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Point of Care Molecular Diagnostics: A $3.4 Billion

Point-of-care molecular diagnostics market size is projected to reach USD 3.4 billion by 2028 from USD 2.0 billion in 2023, at a CAGR of 10.6%
Point of Care Molecular Diagnostics

The global point of care molecular diagnostics market is experiencing rapid growth, projected to expand from $2.0 billion in 2023 to $3.4 billion by 2028 at a compound annual growth rate of 10.6%. This surge is being driven by the rising incidence of infectious diseases, cancer, and other acute and chronic conditions worldwide. As healthcare providers increasingly focus on improving facilities and infrastructure, demand for fast, accurate diagnostic testing at the point of care is escalating.

However, uncertain reimbursement policies and a shortage of high-complexity testing facilities capable of performing point of care molecular diagnostics have posed obstacles to greater market penetration. Reimbursement remains a contentious issue, with Medicare revising payment mechanisms for certain in vitro diagnostic tests in recent years. Coverage policies can also limit testing for screening purposes in patients without an established condition.

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Despite these challenges, emerging markets in countries like India, South Korea, Brazil, and Mexico present immense growth opportunities. Relatively relaxed regulatory environments, healthcare infrastructure growth, expanding patient populations, and increasing healthcare spending are attractive to point of care diagnostics companies in these regions.

A potential disruptive threat looms in the form of alternative rapid testing technologies, particularly for infectious diseases like COVID-19. Antigen and serological tests can deliver results in 15 minutes at lower costs compared to molecular diagnostics. However, molecular methods offer higher accuracy and sensitivity, which could sustain demand amid the twin burdens of infectious disease and chronic illness surveillance.

Market leaders like Abbott, Roche, bioMerieux, Danaher, and QIAGEN continue driving innovation with expanded test menus, panel assays, and seamless integration with healthcare information systems. As the point of care diagnostics ecosystem evolves, these companies are poised to capitalize on rising demand for fast, informative testing that empowers clinicians to rapidly triage patients and initiate effective treatment pathways.

Abbott Laboratories (US) accounted for the largest share of the point-of-care molecular diagnostics market in 2022. The company’s leading position can be attributed to its strong sales and distribution network. The company invests a significant amount of its revenue in R&D. 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 company’s 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 R&D 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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