Global POC Molecular Diagnostics Market Driven by Increasing Demand for Rapid and Accurate Testing
Posted on 20 Jun 2023
The demand for rapid and accurate diagnostic techniques has witnessed a surge, resulting in increased demand for point of care (POC) molecular diagnostics due to its numerous benefits. These include quick turnaround times, portability, and the capacity to deliver results in the patient's immediate surroundings or in settings with limited resources. There is tremendous potential in POC molecular diagnostics to transform healthcare delivery by offering quick and accurate diagnosis at the point of need. Thus, significant growth and advancements in the global POC molecular diagnostics market are anticipated in the coming years. The global POC molecular diagnostics market is projected to register a compound annual growth rate (CAGR) of 10.6% from about USD 2 billion in 2023 to USD 3.4 billion in 2028. The market growth will be primarily driven by the rising occurrence of infectious diseases and cancer, increasing emphasis on decentralized diagnostics, surge in R&D funding, growing awareness about early infection detection, and high utilization of POC diagnostic tests.
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a market research firm.
The development of more compact and user-friendly devices is likely in the POC molecular diagnostics market. These devices will have the ability to detect a wide range of diseases, including infectious diseases, genetic disorders, and cancer, with high sensitivity and specificity. These advancements will enable healthcare providers to make timely and informed treatment decisions, leading to improved patient outcomes. Additionally, the integration of artificial intelligence and machine learning algorithms into POC molecular diagnostics platforms will enhance diagnostic accuracy and interpretation of results. The market growth will also be fueled by the increasing prevalence of infectious diseases, the need for decentralized testing, and a growing focus on personalized medicine.
Based on products & services, the assays & kits segment held the largest share of the POC molecular diagnostics market in 2022. Assays & kits are widely utilized in various POC settings such as hospital critical care units, physicians' offices, outpatient clinics, home care settings, and long-term care settings. The continuous demand and recurring purchases of assays & kits are anticipated to fuel the segment’s growth and consequently, that of the POC molecular diagnostics market. On the basis of technology, the RT-PCR segment accounted for the largest share of the POC molecular diagnostics market in 2022. This can be attributed to the fact that RT-PCR is one of the most widely used technologies in diagnostics due to its ease of use, cost-effectiveness, and quick turnaround time (4 to 6 hours).
Based on end user, the physicians' offices segment held the largest share of the POC molecular diagnostics market in 2022. POC molecular assay & kits and systems are widely utilized in these settings because they offer rapid results within 30 minutes. This aids in immediate diagnosis, enabling physicians to swiftly diagnose or monitor a patient's condition. Based on application, the respiratory diseases segment had the largest share in the POC molecular diagnostics market in 2022 due to the rising prevalence of infectious diseases and the increasing demand for early detection and diagnosis of these diseases. This is particularly relevant in emerging nations, where the need to tackle the challenges of infectious diseases through timely and accurate molecular diagnostics is more prominent.
Geographically, North America dominated the global POC molecular diagnostics market in 2022 with the largest share, which can be attributed to the highly advanced healthcare system in the region and the high burden of infectious diseases and cancers on regional healthcare systems. Recent years have seen a marked increase in healthcare spending across North America. National health spending is projected to grow at an average annual rate of 5.4% from 2019 to 2028, reaching an astounding USD 6.2 trillion by 2028, as per the Centers for Medicare & Medicaid Services. This surge in healthcare expenditure is a crucial driver for the growth of the North American POC molecular diagnostics market. The presence of a well-developed healthcare infrastructure and the growing adoption of advanced technologies for infectious disease testing will further support the growth of the POC molecular diagnostics market in North America.
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