USD 44.9 billion
Report ID:
SQMIG35I2098 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
121 |
Figures:
77
Point Of Care Diagnostics Market was valued at USD 44.9 billion in 2019 and is poised to grow from USD 45.4 billion in 2023 to USD 75.14 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).
The global point-of-care diagnostics market has experienced significant growth, driven in part by the COVID-19 pandemic. Point-of-care diagnostics refers to medical tests conducted near the patient, providing rapid results and enabling immediate treatment decisions. This approach has been crucial in managing the spread of COVID-19 and diagnosing infected individuals quickly.The point-of-care diagnostics market has witnessed a surge in demand due to the need for rapid and accurate testing during the pandemic. These tests include rapid antigen tests, molecular diagnostics, and serology tests, which help identify active infections and detect antibodies in individuals. The market has seen a substantial increase in product development, manufacturing, and distribution of these tests to meet the escalating demand worldwide.Furthermore, the point of care diagnostics and testing market is not limited to COVID-19 alone. It encompasses a wide range of medical conditions, including infectious diseases, cardiovascular diseases, diabetes, and cancer. The convenience, speed, and accuracy of point-of-care testing have made it an invaluable tool in various healthcare settings, such as hospitals, clinics, and home care.The market for point-of-care diagnostics is expected to continue its growth trajectory beyond the COVID-19 pandemic, driven by advancements in technology, increasing awareness about early disease detection, and the rising demand for decentralized testing solutions. Additionally, ongoing research and development efforts aim to expand the range of conditions that can be diagnosed using point-of-care testing, further enhancing its utility in the healthcare industry.
US Point Of Care Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 44.9 billion
Largest Segment
Infectious Disease
Fastest Growth
Glucose Testing
Growth Rate
6.1% CAGR
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Global point of care diagnostics market is segmented based on product type, end users, and platform. Based on product type, the market is further segmented into Glucose Testing, Hb1Ac Testing, Coagulation Testing, Fertility/Pregnancy, Infectious Disease (HIV POC, Clostridium Difficile POC, HBV POC, Pneumonia or Streptococcus Associated Infections, Respiratory Syncytial Virus (RSV) POC, HPV POC, Influenza/Flu POC, HCV POC, MRSA POC, TB and Drug-resistant TB POC, HSV POC, COVID-19, Other Infectious Diseases), Cardiac Markers, Thyroid Stimulating Hormone, Haematology, Primary Care Systems, Decentralized Clinical Chemistry, Faeces, Lipid Testing, Cancer Marker, Blood Gas/Electrolytes, Ambulatory Chemistry, Drug of Abuse (DOA) Testing, Urinalysis/Nephrology. Based on end users, global point of care diagnostics market is further segmented into clinics, hospitals, homecare, assisted living healthcare facilities, laboratory. Based on platform, the market is segmented as lateral flow assay, dipsticks, microfluidics, molecular diagnostics, immunoassays.Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Point Of Care Diagnostics Market Analysis by Product Type:
The infectious diseases segment had the highest revenue share of more than 20%. The change from centralised to decentralised point-of-care diagnostics for infectious diseases has resulted in better patient care. Increased demand for rapid tests is driving the point of care diagnosis market, prompting industry players to supply solutions to decentralised regions.
While the diabetes testing segment had the second-highest revenue share. Rising incidence of diabetes, combined with the need for regular monitoring of blood sugar levels is boosting the segment expansion. According to International Diabetes Federation figures, the global prevalence of diabetes will rise from 382 million in 2013 to 592 million in 2035. Diabetes prevalence and the introduction of portable diagnostic equipment are predicted to drive market growth from 2022 to 2030. During the projection period, the cardiovascular biomarkers segment is expected to increase significantly. Millions of patients visit the emergency room each year with symptoms of a heart attack. Cardiovascular disease accounts for around 31% of all deaths. Players are expecting future demand and planning product development strategies appropriately. Some of the key drivers of this segment are the high accuracy rates associated with these markers and the increasing prevalence of target diseases. Furthermore, the market is likely to see substantial growth in adoption rates in established regions such as North America and Europe.
