Global Point-of-Care Molecular Diagnostics Market: Rapid Growth and Technological Advancements

The Business Research Company’s Point-Of-Care Molecular Diagnostics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

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The global point-of-care molecular diagnostics market witnessed substantial growth, increasing from $2.8 billion in 2022 to $3.14 billion in 2023, with a compound annual growth rate (CAGR) of 12.1%. The market is poised for further expansion, expected to reach $4.98 billion in 2027, exhibiting a CAGR of 12.2%. Key factors driving this growth include the rising incidence of infectious and respiratory diseases, prompting an increased demand for swift and accurate diagnostic solutions.

Key Growth Drivers:
1. Surge in Infectious and Respiratory Diseases:
• The rapid increase in infectious and respiratory diseases, caused by viruses or bacteria, has become a significant contributor to the demand for point-of-care molecular diagnostics. Respiratory infections, in particular, necessitate timely and precise diagnostic tools to address the growing severity of these ailments.
2. Technological Innovation:
• A key trend in the market is technological advancements, with major companies focusing on providing technologically advanced solutions. Technologies such as enzyme-linked immunosorbent assay (ELISA), polymerase chain reaction (PCR), mass spectrometry (MS), situ hybridizations, spectral karyotyping imaging, and DNA microarrays are being implemented on point-of-care devices, offering faster analysis times and cost reductions.

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Market Trends and Developments:
1. Technological Advancements in COVID-19 Testing:
• The COVID-19 pandemic has driven innovation in point-of-care molecular diagnostics. For instance, Abbott Laboratories launched a molecular point-of-care test for COVID-19, providing results in minutes on the ID NOW™ platform with isothermal nucleic acid amplification technology.
2. Strategic Acquisitions:
• Noteworthy acquisitions, such as Thermo Fisher Scientific acquiring Mesa Biotech, reflect a strategic move to expand into molecular diagnostics at the point of care. Mesa Biotech, a US-based company, strengthens Thermo Fisher Scientific's position in providing essential diagnostics on a larger scale.

Major Players:
Major players in the point-of-care molecular diagnostics market include Abbott Laboratories, F Hoffmann-La Roche Ltd., BioMérieux SA, Danaher Corporation, Quidel Corporation, Qiagen Gmbh, Biocartis NV, Nova Biomedical, Thermo Fisher Scientific, Dickinson and Company, Mesa Biotech Inc., OraSure Technologies Inc., Bio-Rad Laboratories Inc., Sysmex, Siemens Healthineers, Bayer HealthCare Pharmaceuticals LLC, Alere Inc., Lucira Health Inc., Cue Health, OpGen Inc., Binx Health Inc., Molbio Diagnostics Pct Ltd., Genomadix, Visby Medical, QuikPath PTE Ltd., QuantuMDx Group Ltd, and Sekisui Medical Co Ltd.

Technological Advancements:
Technological innovations play a crucial role in shaping the market. Companies are implementing advanced solutions such as ELISA, PCR, and MS on point-of-care devices, enhancing the speed and efficiency of molecular diagnostics. Abbott Laboratories, for example, launched a molecular point-of-care test for COVID-19 with isothermal nucleic acid amplification technology.

Regional Dynamics:
• Largest Region: North America emerged as the largest region in the point-of-care molecular diagnostics market in 2022.
• Fastest-Growing Region: Asia-Pacific is expected to be the fastest-growing region in the forecast period.

Market Segmentation:
1. By Product And Service:
• Assays And Kits
• Instruments And Analyzers
• Software And Services
2. By Technology:
• Reverse Transcription - Polymerase Chain Reaction (RT-PCR)
• In Situ Hybridization
• Sequencing
3. By Application:
• Respiratory Diseases
• Hospital Acquired Infections (HAIs)
• Cancer/Oncology
• Hepatitis
• Hematology
4. By End-User:
• Decentralized Labs
• Hospitals
• Home Care
• Assisted Living Healthcare Facilities

The comprehensive report provides detailed insights into the global point-of-care molecular diagnostics market, covering market dynamics, technological trends, and future developments.
https://www.thebusinessresearchcompany.com/report/point-of-care-molecular-diagnostics-global-market-report

Point-Of-Care Molecular Diagnostics Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Point-Of-Care Molecular Diagnostics Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on point-of-care molecular diagnostics market size, point-of-care molecular diagnostics market drivers and point-of-care molecular diagnostics market trends, point-of-care molecular diagnostics market major players, point-of-care molecular diagnostics market competitors' revenues, point-of-care molecular diagnostics market positioning, and point-of-care molecular diagnostics market growth across geographies. The point-of-care molecular diagnostics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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