Point of care diagnostics market will expand at a 11.78% CAGR

Point-of-care testing diagnostics (POCD) is the rapid identification of diseases close to the patient, enabling management, monitoring, and diagnosis as needed. It provides quick medical care to enhance patients’ health and address medical issues. 

In 2021, the market for point of care diagnostics was worth USD 33.12 billion, and by 2030, it will reach USD 90.25 billion, growing at a 11.78% CAGR during the forecast period. 

The increasing rate of chronic disorders, including diabetes, cardiovascular disease, and infectious disease, is the main factor influencing the need for Point of Care Diagnostics. Demand for goods created to efficiently manage these conditions has been driven by a considerable rise in the prevalence of diabetes and other chronic diseases mentioned above, which will likely enhance the global market. 

Market Dynamics

Drivers

The growing rate of chronic diseases such as diabetes, cardiovascular disease, and infectious diseases is a major factor stimulating the growth of this market. The CDC estimates that nearly 5 million kids globally suffer from lower respiratory tract infection from the respiratory syncytial virus (RSV) once a year. Furthermore, the increase in diabetes globally is significantly driving the demand for the Point of Care Diagnostics Market as it effectively manages these ailments.

Moreover, point-of-care tests play a crucial role in improving the management of infectious diseases, especially in developing nations where access to timely medical care is a challenge and healthcare infrastructure is limited and outdated. Additionally, the rising prevalence of HIV will further contribute to the growing demand for the Point of Care Diagnostics Market. Furthermore, the lack of adequate healthcare infrastructure in developing countries is anticipated to be a key factor driving the adoption of the Point of Care Diagnostics Market. As a result, the global Point of Care Diagnostics Market will expand significantly.

Restraints

The FDA’s implication of strict regulatory guidelines is a key factor that may impede the expansion of the overall market.

Opportunity 

The effectiveness rate of the market has significantly increased due to the decentralization of healthcare facilities worldwide. This method has already been used in U.S. healthcare systems, while decentralization is a major priority in many European nations’ healthcare systems.

Also, the use of IVD point-of-care test equipment is expanding quickly. As a result, the prognosis for the U.K. Global Point-of-Care Diagnostics Market will improve.

Market Segmentation 

By Product

In 2022, the infectious diseases segment was the market leader, with 24.4% of the revenue share. The market is being driven by a rise in the demand for rapid tests, which has compelled businesses in the sector to offer POC solutions to decentralized areas. For instance, Abbott has launched ID NOW, the fastest molecular POC test in the world, available in a range of decentralized healthcare settings like doctor’s offices and urgent care centers. It produces COVID-19 findings in 13 minutes.

In 2022, the glucose testing market had the second-highest revenue share. The increased prevalence of diabetes and the need for ongoing blood sugar monitoring are factors in the segment’s expansion. The World Diabetes Federation has published estimates showing that there will be 592 million people with diabetes worldwide by 2035, up from 382 million in 2013.

 By End-Use

The clinic segment held most of the market, with a share of nearly 37.91% in 2022. It is due to the expansion of POC diagnostics applications, including expanding healthcare coverage, rising affordability, and increasing availability of novel diagnostic technology.

The homecare segment will expand at a rapid rate of 7.2% during the forecast period. This market segment will expand due to the affordability and comfort of POCT offered to patients at home. POC in the home healthcare field also allows patients to address healthcare issues and make decisions immediately. 

Regional Analysis

In 2022, North America held the majority of the market, with a revenue share of nearly 43.2%. It is due to the fast-rising COVID-19 cases and the existence of important players in the U.S. and Canada. For instance, bioLytical Laboratories Inc., a Canadian company, gained C.E. certification for the iStatis COVID-19 Antigen Home Test in March 2022. 

Asia Pacific will expand rapidly with an 8.1% CAGR during the forecast period. The Asia Pacific point-of-care market will be drive by a growing number of local diagnostic kits. And reagent manufacturers offering a wide range of testing solutions for diagnosing coronavirus infection.

Key Players 

Danaher Corporation

Siemens Healthineers

Roche Diagnostics

Chembio Diagnostics

EKF Diagnostics

Abbott Laboratories

Fluxergy

Becton Dickinson and Company

Quidel Diagnostics

Trinity Biotech

In 2021, the market value of point of care diagnostics was worth USD 33.12 billion. And by 2030 it will be worth USD 90.25 billion, growing at an 11.78% CAGR during the forecast period. The growing aging population, rising prevalence of infectious diseases. And expanding applications of point-of-care testing are all driving the growth of this market. The point of care diagnostics market is also drive by increase investment. Expanding consumer awareness of the benefits of POC, and new product introductions.

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