Point Of Care Diagnostics (Poc) Market Growth By 2030: Rising Prevalence Of Infectious And Chronic Diseases And Growing Awareness About Patient Care

Global Point of Care (PoC) diagnostics market size is expected to reach USD 97.27 Billion in 2030 and register a revenue CAGR of 10.5% over the forecast period, according to the latest report by Reports and Data. Rise in prevalence of infectious and chronic diseases and increase in awareness of PoC diagnostics products among the global population are key factors driving market revenue growth over the forecast period.

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Increase in prevalence of chronic and infectious diseases and subsequent demand for better treatment and rapid detection of diagnostics services cause a heavy burden on traditional diagnostic mechanism. This leads to an increase in demand for PoC diagnostics products. Diagnosis at patient care units is efficient and results in quick turn-around time, concordant with laboratories, and helps in rapid management of diseases, boosting market growth over the forecast period.

PoC technologies that decentralized rapid and low-cost diagnostics of COVID-19 infection are the need of the hour. The commercialization of technologies helped develop fast PoC molecular diagnostics tests that help detect and prevent the spread. Thus, developments of innovative products encourage adoption of these technologies. Growing demand for rapid diagnosis test kits is projected to impact the PoC diagnostics market growth positively.

However, even though PoC devices are highly efficient and help in the rapid management of diseases, strict regulatory policies regarding approval and commercialization are one of the major hindrances that impact the mobility and market growth. On the basis of patient requirements and cases, the PoC test cost can be higher than tests conducted in traditional laboratories.

Some Key Highlights in the Report

  • Hospital/critical care center segment is expected to lead the global market in terms of revenue contribution due to increased awareness regarding early diagnosis of chronic diseases such as diabetes and others. In addition, demand for rapid tests and early management of diseases are key factors that are expected to propel growth of the segment.
  • Lateral flow assay segment is expected to account for the largest market share in the PoC diagnostics market over the forecast period. Growth of the segment is expected to be driven by increase in focus on replacing time-consuming and traditional laboratory techniques. Due to the low cost and clinical utility, lateral flow assays are a popular platform for PoC diagnostics.
  • Asia Pacific is expected to register a rapid revenue growth rate over the forecast period due to the presence of several key players, lower regularity hurdles, and rise in awareness and accessibility of innovative PoC diagnostics products.
  • With rise in infectious diseases, particularly SARS-CoV-2, across the globe, in March 2020, Abbott launched ID NOW platform for rapid testing of novel coronavirus. It is a small, portable, light weighing device that uses molecular technology, and its results are valued by clinicians and the scientific community for its high accuracy.
  • In April 2021, IIT Kharagpur conducted the global launch of COVIRAP, nucleic-acid-based PoC diagnostic devices. The device delivers results within 45 minutes of obtaining patients' samples. Again significantly, My Lab in Feb 2022 launched the "CoviSwift" point of care RT PCR test for COVID-19, which drives growth of the PoC diagnostic market in the Asia Pacific.
  • In April 2021, Celltrion Inc received FDA emergency use authorization for Point of Care antigen rapid test kit DiaTrust COVID-19 Ag Rapid Test. It detects the infection and produces results within 15 minutes.

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.

Top Companies Profiled in the Report:

Abbott Laboratories Inc, AccuBioTech Co Ltd., BioMérieux SA, Bio-Rad Laboratories Inc., Becton, Dickinson and Company, Chembio Diagnostics Systems Inc., Danaher Corporation, EKF Diagnostics, Hoffmann-La Roche, Instrumentation Laboratory, Johnson & Johnson, Nova Biomedical Corporation, PTS Diagnostics, Siemens Healthineers, QUIGEN GmbH, and Quidel Corporation.

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Point of Care Diagnostics (PoC) Market Segmentation:

Product Outlook (Revenue, USD Billion; 2019-2030) (Kilo Tons)

  • Glucose Monitoring Products
  • COVID-19 Testing Products
  • Cardiometabolic Monitoring Products
  • Infectious Disease Testing Products
  • Coagulation Monitoring Products
  • Pregnancy & Fertility Testing Products
  • Tumor/Cancer Marker Testing Products
  • Drugs-of-Abuse Testing Products
  • Fecal Occult Testing Products
  • Other Products

Platform Outlook (Revenue, USD Billion; 2019-2030) (Kilo Tons)

  • Lateral Flow Assays
  • Immunoassays
  • Microfluidics
  • Dipsticks
  • Molecular Diagnostics

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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