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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 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', 'Siemens Healthineers AG ', 'PTS Diagnostics', 'Roche Diagnostics (Switzerland)', 'Danaher Corporation (US)', 'Becton, Dickinson and Company (US)', 'Quidel Corporation (US)', 'BioMérieux SA (France)', 'Sysmex Corporation (Japan)', 'Thermo Fisher Scientific Inc. (US)', 'Johnson & Johnson (US)', 'bioMérieux SA (France)', 'Nova Biomedical (US)', 'Alere Inc. (US)', '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)'

Globally, there has been a significant increase in the occurrence of chronic diseases such as cardiovascular problems, diabetes, and numerous infectious diseases. One of the primary factors driving demand for point-of-care diagnostics during the forecast period is the rising occurrence of such disorders. According to the United Nations, about 38 million individuals have HIV/AIDS in 2019. There were 1.8 million youngsters and 36.2 million adults among them. Furthermore, human respiratory syncytial virus (RSV) is one of the most common viruses responsible for respiratory tract infections. According to the CDC, 4-5 million children worldwide suffer respiratory syncytial virus (RSV) lower respiratory tract infection each year. Similarly, according to the IDF Diabetes Atlas, 206.0 million adults worldwide had diabetes in 2021. Furthermore, the adult diabetic population is projected to hit 643 million by 2030 and 783 million by 2045.

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. Significant breakthroughs in point of care testing devices have resulted from lab-on-a-chip platforms, wearable technologies, and smartphone-based technology innovations. Cloud-based Intelligent systems have cleared the way for future revolutions. Miniaturization in chip technology, microfluidics, and novel biosensors has influenced the creation of new diagnostic systems. 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.

North America emerges as the dominating region in the 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 market.

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Global point of care diagnostics market

Product ID: SQMIG35I2098