The point-of-care molecular diagnostics market is projected to reach US$ 5,381.18 million by 2028 from US$ 2,230.94 million in 2021; it is expected to grow at a CAGR of 13.4% from 2021 to 2028.

The growth of the market is primarily attributed to the growing demand for specific viral detection methods that consume less time for timely infection control and rising incidence of infectious diseases. Moreover, rising R&D and innovation in point-of-care molecular diagnostics are expected to foster the market growth during the forecast period. However, the pricing pressures owing to reimbursement cuts hinder the market growth. The COVID-19 pandemic has had a significant impact on the point-of-care molecular diagnostic market. Amid the pandemic, the increased demand for diagnostic kits for the rapid detection of COVID-19 boosted the adoption of point-of-care testing across the world. The rising number of COVID-19 cases and growing pressure on various governments across the world to improve patient management have boosted the demand for rapid antigen testing kits that can be effectively used in point-of-care settings.

Based on product & services, the point-of-care molecular diagnostics market is segmented into assays and kits, instruments, and services and software. The assays and kits segment leads the market and is expected to register the highest CAGR during the forecast period. Based on technology, the market is segmented into PCR, isothermal nucleic acid amplification technology (INAAT), and other technologies. The PCR segment leads the market, whereas the isothermal nucleic acid amplification technology (INAAT) segment is expected to register the highest CAGR during the forecast period. By application, the point-of-care molecular diagnostics market is segmented into infectious diseases, oncology, hematology, prenatal testing, endocrinology, and other applications. The infectious diseases segment holds the largest share of the market. However, the oncology segment is anticipated to register the highest CAGR in the market during the forecast period. By end user, the market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. The diagnostic laboratories segment leads the market and is estimated to register the highest CAGR in the market during the forecast period.

The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and International Agency for Research on Cancer are a few of the primary and secondary sources referred to while preparing the report on the point-of-care molecular diagnostics market.