The point-of-care molecular diagnostics market size to reach $5,381.18 million by 2028 from $2,230.94 million in 2021 to grow at a CAGR of 13.4% from 2021 to 2028; while assays and kits segment leads the market and expected to register highest CAGR during forecast period.

New York, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Point-of-Care Molecular Diagnostics Market: Key Insights
According to our new research study on Point-of-Care Molecular Diagnostics Market Size and 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.

Report Coverage	Details
Market Size Value in	US$ 2,230.94 million in 2021
Market Size Value by	US$ 5,381.18 million by 2028
Growth Rate	CAGR of 13.4% from 2021 to 2028
Forecast Period	2021-2028
Base Year	2021
No. of Pages	208
No. Tables	111
No. of Charts & Figures	79
Historical Data Available	Yes
Segments Covered	Product & Services, Technology, Application, End User, Geography
Regional Scope	North America; Europe; Asia Pacific; Latin America; MEA
Country Scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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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, and Bio-Rad Laboratories, Inc. are among key companies operating in the point-of-care molecular diagnostics market. Leading players are adopting strategies such as the launch of new product, expansion and diversification of their market presence, and acquisition of new customer base for tapping the prevailing business opportunities.

In June 2021, Roche received a CE mark for its SARS-CoV-2 Antigen Self-Test Nasal for at-home testing. The test will be available in countries accepting the CE mark through pharmacies and other locations, in packs of five tests.

In March 2020, BioFire Diagnostics received U.S. Food and Drug Administration (FDA) De Novo authorization for the BIOFIRE RP2.1 Panel.

In March 2020, Abbott received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for the fastest available molecular point-of-care test for the detection of the novel coronavirus that causes COVID-19, delivering positive results in as little as five minutes and negative results in 13 minutes.

In 2021, North America dominated the global point-of-care molecular diagnostics market. The market growth in North America is driven by the surging prevalence of infectious diseases, increasing government support for advanced diagnostic kits and instruments, growing technological advancements in the field of molecular diagnostics, and rising R&D efforts by industry players. Genetics and pharmacogenomics—which have increased the understanding of the biology of various types of cancers, 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. The growth of the market is attributed to the growing demand for specific viral detection methods that consume less time for timely infection control and rising incidence of infectious diseases.

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Based on product & services, the point-of-care molecular diagnostics market is segmented into assays and kits, instruments, and services and software. The assays and kits segment leads the market and is expected to register the highest CAGR during the forecast period. Based on technology, the market is segmented into PCR, isothermal nucleic acid amplification technology (INAAT), and other technologies. The PCR segment leads the market, whereas the isothermal nucleic acid amplification technology (INAAT) segment is expected to register the highest CAGR during the forecast period. By application, the point-of-care molecular diagnostics market is segmented into infectious diseases, oncology, hematology, prenatal testing, endocrinology, and other applications. The infectious diseases segment holds the largest share of the market. However, the oncology segment is anticipated to register the highest CAGR in the market during the forecast period. By end user, the market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. The diagnostic laboratories segment leads the market and is estimated to register the highest CAGR in the market during the forecast period.

Growing Demand for Specific Viral Detection Methods that Consume Less Time for Timely Infection Control Fuels Point-of-Care Molecular Diagnostics Market Growth:
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 Molecular Diagnostics Market: Segmental Overview
By technology, the nucleic acid amplification technology (INAAT) segment is anticipated to register the highest CAGR in the point-of-care molecular diagnostics market during the forecast period.

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Key Questions to Request for Point-of-Care Molecular Diagnostics Market:

• What are point-of-care molecular diagnostics?
• What are the driving factors for the point-of-care molecular diagnostics market across the globe?
• Who are the developments carrying out by major players in the point-of-care molecular diagnostics market?
• Which region is dominated the Point-of-Care Molecular Diagnostics market?
• Which segment is held the largest share in the point-of-care molecular diagnostics market?
• Which region is the fastest growing in the Point-of-Care Molecular Diagnostics market?

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