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North America emerges as the dominating region in the global point-of-care diagnostics market. The country boasts a robust healthcare system, advanced infrastructure, and a strong presence of key market players. The United States has been at the forefront of point-of-care diagnostics, with significant investments in research and development, resulting in the development of innovative technologies and solutions. The country's large population, high healthcare expenditure, and favourable reimbursement policies have contributed to the dominance of the United States in this market. Moreover, the early adoption of point-of-care diagnostics in various healthcare settings, including hospitals, clinics, and home care, has further solidified its position as the leading region in the global market.
Asia Pacific is emerging as the fastest growing region in the global point-of-care diagnostics market. The region's rapid growth can be attributed to factors such as increasing healthcare expenditure, rising awareness about early disease detection, and the growing demand for decentralized testing solutions. Countries like China, India, and Japan are witnessing significant market expansion due to their large population base and the increasing prevalence of chronic diseases. Moreover, advancements in healthcare infrastructure, expanding access to healthcare services, and government initiatives to improve healthcare delivery have further propelled the growth of point-of-care diagnostics in the region. With a rising focus on improving healthcare outcomes and addressing the need for rapid and accurate diagnostics, the Asia Pacific region is expected to continue experiencing substantial growth in the coming years.
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Point Of Care Diagnostics Market Driver
Rising Incidence of Chronic and Infectious Diseases Drives Demand for Point of Care Diagnostics
Point Of Care Diagnostics Market Restraint
Inconsistency with Definitive Central Lab Methods
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The global point of care diagnostics market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For instance, in December 2018, Anteo Diagnostics (Australia) and Shanghai GeneoDx Biotechnology (China) announced an agreement to market, sell, and distribute Anteo’s range of AnteoBind products in China The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions for students.
Top Players in Global Point of Care Diagnostics Market
Point Of Care Diagnostics Market Recent Developments
In March 2022, Visby Medical announced to receive funding of USD 25.5 million from the U.S. Biomedical Advanced Research and Development Authority in order to develop a rapid flu-COVID-19 PCR test for home use. At present, the test is in the under-developing phase and the design is ready as a PCR device that can detect COVID-19, influenza A, and B from a single sample.
March 2022, Canada-based Company, bioLytical Laboratories Inc. received CE marking for the iStatis COVID-19 Antigen Home Test.
April 2021, Siemens Healthineers obtained CE marking for AtellicaVTLi Patient-Side Immunoassay Analyzer. It is one of the first technologies in the industry that aims to enhance the patient care paradigm and offers hs-cTnI results that assist in the diagnosis and treatment of heart attacks.
Technological Advancements in Point of Care Diagnostic
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global point of care diagnostics market analysis, the global point-of-care diagnostics market is poised for significant growth and holds a promising future. With advancements in technology, expanding applications, and the ongoing need for rapid and accurate testing, the market is expected to flourish. The largest segment in this market is anticipated to be infectious disease testing, driven by the demand for immediate diagnosis and treatment. Additionally, the fastest growing segment is projected to be the molecular diagnostics sector, owing to its high sensitivity and specificity. In terms of dominating countries, the United States is expected to hold a significant share in the market, owing to its robust healthcare infrastructure, continuous investments in R&D, and strong market presence of key players. The future scope of the point-of-care diagnostics market is bright, with continuous innovation, expansion of test offerings, and the increasing adoption of these technologies across various healthcare settings globally.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 44.9 billion |
Market size value in 2031 | USD 75.14 billion |
Growth Rate | 6.1% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Point Of Care Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Point Of Care Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Point Of Care Diagnostics Market:
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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REQUEST FREE CUSTOMIZATIONPoint Of Care Diagnostics Market was valued at USD 44.9 billion in 2019 and is poised to grow from USD 45.4 billion in 2023 to USD 75.14 billion by 2031, growing at a CAGR of 6.1% in the forecast period (2024-2031).
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Product ID: SQMIG35I2098