Point of Care Molecular Diagnostics Market Worth $5.38 Billion by 2028 - Exclusive Report by The Insight Partners

The global point-of-care molecular diagnostics market is growing at a CAGR of 13.4% from 2021 to 2028.

Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Point-of-care molecular diagnostics include portable devices, and assays & kits used to detect and diagnose diseases in human samples, such as throat swab, blood, serum, and stool. Molecular diagnostics are shifting from centralized laboratories to decentralized point-of-care molecular testing, due to its simplicity, convenience, rapid turnaround time, and potential to improve patient outcomes.

According to our new research study on “Point-of-Care Molecular Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product & Services (Assays and Kits, Instruments, and Services and Software), Technology [PCR, Isothermal Nucleic Acid Amplification Technology (INAAT), and Other Technologies], Application (Infectious Diseases, Oncology, Hematology, Prenatal Testing, Endocrinology, and Other Applications), and End User (Hospitals and Clinics, Diagnostic Laboratories, Research and Academic Institutes, and Others) Geography,” the point-of-care molecular diagnostics market size to reach $5.38 billion by 2028 from $2.23 billion in 2021; it is expected to grow at a CAGR of 13.4% from 2021 to 2028.

Download Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPRE00003144

Global Point-of-Care Molecular Diagnostics Market: Competitive Landscape and Key Developments
BioMérieux SA, F. Hoffmann-La Roche Ltd., Danaher Corporation, Enzo Biochem, Inc., Abbott, binx health, Inc., Meridian BioScience, Inc., Biocartis, Quidel Corporation, Bio-Rad Laboratories, Inc are among the key companies operating in the point-of-care molecular diagnostics market. Leading players are adopting strategies such as the launch of new products, expansion and diversification of their market presence, and acquisition of new customer base for tapping prevailing business opportunities.

In June 2021, Enzo Biochem, Inc. announced that it has received an expansion of its FDA Emergency Use Authorization (EUA) for the Company’s rapid extraction method on its proprietary test system for the detection of coronavirus SARS-CoV-2 including the genetic variants that are now proliferating globally. The EUA enables laboratories to immediately use Enzo’s faster extraction process to reduce the time by over one hour, or more than 25%, enabling more test runs on a single instrument. The rapid extraction method can be used on platforms including Enzo’s proprietary GENFLEX® automated high-throughput platform, Qiagen’s QIAsymphony® SP lower-throughput platform and Enzo’s manual workflow. The AMPIPROBE® SARS-Cov-2 Test System includes three components: sample collection, AMPIXTRACT™ SARS-CoV-2 Extraction Kit for sample processing, and AMPIPROBE® SARS-CoV-2 Assay Kit for detection and analysis.

In April 2021, Bio-Rad Laboratories, Inc. announced that the company is launching a blood-based immunoassay kit to identify antibodies to the coronavirus SARS-CoV-2, the virus associated with COVID-19.

In September 2021, Biocartis Group NV announced the launch of its Idylla™ SARS-CoV2/Flu/RSV Panel (CE-IVD). Building upon the success of its Idylla™ SARS-CoV-2 Test (CE-IVD), the new Panel is launching as a CE-IVD and detects, in one single cartridge, SARS-CoV-2, Flu A/B and RSV1 nucleic acids, with results in approx. 90 minutes.

North America is one of the significant markets for molecular diagnostics point of care market. The region includes the US, Canada, and Mexico. Rising prevalence of infectious diseases, increasing government support for advanced diagnostic kits and instruments, and rising R&D efforts by industry players are driving the market. The growing technological advancements in the field of molecular diagnostics across the region is propelling the market growth. Genetics and pharmacogenomics, which have increased the understanding of the biology of various types of cancer, inherited disorders, and infectious diseases, are at the forefront of such sophisticated research and development programs in molecular diagnostics, which is boosting the growth of the regional market. In addition, technological advancements in the diagnosis industry are likely to be a significant growth stimulator for the point-of-care molecular diagnostics market in North America.

