Point Of Care Diagnostics Market Analysis, Growth Opportunities and Recent Trends by Application 2023 to 2030

Posted on 2023-03-31 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Mar 31, 2023 — /EPR Network/ —

Point Of Care Diagnostics Industry Overview

The global Point Of Care Diagnostics Market size is expected to reach USD 68.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.50% from 2023 to 2030. The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth. Furthermore, the rise in the geriatric population and their need for accessible home-based care are anticipated to drive the market.

The adoption of POCT in emerging economies such as Africa and Latin America is anticipated to be a growth determinant of the global POCT market. The authorities are decentralizing the healthcare system and increasing their investments. For instance, the African regulations in Kenya allotted USD 346.7 to Managed Equipment Services project for the government’s initiative toward modernizing facilities by procuring new equipment. The Ministry of Health selected GE Health and Philips to offer equipment across 47 countries. Similarly, Latin America decentralized IVD testing, which encourages private players to take strategic initiatives to meet the region’s existing demand for affordable POCT, especially in the infectious diseases segment.

Currently developed POC devices and tests are employed across different medical diagnostic applications, including cancer, pregnancy, and infectious diseases. Patients and physicians employ POC tests to screen conditions, confirm diagnoses, and design suitable therapeutic approaches based on patient health. However, the enthusiasm displayed by different consumers, such as doctors, patients, and caregivers, varies widely. This dynamic consumption pattern of POC diagnostic products is also attributed to economic scalability, financial interests, and lack of a universal healthcare structure.

In the light of COVID-19, the lockdown imposed across the globe has necessitated virtual visits and rapid diagnostic tests that assist patients to avoid hospital visits. Post-lockdown, the eHealth strategy is the emerging area of priority and investment such as an automated patient appointment system, lab result transmission system, healthcare workers’ communication system, and medical products procurement system for the companies and governments. It is anticipated to continue to prioritize home-based healthcare delivery even after the pandemic, especially for patients with pre-existing conditions.

Point Of Care Diagnostics Market Segmentation

Grand View Research has segmented the global point of care diagnostics market based on product, end-use, and region:

Based on the Product Insights, the market is segmented into Glucose Testing, Hb1Ac Testing, Coagulation Testing, Fertility/Pregnancy, Infectious Disease, Cardiac Markers, Thyroid Stimulating Hormone, Hematology, Primary Care Systems, Decentralized Clinical Chemistry, Feces, Lipid Testing, Cancer Marker, Blood Gas/Electrolytes, Ambulatory Chemistry, Drug of Abuse (DOA) Testing and Urinalysis/Nephrology.

The infectious diseases segment held the largest revenue share of over 24.4% in 2022. Infectious disease testing has shifted from centralized to decentralized POC testing, resulting in better patient care. The growing prevalence of diabetes and the introduction of portable diagnostic equipment are expected to boost the segment growth from 2022 to 2030.
The glucose testing segment captured the second-largest revenue share in 2022. The high prevalence of diabetes, coupled with the requirement of constant monitoring of blood sugar levels, is contributing to the segment growth. The cancer markers segment is expected to witness significant growth of 9.6% during the forecast period.

Based on the End-Use Insights, the market is segmented into Hospitals, Clinics, Home, Assisted Living Healthcare Facilities and Laboratory.

The clinics segment accounted for the largest revenue share of over 37.91% in 2022. Pharmacy and retail clinics are the major contributors to the revenue generated by this segment.
The home end-use segment is expected to register the fastest growth rate of 7.2% from 2023 to 2030. Home care is a lucrative segment owing to the cost-effectiveness and comfort level of POCT provided to patients at home.

Point Of Care Diagnostics Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

Point-of-care diagnostics has witnessed considerable progress in the past years. Integration of molecular diagnostics in POC testing is one of the significant advancements in this segment. Despite the fact that major players have limited the opportunities for new entrants, some companies were able to mark their entry into the market.

Some prominent players in the global Point Of Care Diagnostics market include

Hoffmann-La Roche Ltd.
Danaher
BD
Qiagen
Abbott
Siemens Healthcare AG
bioMerieux SA
Zoetis, Inc.
Instrumentation Laboratory
Nova Biomedical
Quidel Corp.
Trividia Health, Inc.
Sekisui Diagnostics
Nipro Corp.
Trinity Biotech
Orasure Technologies, Inc.
Spectral Medical, Inc.

Order a free sample PDF of the Point Of Care Diagnostics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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