POC Molecular Diagnostics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, Canada, France, China - Size and Forecast 2024-2028

POC Molecular Diagnostics Market Size 2024-2028 

The POC molecular diagnostics market size is forecast to increase by USD 1.14 billion at a CAGR of 10.03% between 2023 and 2028. The molecular diagnostics market in the United States is experiencing significant growth due to several key drivers. One major factor is the increasing focus on technological advances, with the development of portable RT-PCR machines gaining traction. These devices offer the convenience of on-site testing, making them ideal for surveillance epidemiology and cancer development research. Another factor is the aging population, as the need for early disease detection and monitoring increases. Environmental factors also play a role, as there is a growing awareness of the importance of accurate and timely diagnosis to mitigate the impact of pollution and other environmental hazards on health. The integration of biosensors, smartphones, wearables, and lab-on-a-chip technology is revolutionizing the diagnostic landscape, enabling pre-emptive and personalized medicine. Additionally, strained laboratory budgets and lowering reimbursements are influencing the sales of molecular diagnostics instruments. Overall, these trends demonstrate the importance of molecular diagnostics in improving healthcare outcomes and reducing costs.

What will be the Size of the Market During the Forecast Period?

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The molecular diagnostics market in the US is experiencing significant growth due to the increasing prevalence of chronic diseases, infectious diseases, and genetic disorders. These conditions necessitate early and accurate diagnosis, leading to a heightened demand for advanced diagnostic solutions. Molecular diagnostics, which include RT-PCR machines, genetic sequencing-based, and PCR-based tests, play a crucial role in identifying various health conditions. They are particularly beneficial in primary care settings, where quick and precise diagnosis is essential. The market encompasses a wide range of products, from shelf products and rapid tests to OTC diagnostics and home care solutions.

Moreover, glucose testing and coagulation testing are common applications of molecular diagnostics, while public health surveillance utilizes these technologies for diseases like HIV. The geriatric population is a significant focus area for molecular diagnostics, as they are more susceptible to various health conditions. HUWEL Lifesciences and Lucira Health are notable companies contributing to the market with their innovative solutions. Advancements in technology, such as 3D printing, have led to the development of more efficient and cost-effective molecular diagnostic tools. These advancements have expanded the market's reach, making these diagnostic solutions accessible to a larger population. Molecular diagnostics have become increasingly important in the diagnosis of diseases like Alzheimer's, Parkinson's, and Turner Syndrome.

These conditions require early and accurate diagnosis for effective treatment and management. The market's growth is driven by the need for efficient and accurate diagnostic solutions, the increasing prevalence of chronic diseases, and the expanding application areas. As research and development efforts continue, we can expect further advancements in molecular diagnostics, leading to improved patient outcomes and enhanced public health. In conclusion, the molecular diagnostics market in the US is a dynamic and evolving industry, driven by the need for accurate and efficient diagnostic solutions. The market's growth is fueled by the increasing prevalence of chronic diseases, the expanding application areas, and the ongoing technological advancements.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product
  • PCR
  • Microarray and hybridization
• Application
  • Infectious diseases
  • Oncology
  • Hematology and endocrinology
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • France
  • Asia
    • China
  • Rest of World (ROW)

By Product Insights

The PCR segment is estimated to witness significant growth during the forecast period. Gene sequencing through Polymerase Chain Reaction (PCR) plays a crucial role in amplifying nucleic acids to generate multiple copies for detecting and identifying infectious and chronic diseases. Traditional lab methods can take 3-10 days, leading companies to focus on Point-of-Care (POC) solutions using advanced technologies. These include microfluidics, nanotechnology, miniaturization, and 3D printing. Microfluidic POC devices miniaturize PCR processes onto a chip, providing test results in hours or even within three days. PCR technology not only identifies infection-causing microorganisms but also detects gene mutations. The shift towards POC solutions aims to enhance diagnostic accuracy, reduce turnaround time, and improve patient care. These technological advancements are revolutionizing the diagnostics industry in the US and beyond.

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The PCR segment accounted for USD 1.11 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market for Point-of-Care (POC) molecular diagnostics holds a significant share in the global industry. Chronic diseases, infectious disorders, and genetic disorders are major health concerns in the region, driving the demand for advanced diagnostic solutions. The US and Canada are key contributors to the North American market, with the US accounting for the largest revenue share. Factors such as the increasing prevalence of chronic diseases, an aging population, growing healthcare expenditure, and the presence of developed healthcare infrastructure are fueling market growth. POC molecular diagnostics offer continuous real-time monitoring, making them ideal for managing chronic conditions such as Alzheimer's disease, Turner syndrome, and Parkinson's disease. The US government's focus on improving healthcare access and quality, coupled with favorable reimbursement policies, further boosts market expansion. POC molecular diagnostics enable quick and accurate results, making them essential tools for healthcare professionals in North America.

