As per Precedence Research, the point of care diagnostics market size was valued at US$ 36 billion in 2021 and is expected to be worth US$ 83.64 billion by 2029, growing at a CAGR of 11.1%.
As per Precedence Research, the point of care diagnostics market size was valued at US$ 36 billion in 2021 and is expected to be worth US$ 83.64 billion by 2029, growing at a CAGR of 11.1%.
The point of care diagnostics is used to diagnose the patients effectively and efficiently. The products used in the point of care diagnostics market are hematology testing, blood glucose monitoring, pregnancy and infertility testing, infectious diseases, and cardiometabolic disorders. One of the key factors driving the growth of the global point of care diagnostics market is the growing number of pathology labs and services in developed and developing regions are fully equipped with the latest diagnostic equipment.
The global point of care diagnostics market is also being driven by the growing research and development investments. The government of emerging and established nations is highly investing on the projects related to the healthcare. This factor is boosting the growth of the worldwide point of care diagnostics market during the forecast period.
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In addition, the growing geriatric population is paving new ways for the expansion of the global point of care diagnostics market. The old people need utmost care and should be treated effectively. This is attributed to the rising prevalence of disorders. That’s the reason key market players are launching new products in the global point of care diagnostics market.
The government hospitals are also collaborating with the major market players operating in the point of care diagnostics market. This strategy is helping to save cost and time for both private and public entities. Thus, the expansion of the global point of care diagnostics market is expected due to this factor. Other strategies adopted by market players include partnership, product launch, collaboration, joint venture, and merger and acquisition.
Report Highlights:
- Based on the product, the blood glucose segment dominated the global point of care diagnostics market in 2020 with largest market share. The growth of the segment is attributed to the rising cases of cancer and diabetes.
- On the basis of end user, the hospital bedside segment holds the largest market share the global point of care diagnostics market in 2020.This is due to the growing number of hospital visits and growing need for technologically advanced diagnostic tools.
- North America is the largest segment for point of care diagnostics market in terms of region.The growth of the point of care diagnostics market in North America is attributed to the rising prevalence of chronic disorders.
- Asia-Pacific region is the fastest growing region in the point of care diagnostics market.The point of care diagnostics market in Asia-Pacific region is growing due to the expansion of the healthcare sector and favorable government policies.
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Future of Point of Care Diagnostics Market
The growth of the global point of care diagnostics market is expected to be driven by the growing prevalence of chronic disorders and infectious diseases. Microscopic organisms enter the body and grow, causing symptoms that range from minor to fatal. HIV, measles, and malaria are examples of illnesses that impact the entire body. Other infections are limited to a single organ and body system. The upper respiratory tract is where the most common infections such as the common cold could arise. The tuberculosis is a dangerous and typically local illness of the respiratory tract that is a worldwide issue. Thus, the market for point of care diagnostics is rising at a rapid pace in the near future.
COVID-19 Impact Analysis:
- The global point of care diagnostics market saw a significant impact on the expansion due to COVID-19 pandemic.
- The demand for point of care diagnostics increased due to rising number of COVID-19 cases. This created positive impact on the growth of the point of care diagnostics market.
- On the other hand, the shortage of assay and test kits hampered the growth of the global point of care diagnostics market in 2020.
Key Developments in the Marketplace:
- QuantuMDx introduced the Q-POC fast point of care technology in the UK in July 2021. It provides quick molecular diagnostic testing at the point of care, with results arriving in 30 minutes or less.
- Nova Biomedical introduced the Stat EMS Basic blood testing system in March 2020, which will be utilized in emergency and ambulance service in CE regulated nations.
- Cepheid declared the launch of Xpert Xpress, SARS-CoV-2/Flu/RSV, a four in one combo test that can detect viruses from a single sample in June 2020.
- Inoterm S.A. and Roche Diagnostics modified their agreement in January 2020 to develop a quick blood test for septic shock. The goal of the partnership is to develop a companion diagnostic test for measuring sTREM-1 levels in the bloodstreams.
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
- Europe
- Asia-Pacific
- Latin America
- MEA
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