The global point of care molecular diagnostics market is growing at 12.51% CAGR owing to the rising need for precise and speedy testing methods and outcomes for molecular tests, rising need for the high quality of tests in a short span of time. These are portable devices and include assays and kits adopted by medical professionals to identify and diagnose diseases in human samples like a serum, blood, throat swab, and stool. Moreover, the increasing incidences of chronic diseases, advancement of CLIA-Waived molecular POC tests, funding by venture capitalists to advance in the field of point of care molecular diagnostics, and robust decision-making during emergency situations will fuel the growth of the market.

The COVID-19 pandemic has led to quick diagnosis to curb the spread of coronavirus disease. The point of care molecular diagnostics has played a pivotal role by collecting samples at the right time and from the particular anatomical site that is vital for proper diagnosis. For instance, increasing demand for PCR and RT-PCR tests in the COVID-19 crisis will expand the point of care molecular diagnostics market.

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Based on technology, RT-PCR dominates the market in 2020 owing to its adoption in the COVID-19 crisis and is used in genomics and proteomics. Further, there is a need for rapid diagnosis of infectious diseases like coronavirus, resulting in the growth of the segment. Moreover, it offers benefits like less reagent consumption, monitors real-time data, automated workflow, and high precision and reproducibility.

North America dominates the point of care molecular diagnostics market owing to the increasing prominence of infectious diseases, rising application of POC tests to have a safe and early diagnosis, increasing R&D investment by the government, and presence of industry players in the region will bolster the growth of the point of care molecular diagnostics market in the region. In addition, the rising cases of COVID-19 and the adoption of PCR-based procedures to diagnose and commercialize real-time PCR products will further enhance the demand in the region.

In 2020, Abbott has got approval from the U.S. FDA Emergency Use Authorization (EUA) for the molecular point of care test to detect SARS-CoV-2 within 5 minutes, thus enabling the company to broaden its molecular diagnostics product portfolio.

In 2021, BioMérieux has obtained the CE mark of the TB IGRA test on VIDAS and is strengthening its position in the market.
The key players in the point-of-care molecular diagnostics industry include Abbott Laboratories, Danaher Corporation, Biomérieux Sa, Roche Diagnostics, Quidel, Meridian Bioscience, Mesa Biotech, Genepoc, DxNA, Atlas Genetics.

Source: VynZ Research