Point Of Care (POC) Diagnostics Market Size, Share, Growth Analysis, By Product Type(Glucose Monitoring, Covid-19 Testing, Cardiometabolic Monitoring, Infectious Disease Testing, Coagulation Monitoring, Pregnancy & Fertility Testing), Sample, End-Users, and Region - Industry Forecast 2024-2031

Global Point of Care Diagnostics Market size was valued at USD 47.64 Billion in 2022 and is poised to grow from USD 50.54 Billion in 2023 to USD 81.17 Billion by 2031, at a CAGR of 6.1% during the forecast period (2024-2031).

The 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. 'Abbott Laboratories (US) ', 'Siemens Healthineers AG (Germany) ', 'Quidel Corporation (US) ', 'F. Hoffman-La Roche Ltd. (Switzerland) ', 'Danaher Corporation (US) ', 'Becton, Dickinson and Company (US) ', 'Chembio Diagnostics (US) ', 'EKF Diagnostics (UK) ', 'Trinity Biotech plc (Ireland) ', 'Instrumentation Laboratory (US) ', 'Nova Biomedical (US) ', 'PTS Diagnostics (US) ', 'Sekisui Diagnostics (US) ', 'Thermo Fisher Scientific (US) ', 'BioMerieux S.A. (France) ', 'Beckman Coulter, Inc. (US) ', 'Hologic, Inc. (US) ', 'Cepheid (US) ', 'Ortho Clinical Diagnostics (US) ', 'Bio-Rad Laboratories, Inc. (US) ', 'Trividia Health (US) ', 'Chembio Diagnostic Systems, Inc. (US)'

Technological Advancements in Point of Care Diagnostic: Major market participants have increased their focus on the use of new technologies such as artificial intelligence in the production of efficient point of care diagnostics. Lab-on-a-chip platforms wearable technologies and smart-phone interests among other technologies of its kind have led to major achievements in the point of care testing devices. This will pave the way for subsequent transformations as cloud-based Intelligent systems have opened up numerous possibilities for future revolutions. The formation of new diagnostic systems has been influenced by miniaturization in chip technology, microfluidics and innovative biosensors. One of the key drivers of POCT is lab-on-a-chip technology, notably in infectious illness detection. Microbiological culture, enzyme-linked immunosorbent assays (ELISA), and polymerase chain reaction (PCR) can now be employed at the point of care thanks to lab-on-a-chip technology.

In 2023, the market was dominated by North America with a share of 42.9% and with an increasing number of ageing people and high healthcare costs considered responsible for this domination. Therefore, the market growth is expected due to technological advancements which include miniaturized diagnostic equipment that provides accurate and rapid results, as well as proliferation of Picture Archiving and Communication Systems (PACS) and Electronic Medical Records (EMRs). Nonetheless, companies like BIOMERIEUX, Abbott, Siemens Healthineers AG, BD.