Chicago, Aug. 30, 2023 (GLOBE NEWSWIRE) -- In the near future, the Point of Care Diagnostics industry is poised to undergo transformative advancements, revolutionizing healthcare by enabling rapid, accurate, and decentralized medical testing. Miniaturized and portable diagnostic devices will proliferate, allowing healthcare professionals and even individuals to swiftly diagnose and monitor various conditions at the point of care, eliminating the need for extensive laboratory processing and reducing diagnostic turnaround times significantly. These devices will encompass a wide range of applications, from detecting infectious diseases and chronic conditions to assessing biomarkers for personalized treatments. With the integration of cutting-edge technologies such as lab-on-a-chip, microfluidics, biosensors, and AI-driven data analysis, the Point of Care Diagnostics sector will not only enhance patient outcomes through early detection and intervention but also contribute to more efficient healthcare systems globally.
Point of Care Diagnostics market in terms of revenue was estimated to be worth $45.4 billion in 2022 and is poised to reach $75.5 billion by 2027, growing at a CAGR of 10.7% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The high prevalence of diabetes, cardiovascular diseases, infectious diseases and other target conditions, the increased number of CLIA-waived POC tests, increased focus of players in strengthening the POCT product portfolio, initiatives by government to boost the adption of rapid testing are anticaipted to drive the growth of market.
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Point of Care Diagnostics Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $45.4 billion |
| Estimated Value by 2027 | $75.5 billion |
| Growth Rate | Poised to grow at a CAGR of 10.7% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Platform, Mode of Purchase, Sample, End User, and Region |
| Geographies Covered | North America (US & Canada), Europe (Germany, UK, France, Italy, Spain, and RoE), APAC (Japan, China, India, Australia, South Korea, and the RoAPAC), LATAM (Brazil, Mexico, and RoLATAM), and MEA |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | POC tests with multiplexing capabilities |
| Key Market Drivers | Increasing prevalence of infectious diseases |
Point of Care Diagnostics market major players covered in the report, such as:
- F. Hoffmann-La Roche AG (Switzerland)
- Abbott Laboratories (US)
- Prominent players in the point-of-care diagnostics market include Abbott (US)
- Siemens Healthineers AG (Germany)
- Quidel Corporation (US)
- F. Hoffman-La Roche Ltd. (Switzerland)
- Danaher Corporation (US)
- Becton, Dickinson and Company (US)
- Chembio Diagnostics (US)
- EKF Diagnostics (UK)
- Trinity Biotech plc (Ireland)
- Instrumentation Laboratory (a Werfen Company) (US)
- Nova Biomedical (US)
- PTS Diagnostics (US)
- Sekisui Diagnostics (US)
- Thermo Fisher Scientific (US)
- bioMérieux S.A. (France)
- and Among Others
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This research report categorizes the point-of-care and rapid diagnostics market based on Product, Platform, Mode of Purchase, Sample, End User, and Region
Global Point Of Care Diagnostics Market, by Product
- COVID-19 test products
- Glucose Monitoring Products
- Strips
- Meters
- Lancets & Lancing Devices
- Cardiometabolic Monitoring Products
- Point-of-care and rapid diagnostics Products
- Blood Gas/Electrolyte Testing Products
- HbA1c Testing Products
- Infectious Disease Testing Products
- Influenza Testing Products
- HIV Testing Products
- Hepatitis C Testing Products
- Influenza Testing Products
- Sexually Transmitted Disease Testing Products
- Syphilis Testing Products
- Human Papillomavirus (HPV) Testing Products
- Chlamydia Trachomatis Testing Products
- Herpes simplex virus (HSV) Testing Products
- Healthcare-associated Infection Testing Products
- Respiratory Infection Testing Products
- Tuberculosis (TB) Testing Products
- Clostridium Difficile Infection (CDI) Testing Products
- Tropical Disease Testing Products
- Other Infectious Disease Testing Products
- Coagulation Monitoring Products
- PT/INR Testing
- ACT/APTT
- Pregnancy & Fertility Testing Products
- Pregnancy Testing Products
- Fertility Testing Products
- Tumor/Cancer Marker Testing Products
- Urinalysis Testing Products
- Cholesterol Testing Products
- Hematology Testing Products
- Thyroid Stimulating Hormone (TSH) Testing Products
- Drugs-of-abuse Testing Products
- Fecal Occult Testing Products
- Other POC Products
Global Point of care diagnostics Market, by Platform
- Lateral Flow Assays
- Dipsticks
- Microfluidics
- Molecular Diagnostics
- Polymerase Chain Reaction (PCR)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Other Molecular Diagnostic Technologies
- Immunoassays
