The global point-of-care diagnostic market size was exhibited at USD 39.91 billion in 2022 and it is expected to hold around USD 93.21 billion by 2030, growing at a CAGR of 11.1% from 2022 to 2030.

Point of care diagnostic is medical diagnostic testing. It is at or near the point of care. It is at the place and time of patient care. It differs from the historical pattern in which the diagnostic was restricted to the laboratory. This test can be performed at the bedside. It brings the test immediately to the patient. It raises the likelihood that the patient will get the results quickly. It helps in better clinical management. It includes blood glucose testing, rapid coagulation testing, drugs of abuse screening, blood gas and electrolyte analysis, quick cardiac marker diagnostic, pregnancy testing, infectious disease testing, cholesterol screening, hemoglobin diagnostic, etc.

It uses portable and handheld instruments. It enables the results to be shared quickly with the patients. It helps in the rapid detection of analytes near the patient. It facilitates better disease diagnosis, monitoring, and management. It enables quick medical decisions. It plays a vital role in patient management. It reduces the time to treatment.

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Growth Factors

The implementation of the newest technological developments significantly contributes to market growth across the globe. In line with this, the increasing rate of chronic and infectious diseases globally positively influences market growth. Furthermore, the rising incidence of chronic disorders such as diabetes, cardiovascular disorders, and infectious diseases catalyzes market growth. Apart from this, the growing occurrence rate of these diseases propels market growth. Moreover, significant growth in the incidence of diabetes strengthens the market growth. Point of care diagnostic enhances the management of infectious disorders. The surging prevalence of HIV favors market growth. The inadequate healthcare infrastructural facilities in developing countries create a positive outlook for the market.

The Point of Care Diagnostics Market is expected to grow. The increase in technological advancements significantly contributes to market growth. The growing awareness will bring new prospects for market growth. The COVID-19 outbreak has affected various industries worldwide, including the Point of Care Diagnostics Market. Governments worldwide implemented several measures to limit the spread of the pandemic. The market growth spread of the pandemic. Manufacturing units worldwide were shut down during the initial stages of the pandemic. Small and medium-scale companies were directly affected due to the epidemic. The increasing funding from multiple sources boosts the market growth. The rising prevalence of target diseases propels market growth. The demand for point-of-care diagnosis has increased. The growing demand for portable, transportable, and handheld devices fuels the market growth. The increasing prevalence of infectious illnesses and chronic ailments propels market growth.

Point-of-care Diagnostic Market Report Scope

Report Highlights:

• Based on the product, blood glucose monitoring dominated the market and accounted for the largest market share. This is due to the increasing demand for the product for monitoring blood sugar levels. The growing preference for home glucose testing significantly contributes to market growth. On the other hand, infectious diseases are expected to witness a promising CAGR in the coming years. This is due to the rising prevalence of various contagious disorders.
• Based on the end user, hospital bedside dominated the market with the highest revenue share. This is due to the rising prevalence of chronic diseases. It requires long-term care and frequent monitoring. The increasing awareness regarding the availability of cost-effective and highly innovative point-of-care diagnostics creates a positive outlook for the market. On the other hand, urgent care and the retail clinic is expected to witness a promising CAGR in the coming years. This is due to the growing number of clinics and urgent care centers.

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Regional Snapshot

Based on the region, North America dominated the market and accounted for the largest revenue share. This is due to the high prevalence of lifestyle diseases. Factors such as the increasing awareness regarding self-testing and home care kits and rapid technological advancement create a positive outlook for the market. On the other hand, the Asia-Pacific is expected to witness a promising CAGR in the coming years. This is due to the increasing market players and the rising product use in developing countries.

Market Dynamics:

Driver: Increasing prevalence of chronic conditions

The increasing incidence of chronic conditions drives the home diagnostics market growth. In line with this, an unhealthy urban lifestyle significantly contributes to market growth. Furthermore, the rising geriatric population catalyzes market growth. Senior people are more susceptible to diabetes and chronic conditions. The escalating demand for user-friendly and portable diagnostic devices propels market growth.

The need for point-of-care diagnostics is rapidly increasing with the surging cases of acute diseases worldwide. A significant surge in the occurrence of chronic diseases like cardiovascular disorders, diabetes, and infectious diseases is seen across the globe. The high prevalence of these diseases drives market growth.

Opportunity: Rapid technological advancements

The rapid technological advancements to expand the application of point-of-care diagnostic offers numerous opportunities for market growth. The market players are adopting modern technologies such as artificial intelligence to produce an efficient version of the product. The emergence of cloud-based deep learning systems drives market growth. The chip technology miniaturization has innovated the design of a new version of the product.

Lab-on-a-chip technology is used at the point of care. The market players are focusing on integrating ELISA into diagnosing infectious diseases. The development of nanoparticle-based POC has also been the center of focus of the market players. It has helped doctors to take benefit of the nanoparticles in the diagnosis of various chronic conditions. Therefore, rapid technological advancements offer numerous opportunities for market expansion.

Restraint: Lack of accuracy

There’s a lack of accuracy in point-of-care diagnostics, which significantly restrains the market growth. The high cost associated has limited the lack of accuracy of the point of care diagnostic. This, in turn, has led to a decrease in the number of FDA approvals for rapid tests. All these factors hamper the market growth.

Challenge: High cost of product development

The high cost of product development challenges the point-of-care diagnostic market growth. Product development has to consider many technology areas depending on the test type. This, in turn, is expected to raise the overall product development cost, thereby hampering the market growth.

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Key Developments:

• In December 2021, Siemens Healthineers got Emergency Use Approval (EUA) from the U.S. Food and Drug Administration (FDA) for Rapid COVID-19 Antigen Self-Test.

• In October 2021, Thermo Fisher Scientific received FDA Emergency Use Authorization. The company got the approval to run the COVID-19 tests from a new saliva sample collection technique.
• In July 2021, Abbott launched the Panbio COVID-19 Antigen Self-Test. This test can detect the SARS-CoV-2 virus in adults and kids.

Major Key Players

• 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

Market Segmentation

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

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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