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Market Driver

The growing geriatric population is the key driver of the market. In today's world, the lack of physical activity and unhealthy diets have led to various health issues, particularly among the elderly population. The elderly demographic, which includes individuals aged 65 and above, comprises a significant percentage of the population in many countries. For instance, in 2020, this demographic accounted for 16% of the population in the US, 18% in Canada, 20% in France, 28% in Japan, and 16% in Australia. The prevalence of diseases such as lung disease, cancer, and stroke is higher among the elderly due to the natural aging process. Moreover, the elderly are more susceptible to infections as their immune systems weaken with age.

Moreover, Point-of-care (POC) testing plays a crucial role in addressing the healthcare needs of the elderly population. POC testing enables rapid diagnosis and treatment of various medical conditions, including glucose testing and coagulation testing, in primary care settings. Shelf products such as rapid tests are essential for POC testing, as they offer quick and accurate results, enabling healthcare professionals to make informed decisions promptly. The use of POC testing in primary care settings can help improve patient outcomes, reduce hospitalizations, and lower healthcare costs. By incorporating POC testing into healthcare services, healthcare providers can offer efficient and effective care to the growing elderly population.

Market Trends

Growing focus on technological advances is the upcoming trend in the market. The use of portable RT-PCR machines in POC molecular diagnostics is gaining significant traction due to their ability to provide rapid and accurate results for various applications, including cancer development and surveillance epidemiology. Companies such as Co-Diagnostics are leading this innovation, developing advanced products to meet the increasing demand for next-generation diagnostics.

The aging population and the impact of environmental factors necessitate early and precise diagnosis, further fueling market growth. This trend is set to continue, enhancing the overall condition of the market.

Market Challenge

Strained laboratory budgets and lowering reimbursements impact instrument sales is a key challenge affecting the market growth. In the realm of diagnostic testing, reimbursement policies vary significantly among geographies, leading to decreasing expenditures on POC molecular diagnostics for hospitals and clinical laboratories.

This financial pressure compels these institutions to seek profitability or break-even revenue, despite workforce shortages and an increase in patient visits due to lost insurance coverage. Consequently, lean laboratories, which optimize resources to produce maximum output, have emerged in some regions as a response to these challenges. Clinical laboratories are exploring alternative revenue streams to maintain profitability amidst limited testing capacity and volumes.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Abbott Laboratories - The company offers portable, rapid molecular ID NOW COVID-19 test that allows fast diagnosis with results in 13 minutes or less in a variety of locations such as point-of-care locations.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Becton Dickinson and Co.
• binx health inc.
• bioMerieux SA
• Co Diagnostics Inc.
• Danaher Corp.
• F. Hoffmann La Roche Ltd.
• genedrive plc
• Molbio Diagnostics Pvt. Ltd.
• OraSure Technologies Inc.
• Pfizer Inc.
• QIAGEN NV
• QuantuMDx Group Ltd.
• Quidelortho Corp.
• Randox Laboratories Ltd.
• Robert Bosch GmbH
• Siemens AG
• Sysmex Corp.
• Talis Biomedical Corp
• Thermo Fisher Scientific Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Molecular diagnostics is a rapidly evolving field in healthcare, focusing on the identification of genetic, infectious, and chronic diseases using advanced technologies. This sector holds significant importance due to the increasing prevalence of chronic diseases, infectious diseases, and genetic disorders such as Alzheimer's disease, Parkinson's disease, and Turner Syndrome. The market for molecular diagnostics is driven by the growing need for early and accurate diagnosis, particularly in primary care settings. Shelf products like glucose testing and coagulation testing are common applications, while rapid tests are gaining popularity for their convenience and quick results. Advancements in technology, including miniaturization, nanotechnology, microfluidics, 3D printing, and genetic sequencing-based diagnostics, are revolutionizing the industry.

Moreover, portable RT-PCR machines, for instance, enable on-site testing for infectious diseases, including the latest Omicron subvariant. Molecular diagnostics plays a crucial role in public health surveillance, especially for geriatric populations and those at risk for cancer development. Companies like Huwel Lifesciences, Sensible Diagnostics, Co-Diagnostics, and Lucira Health are pioneering innovative solutions in this space. Environmental and genetic factors contribute to disease development, making molecular diagnostics essential for surveillance epidemiology and personalized medicine. The future of molecular diagnostics lies in the integration of AI and machine learning, enabling more accurate and efficient diagnosis. Over-the-counter (OTC) diagnostic solutions are emerging, allowing individuals to test for various conditions at home, further expanding the market's reach and accessibility.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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