The global point of care diagnostics market size is expected to reach USD 68.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.50% from 2023 to 2030. The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth. Furthermore, the rise in the geriatric population and their need for accessible home-based care are anticipated to drive the market.
Point Of Care Diagnostics Market Report Highlights
- The glucose testing product segment held the second-largest revenue share in 2022. The high prevalence of diabetes, coupled with the requirement of constant monitoring of blood sugar levels, is contributing to the segment growth
- The home end-use segment is expected to grow lucratively over the forecast period attributed to significant traction of at-home or self-testing for COVID-19. POCT devices are easy to use and do not, mandatorily, require any modern lab infrastructure for testing simpler target analytes in a patient’s sample
- North America dominated the global market in 2022 owing to the increasing demand for new technologies, a large pool of key players, and advanced healthcare infrastructure
- The Asia Pacific is expected to grow considerably in the future owing to the rising prevalence of cancer, diabetes, cardiovascular diseases, and infectious diseases. The increasing population with limited disposable income is the potential target market for the key players in the region
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Point Of Care (POC) diagnostic also called near-patient testing or bedside testing refers to obtaining particular clinical data and parameters where the patient is examined and helps in better disease diagnosis, monitoring, and management. They are used to test glucose and cholesterol levels, do electrolyte and enzyme analysis, test for drugs of abuse and for infectious diseases, and for pregnancy testing. They include blood glucose testing, blood gas & electrolytes analysis, rapid coagulation testing, rapid cardiac markers diagnostics, drugs of abuse screening, urine strips testing, pregnancy testing, fecal occult blood analysis, food pathogens screening, hemoglobin diagnostics, and infectious disease testing. Point-of-care (POC) devices can provide instantaneous results, supporting the provision of timely patient care by better-informed healthcare professionals. Recent years have witnessed tremendous advances in point-of-care diagnostics (POCD) mainly due to continuous developments in biosensors, microfluidic, bioanalytical platforms, assay formats, lab-on-a-chip technologies, and complementary technologies.
The adoption of POCT in emerging economies such as Africa and Latin America is anticipated to be a growth determinant of the global POCT market. The authorities are decentralizing the healthcare system and increasing their investments. For instance, the African regulations in Kenya allotted USD 346.7 to Managed Equipment Services project for the government’s initiative toward modernizing facilities by procuring new equipment. The Ministry of Health selected GE Health and Philips to offer equipment across 47 countries. Similarly, Latin America decentralized IVD testing, which encourages private players to take strategic initiatives to meet the region’s existing demand for affordable POCT, especially in the infectious diseases segment.
Currently developed POC devices and tests are employed across different medical diagnostic applications, including cancer, pregnancy, and infectious diseases. Patients and physicians employ POC tests to screen conditions, confirm diagnoses, and design suitable therapeutic approaches based on patient health. However, the enthusiasm displayed by different consumers, such as doctors, patients, and caregivers, varies widely. This dynamic consumption pattern of POC diagnostic products is also attributed to economic scalability, financial interests, and lack of a universal healthcare structure.
In the light of COVID-19, the lockdown imposed across the globe has necessitated virtual visits and rapid diagnostic tests that assist patients to avoid hospital visits. Post-lockdown, the eHealth strategy is the emerging area of priority and investment such as an automated patient appointment system, lab result transmission system, healthcare workers’ communication system, and medical products procurement system for the companies and governments. It is anticipated to continue to prioritize home-based healthcare delivery even after the pandemic, especially for patients with pre-existing conditions. For instance, NeuroMetrix, Inc. appointed a team to develop the business of DPNCheck, a POCT for peripheral neuropathies. The team is responsible for expanding the footprint in the healthcare market and focusing on the Medicare Advantage population.
Point Of Care Diagnostics Market Insights By Region
North America held the largest revenue share. The region will maintain its dominant position throughout the forecast years on account of the rapidly increasing COVID-19 cases along with the presence of key players in the U.S. and Canada. The Asia Pacific is estimated to be the fastest-growing regional. The point-of-care market in the Asia Pacific is expected to be driven by a rising pool of local diagnostic kits and reagents manufacturers in this region to offer a wide range of testing solutions for the diagnosis of coronavirus infection.
Competitive Analysis By Major Companies
Point-of-care diagnostics has witnessed considerable progress in the past years. Integration of molecular diagnostics in POC testing is one of the significant advancements in this segment. Despite the fact that major players have limited the opportunities for new entrants, some companies were able to mark their entry into the market. key companies are engaged in the development of more sophisticated bench-top and portable testing solutions to maintain a competitive edge in the market. Some prominent companies in the global point of care diagnostics market include:
- Hoffmann-La Roche Ltd.
- Danaher
- BD
- Qiagen
- Abbott
- Siemens Healthcare AG
- bioMerieux SA
- Zoetis, Inc.
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Point Of Care Diagnostics Market Segmentation
Grand View Research has segmented the global point of care diagnostics market based on product, end-use, and region:
- Product Outlook (Revenue, USD Million, 2018 – 2030)
- End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of Point Of Care Diagnostics Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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