The point of care diagnostics market recorded a notable revenue share in the market in 2021 and is set to be worth more than USD 93.21 billion by the end of 2030. It is poised to grow at a healthy CAGR of 11.1% from 2021 to 2030.
The report contains 150+ pages with detailed analysis. The market report also covers the estimated market sizes and trends for different countries across major regions, globally.
The COVID-19 pandemic’s worldwide impact has been unforeseen and devastating, with point of care diagnostics experiencing a positive demand across all around the world. Because of the global frequency of chronic and acute diseases, there is a growing demand for high quality point of care diagnostics kits. Furthermore, technical advancements in diagnostic kits have resulted in fewer manual errors, which have emerged as a key driver of the market. This is likely to increase the use of point of care diagnostics testing kits in emerging and low-income nations.
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Growth Factors
- Technological developments in POC devices
- Rising infectious disease incidence
- Increased expenditures by key companies
- Rising occurrences of target disorders
Scope of the Point of Care Diagnostics Market
| Report Coverage | Details |
| Market Size | US$ 32.5 Billion |
| Growth Rate From 2021 to 2030 | CAGR of 11.1% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| By Product |
|
Report Highlights
- Based on the product, the blood glucose monitoring segment dominated the point of care diagnostics market in 2020. The diabetic patients need to monitor their glucose levels on a regular basis, which has prompted the adoption of point of care diagnostics among the diabetic patients in this market. The diabetes’s expanding prevalence around the world is projected to drive the segment growth.
- Based on the end user, hospital bedside led the market with highest share in 2020 due to the rising prevalence of chronic diseases.
Market Dynamics
Drivers
Growing geriatric population
The elderly or senior population is rapidly increasing. According to the World Health Organization (WHO), the number of people aged 65 and up is expected to increase by around 1.5 billion by 2050. In developing countries such as China, Japan, India, and South Korea, the figure is expected to rise. Cancer, diabetes, high blood pressure, and blood sugar levels are just a few of the health issues that the geriatric population faces. They need to be more cautious about their health. As a result, they require medications at regular intervals. Geriatric patients may purchase medications without a prescription. As a result, during the forecast period, the growing geriatric population will drive the growth of the point of care diagnostics market.
Restraints
Inadequate adoption of point of care diagnostics
The clinical professionals with less laboratory experience, such as nurses, perform the majority of point of care diagnostics tests. Because hospitals have a huge number of patients, these individuals focus on patient care and are constantly under pressure to give quick treatments. The sample collection and all other processes that clinical personnel do while performing point of care diagnostics tests are generally unfamiliar with the proper procedures. Furthermore, it has been noticed that in most situations, the opinion of lab experts or healthcare workers is not taken into consideration. Thus, the inadequate adoption of point of care diagnostics is hindering the market growth.
Opportunities
Rising prevalence of chronic diseases
The rising prevalence of infectious and chronic diseases such as cancer, heart diseases, hepatitis, and other respiratory diseases is driving the global point of care diagnostics market growth. Furthermore, the change in consumer lifestyle patterns can lead to a variety of medical disorders, such as obesity, hypertension, blood sugar, and diabetes, which necessitate the use of point of care diagnostics for monitoring and diagnosis. As a result, the rising prevalence of chronic diseases is creating lucrative opportunities for the growth of point of care diagnostics market during the forecast period.
Read Also: Long Term Care Market Size to Outstrip $ 1,838.38 Billion by 2030: Precedence Research
Regional Snapshot
North America is the largest segment for point of care diagnostics market in terms of region. The U.S. dominates the North America point of care diagnostics market with highest market share. This is mostly due to the country’s growing senior population, as well as other factors such as rising chronic diseases and favorable government legislation and programs aimed at improving the healthcare infrastructure.
Asia-Pacific region is the fastest growing region in the point of care diagnostics market.The point of care diagnostics market is expected to grow rapidly in developing countries such as China, Japan, and India. The growing demand for efficient and effective diagnostics, as well as rising middle class population with regular health issues are factors propelling the growth of point of care diagnostics market. In addition, the point of care diagnostics market in the Asia-Pacific region may benefit from change in consumer lifestyle combined with rising disposable income.
Some of the prominent players in the global point of care diagnostics market include:
- Cardinal Health Inc.
- Trinity Biotech
- Bio-Rad Laboratories Inc.
- Thermo Fisher Scientific Inc.
- Quest Diagnostics Incorporated
- Quidel Corporation
- Abbott Laboratories
- Mesa Biotech
- F. Hoffmann-La Roche Ltd
- Cepheid
Segments Covered in the Report
By Product
- Blood Glucose Monitoring
- Infectious Diseases
- Cardiometabolic Diseases
- Pregnancy & Infertility Testing
- Hematology Testing
- Others
By End User
- Hospital Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Homecare/Self-testing
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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