instruments.
The major players operating in this market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Danaher Corporation (US), Quidel Corporation (US), QIAGEN N.V. (Netherlands), Co-Diagnostics, Inc. (US), Biocartis NV (Belgium), Meridian Bioscience, Inc. (US), Thermo Fisher Scientific, Inc. (US), Lucira Health, Inc. (US), Cue Health (US), OpGen, Inc. (US), Binx Health, Inc. (US), Molbio Diagnostics Pct. Ltd. (India), Genomadix (Canada), Visby Medical, Inc. (US), QuikPath PTE Ltd. (Singapore), MD-Bio (US), QuantuMDx Group Ltd. (UK), Aidian Oy (Finland), and GeneSTAT Molecular Diagnostics, LLC (US).
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