The global point of care (PoC) molecular diagnostics market was valued at USD 3.0 billion in 2021 and it is anticipated to grow up to USD 5.6 billion by 2031, at a CAGR of 6.4% during the forecast period.
Global Point of Care (PoC) Molecular Diagnostics Market report from Global Insight Services is the single authoritative source of intelligence on Point of Care (PoC) Molecular Diagnostics Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Market Trends and Drivers
High demand for PCR and RT PCR kits during COVID-19 pandemic will stimulate the point of care molecular diagnostics market expansion. COVID-19 has affected millions of people resulting into high infectivity and mortality rate. Quick diagnosis of COVID-19 is essential to control the spread of infectious disease. Point of care molecular diagnostics has played a vital role during pandemic from collecting samples at the right time and from the exact anatomical site that is crucial for proper diagnosis. For instance, China formulated RT-PCR as a primary diagnostic procedure for detecting SARS-CoV-2. Various major market players are collaborating with government organizations to develop products that have a potential to lower the burden of diagnosis on the primary diagnostic techniques like RT-PCR. However, concerns associated long product development time and complex regulatory process can moderately affect the industry growth during the forecast timeline.
Market Restraints and Challenges
Unfavourable reimbursement scenario may restrain the market growth. Inadequate reimbursements are a major factor restraining the growth of the point-of-care molecular diagnostics market. A major challenge that most diagnostic companies face in commercializing their tests is getting Medicare and private health insurers to pay for them. In the US, Medicare revised its reimbursement mechanism for some IVD tests, including point-of-care molecular tests, in 2018. Some of these tests do not have their own Healthcare Common Procedure Coding System (HCPCS) codes and are instead billed using unlisted codes. In such cases, Medicare Administrative Contractors (MACs) establish a payment amount for their local jurisdictions. Centers for Medicare & Medicaid Services (CMS) reduced the Medicare reimbursement rate for COVID-19 tests based on high throughput technology to USD 75 unless labs can process results in under two days. Medicare does not currently provide genetic testing coverage in individuals without a personal history of cancer (Source: American Society of Clinical Oncology).
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Global Point of Care (PoC) Molecular Diagnostics Market Segmentation
Technology
- Polymerase Chain Reaction
- In Situ Hybridization
- Sequencing
- Isothermal amplification
- Others
Application
- Infectious Disease
- Flu
- Respiratory Syncytial Virus
- Tuberculosis
- HIV
- Gonorrhea
- Chlamydia
Major Players in the Global Point of Care (PoC) Molecular Diagnostics Market
The key players in the market are 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) and Thermo Fisher Scientific, Inc. (US) among others.
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