Growing Demand for Specific Viral Detection Methods that Consume Less Time for Timely Infection Control:
Molecular point-of-care testing follows the basic approach like laboratory tests but automates a portion of the process. They provide a faster turnaround time since they can be performed in close proximity to patients rather than on a laboratory bench. Point-of-care (POC) molecular diagnostics improve the sensitivity and specificity of existing near-patient and rapid tests and expand diagnostic capabilities at points of care such as hospitals, clinics, critical care units, and healthcare centers. When assessing a patient's illness or monitoring a therapy response, POC molecular testing allows clinicians to make quick triage and treatment decisions. The testing also allows doctors to improve the standard of care by combining a speedy diagnosis with a treatment decision during the patient's first visit, rather than waiting hours or days for test results. Clinicians focus on providing effective and high-quality patient care by simplifying the testing procedure. Rising requirement for effective diagnosis and timely infection control drives the growth of the point-of-care molecular diagnostics market.

Point-of-care (POC) molecular tests are accurate and scalable that increase the scope for the diagnosis of diseases, which can be done in the community and outside the laboratory setting. Compared with laboratory testing, point-of-care molecular diagnostics provides various advantages such as fewer clinic visits, shorter hospital stays, better drug therapy optimization, and less inappropriate drug use. The healthcare sector is undergoing huge transformation due to the emergence of new and effective technologies across the sector. Thus, the growing demand for effective diagnostics that consumes less time than laboratory testing drives the demand for POC molecular assays and kits propelling the growth of point-of-care molecular diagnostics market over the forecast period. Thus, aforementioned factors are driving the point of care molecular diagnostics market growth.

Order a Copy of this Report at https://www.theinsightpartners.com/buy/TIPRE00003144

Global Point-of-Care Molecular Diagnostics Market – Segmentation Overview:
Based on product and services, the global point of care molecular diagnostics market is segmented into assays and kits, instruments, and services and software. In 2021, the assays and kits segment are likely to hold the largest share of the market and is expected to grow at the fastest rate during the forecast period. Point-of-care molecular diagnostic assays and kits are specifically designed for physician offices, hospital critical care units, outpatient clinics, and community health posts. The assays and kits help in the early diagnosis of respiratory tract infections and women’s health and sexual health conditions. The assay kits are mostly used in life science research, environmental monitoring, and drug discovery and development. They are also used in various applications such as studying disease pathways, screening for potential drug candidates, and evaluating biopharmaceutical production processes. The POC ELISA (enzyme-linked immunosorbent assay) kits are widely used for detecting and quantifying proteins and antigens from samples. Target-specific ELISA kits are used to streamline immunodetection experiments. Point-of-care molecular diagnostics market based on the technology is segmented into PCR, isothermal nucleic acid amplification technology (INAAT), and other technologies. In 2021, the PCR segment is likely to hold the largest share of the market, however the INAAT segment is expected to grow at the fastest rate during the forecast period. Isothermal amplification of nucleic acid rapidly and efficiently accumulates nucleic acid sequences at a constant temperature. The amplification techniques are developed as an alternative to PCR and are used for biosensing targets, such as DNA, RNA, small molecules, proteins, cells, and ions. Amplicons, produced by the isothermal amplification methods, are utilized to construct versatile nucleic acid nanomaterials having various applications in biomedicine, bioimaging, and biosensing. The complex biochemical nature of clinical samples, low abundance of nucleic acid targets present in clinical samples, and existing biosensor technology indicate that some form of nucleic acid amplification will be required to obtain clinically relevant sensitivities from the small samples used in point-of-care testing.

Go through further research published by The Insight Partners:

Point of Care Diagnostics Market - Global Analysis and Forecast to 2028

Point of Care Test Market - Global Analysis and Forecast to 2030

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com   
Phone: +1-646-491-9876

Press Release: https://www.theinsightpartners.com/pr/point-of-care-molecular-diagnostics-market