Point of Care Molecular Diagnostics Market on Track for $3.4 Billion Valuation by 2028

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MarketsandMarkets Presents
Point of Care Molecular Diagnostics Market worth
3.4 billion by 2028
https//www.marketsandmarkets.com/Market-Reports/p
oint-of-care-molecular-diagnostic-market-143524127
.html
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The report "Point of Care Molecular Diagnostics
Market by Product (Assays, Kits, Instruments,
Software), Application (Respiratory Diseases,
HAIs, Cancer, STDs, Hepatitis), Technology
(RT-PCR, INAAT), End User (Clinics, Hospitals,
ICUs) Region - Global Forecast to 2028" The
global point of care molecular diagnostics market
value is projected to be USD 3.4 billion by 2028,
growing from USD 2.0 billion in 2023, at a
Compound Annual Growth Rate (CAGR) of 10.6
during the forecast period.
Download a PDF Brochure
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• Objectives of the Study
• To define, describe, segment, and forecast the
  global point-of-care molecular diagnostics market
  by product service, technology, application,
  end user, and region
• To provide detailed information regarding the
  major factors influencing the market growth (such
  as drivers, restraints, opportunities, and
  challenges)
• To analyze the micromarkets with respect to
  individual growth trends, prospects, and
  contributions to the overall market
• To analyze market opportunities for stakeholders
  and provide details of the competitive landscape
  for key players
• To forecast the size of the market segments with
  respect to five regions, namely, North America,
  Europe, the Asia Pacific, Latin America, Middle
  East Africa
• To profile the key players and comprehensively
  analyze their product portfolios, market
  positions, and core competencies
• To track and analyze company developments such as
  acquisitions, product launches and approvals,
  expansions, and other developments in the
  point-of-care molecular diagnostics market.
• Speak to Analyst https//www.marketsandmarkets.co
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The growth of this market is majorly driven by
increasing prevalence of infectious diseases and
cancer, rising focus on decentralized
diagnostics, increasing RD funding, increasing
awareness on the early detection of infectious
diseases, and the increasing use of POC
diagnostic tests. The Assays Kits segment is
expected to account for the largest share of the
Point of Care Molecular Diagnostics Market in
2022. The products services in the
point-of-care molecular diagnostics market are
categorized into assays kits, instruments
analyzers, and software services. Assays kits
specifically cater to various point-of-care
settings such as hospital critical care units,
physicians' offices, outpatient clinics, home
care settings, and long-term care settings, among
others. The continuous demand and recurring
purchases of assays kits are anticipated to
fuel the growth of the point-of-care molecular
diagnostics market.
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The Respiratory Diseases segment accounted for
the largest share of the point-of-care molecular
diagnostics market in 2022. The molecular
diagnostics market is categorized into various
applications, including respiratory diseases,
sexually transmitted diseases, hospital-acquired
infections, cancer, hepatitis, gastrointestinal
disorders, and other applications. The growth of
this market segment is primarily driven by the
escalating prevalence of infectious diseases and
the growing demand for early diagnosis and
detection of these diseases. These factors are
particularly significant in emerging countries,
where there is a heightened need to address the
challenges posed by infectious diseases through
timely and accurate molecular diagnostics. The
point-of-care molecular diagnostics market is
divided into North America, Europe, Asia Pacific,
Latin America, and the Middle East Africa. In
2022, North America emerged as the leading
region, capturing the largest market share in the
point-of-care molecular diagnostics market. The
significant share of this region can be
attributed to the highly advanced healthcare
systems present in the United States and Canada.
In recent years, there has been a notable
increase in healthcare spending across North
America. According to the Centers for Medicare
Medicaid Services, national health spending is
projected to grow at an average annual rate of
5.4 from 2019 to 2028, reaching a staggering USD
6.2 trillion by 2028. This growing healthcare
expenditure serves as a key driver for the
biotechnology sector, including the point-of-care
molecular diagnostics market.
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• 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), GeneSTAT
  Molecular Diagnostics, LLC (US), Labsystems
  Diagnostics Oy (Finland), Akonni Biosystems (US)
  and Curetis N.V. (Germany)

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Company Insights
Abbott Laboratories (US) accounted for the
largest share of the point-of-care molecular
diagnostics market in 2022. The companys leading
position can be attributed to its strong sales
and distribution network. The company invests a
significant amount of its revenue in RD. The
company also adopts organic growth strategies
such as product launches to increase its
dominance in this market. F. Hoffmann-La Roche
Ltd. (Switzerland) held the second position in
the point-of-care molecular diagnostics market in
2022. The companys leading position is
attributed to its wide product portfolio. Under
its flagship brand- cobas- the company offers a
wide variety instruments and reagents that are
widely used by end users across the globe. The
company also has a wide geographic presence,
spanning North America, Europe, the Middle East
and Africa, and Asia. This enables the company to
cater to customers across the globe. bioMérieux
SA (France) accounted for the third-largest share
of the point-of-care molecular diagnostics
market. The company operates in more than 150
countries across the Americas, Europe, the Middle
East and Africa, and the Asia Pacific and has 18
production sites and 20 RD sites. It has 43
subsidiaries across the globe. The company has a
strong product portfolio which has helped it to
maintain and enhance its presence in the market.
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