The Global Point-of-Care Diagnostics Market was Worth USD 44.87 Billion in 2022 and is Estimated to Grow to USD 99.74 Billion by 2030, with a CAGR of 10.5 % Over the Forecast Period From 2023 To 2030.
Point of Care Diagnostics Market Overview
The point of care diagnostic is medical diagnostic testing that allows medical staff and physicians to achieve real-time lab-quality diagnostic results accurately within minutes. Point-of-care diagnostic tools analyze whole blood using immunoassays and lateral flow chromatography principles. High sensitivity and specificity point-of-care testing allow for the speedy detection of these highly contagious diseases and prompt patient treatment. The demand for point-of-care diagnostics for quickly detecting infectious diseases will probably increase as infectious diseases, including HIV, hepatitis, influenza, and tuberculosis, become more common. The global market expansion for point-of-care diagnostics has been hampered by pricing pressure from reimbursement reductions and insufficient finances. Businesses are attempting to create POC devices that can run numerous analytes simultaneously. Multiplexing, which is the simultaneous measurement of many analytes on a single cartridge, is possible with these devices. Introducing sophisticated and cost-effective multiplex POC diagnostics for market participants will present new growth potential.
The global COVID-19 pandemic raised public health awareness, benefiting the expansion of the point-of-care diagnostics market. Due to the demand for speedy diagnostic results, point-of-care testing has evolved into a crucial diagnostic tool. Identifying new coronavirus strains has accelerated research and development activities in point-of-care diagnostics. The pandemic has greatly impacted the point-of-care diagnostics market, and businesses are working to create speedy and precise viral detection technology. Manufacturers globally are rushing to create next-generation point-of-care systems that are speedier, easier, and more dependable due to the COVID-19 pandemic, which has increased demand for portable and transportable gadgets.
The major factor anticipated to drive the point-of-care diagnostics market’s expansion during the forecast period is the rise in technological advancements in this industry. Moreover, the increased awareness due to conferences and events, healthcare decentralization, and emerging markets will all create new opportunities for the point-of-care diagnostics industry in the future. Several technological developments in the market for point-of-care diagnostics aim to shorten turnaround times and make the equipment more widely available. Making new point-of-care diagnostics market systems has been motivated by the miniaturization of chip technology and the development of innovative biosensors and fluids. The point-of-care diagnostics market is driven by lab-on-chip technologies, particularly in diagnosing infectious diseases, which drives up market demand.
The total growth of the point-of-care diagnostics sector is anticipated to be hampered by the high cost of product development. The product design must take into account a variety of technical applications and technological advancements depending on the type and nature of the sample or test. As a result, combining the cartridge with the testing instrument necessitates a stronger link between the two parts. It is emphasized that doing so raises the overall cost of product creation, which hinders the market situation. Moreover, the expensive and complex nature of the biomolecules utilized to construct POC tests is expected to impede the rise of the industry as a whole.
Point of Care Diagnostics Market: Segmentation
The global point-of-care diagnostics market has been segmented into product, mode of prescription, and end-user.
- Based on product, glucose monitoring kits, infectious diseases testing kits, pregnancy, and fertility testing kits, hematology testing kits, cardiometabolic monitoring kits, urinalysis testing kits, cholesterol test strips, drugs abuse testing kits, and others are segments of the global point of care diagnostics market. In 2021, the demand for glucose monitoring kits was expected to expand due to the rising prevalence of diabetes and higher patient awareness of the availability of POC testing on the market. By 2040, 642 million individuals globally will have diabetes, up from 425 million in 2017. In the upcoming years, it is projected that the number of businesses concentrating on creating cutting-edge self-monitoring glucose meters, such as Medtronic’s Guardian Sensor 3, a diagnostic chip that automatically checks health, would increase the segment’s growth potential.
- Based on end-user, the global point-of-care diagnostics market is segmented into professional diagnostic centers, research laboratories, home care, and others. The professional diagnostic centers accounted for the largest revenue share in 2021. The major sources of this segment’s revenue are pharmacies and retail clinics. The main drivers of the expansion of POC diagnostics applications include rising affordability, expanding healthcare coverage, and increasing availability of novel diagnostic technology. As a result, neighborhood pharmacies and walk-in clinics have become prospective medical facilities that do these lab tests, particularly regarding cholesterol and glycosylated hemoglobin (A1C) testing. The older population now has better access to healthcare, infectious diseases are more common, and traditional clinics are finding it harder to treat patients.
- In 2021, North America dominated the global point-of-care diagnostics market, projected to continue over the forecast period. It is a result of the COVID-19 cases in the area rapidly increasing. Moreover, the market expansion in North America will be fueled by the increase in product developments and the rising prevalence of infectious and chronic diseases. Regional market development is also the responsibility of major market participants in the United States and Canada.
Some of the main competitors dominating the global point-of-care diagnostics market include-
- F. Hoffmann-La Roche Ltd.
- Siemens Healthcare AG
- bioMerieux SA
- Zoetis, Inc.
- Instrumentation Laboratory
- Nova Biomedical
- Quidel Corp.
- Trividia Health, Inc.
- Sekisui Diagnostics
- Nipro Corp.
- Trinity Biotech
- Orasure Technologies, Inc.
- Spectral Medical, Inc.
- October 2021: For those with early-stage lung cancer, Roche’s Tecentriq was approved by the American Food and Drug Administration. The only cancer immunotherapy currently in use for adjuvant treatment of NSCLC is Tecentriq.
- March 2020: Abbott introduced a molecular point-of-care test for quickly and accurately identifying the Novel Coronavirus. This test will continue to function on the ID NOW platform from Abbot, delivering speedy results in several healthcare settings, including urgent care centers, doctor’s offices, and hospital emergency rooms.
Global Point of Care Diagnostics Market is segmented as follows:
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and possibilities in each of the sub-segments from 2017 to 2030. For this report, Beyond Market Insights has segmented the global point-of-care diagnostics market report based on product, Mode of Prescription, end-user, and region:
Point of Care Diagnostics Market by Product Outlook (Revenue, USD Million, 2017 – 2030)
- Glucose Monitoring Kits
- Infectious Diseases Testing Kits
- Pregnancy And Fertility Testing Kits
- Hematology Testing Kits
- Cardiometabolic Monitoring Kits
- Urinalysis Testing Kits
- Cholesterol Test Strips
- Drugs Abuse Testing Kits
Point of Care Diagnostics Market by Mode of Prescription Outlook (Revenue, USD Million, 2017 – 2030)
- Prescription Based Devices
- Otc Based Devices
Point of Care Diagnostics Market by End User Outlook (Revenue, USD Million, 2017 – 2030)
- Professional Diagnostic Centers
- Research Laboratories
- Home Care
Point of Care Diagnostics Market by Region Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The UK
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
|Point of Care Diagnostics Market Report Scope
|Market Size Value in 2022
||USD 44.87 billion
|Revenue Forecast in 2030
||USD 99.74 billion
||CAGR of 10.5 % from 2023 to 2030
|Base Year for Estimation
||2017 – 2022
||2023 – 2030
||Revenue in USD million and CAGR from 2023 to 2030
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Product, Mode of Prescription, End User, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others
|Key Companies Profiled
||F. Hoffmann-La Roche Ltd., Danaher, BD, Qiagen, Abbott, Siemens Healthcare AG, bioMerieux SA, Zoetis, Inc., Instrumentation Laboratory, Nova Biomedical, Quidel Corp., Trividia Health, Inc., Sekisui Diagnostics, Nipro Corp., Trinity Biotech, Orasure Technologies, Inc., and Spectral Medical, Inc