Global Point of care diagnostics market, by Mode of Purchase
- Prescription-based Products
- OTC Products
Global Point of care diagnostics market, by Sample
- Blood
- Urine
- Nasal and Oropharyngeal Swabs
- Other Samples
Global Point of care diagnostics market, by End User
- Clinical Laboratories
- Ambulatory Care Facilities and Physician Offices
- Pharmacies, retail clinics, & E-comm. Platforms
- Hospitals, Critical Care Centers, Urgent care centers
- Home Care & Self Testing
- Other End Users
Geography Analysis - Value
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe (RoE)
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- RoLATAM
- Middle East & Africa
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The key stakeholders in the Point of Care Diagnostics market include:
- Medical Device Manufacturers: These companies develop and produce the portable diagnostic devices, test kits, and instruments used for point-of-care testing. They play a pivotal role in driving innovation, improving device accuracy, and ensuring regulatory compliance.
- Healthcare Providers: Clinics, hospitals, urgent care centers, and other medical facilities are essential stakeholders as they utilize point-of-care diagnostic tools to deliver faster and more accurate patient care. These providers benefit from quicker results, enabling timely decisions on treatments and interventions.
- Patients: Individuals are increasingly becoming stakeholders in their own healthcare through self-monitoring and home-based diagnostic devices. Point-of-care diagnostics empower patients to actively participate in their health management, promoting early detection and preventive measures.
- Regulatory Authorities: Government agencies such as the FDA in the United States and their international counterparts oversee the safety, efficacy, and quality of point-of-care diagnostic devices, ensuring they meet regulatory standards before entering the market.
- Research Institutions: Universities, research centers, and academic laboratories contribute to the development of new diagnostic technologies, methods, and assays, thereby advancing the field of point-of-care diagnostics.
- Diagnostics Service Providers: Companies specializing in providing diagnostic services, including remote monitoring, data analysis, and consultation, are integral to the ecosystem, supporting healthcare providers and patients in making informed decisions.
- Healthcare Payers: Insurance companies and government healthcare programs have a stake in point-of-care diagnostics, as the timely and accurate results can lead to better management of patient care and potentially reduce overall healthcare costs.
- Technology Partners: Organizations developing underlying technologies like microfluidics, biosensors, IoT connectivity, and data analytics platforms are key collaborators in advancing the capabilities of point-of-care diagnostic devices.
- Distribution Channels: Distributors, wholesalers, and retailers play a role in ensuring that point-of-care diagnostic devices reach healthcare providers, clinics, and end-users efficiently.
- Global Health Initiatives: Non-profit organizations, foundations, and initiatives aimed at improving healthcare access in underserved regions leverage point-of-care diagnostics to bring testing and disease management closer to communities in need.
The collaboration and interaction among these stakeholders will shape the development, adoption, and impact of point-of-care diagnostics in the healthcare landscape of the future.
Recent Developments:
- In May 2022, QuantuMDx announced the launch of its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.
- In March 2022, Boditech Med entered in strategic partnership with Novo Integrated Sciences, Inc. with an aim to expand its biomarker based rapid testing product line across North America
- In January 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.
Frequently Asked Questions (FAQs) of Point of Care Diagnostics Market:
What are the drivers for the Point-of-care and rapid diagnostics market?
The growth in the Point- of- care and rapid diagnostics market is driven by majorly growing incidence of diabetes, infectious diseases, cardiovascular diseases, rapidly increasing geriatric population, growing funding from public and private organizations for research on development of new rapid test.
Which segment provides the most opportunity for growth?
Among products, infectious diseases testing product segment is expected to show the most opportunity for growth.
Which segment among the end user is expected to grow at a significant rate?
Among end users, home care and self-testing segment is expected to grow at a significant rate.
Who are the leading vendors operating in this market?
Abbott (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd. (Switzerland), Quidel Corporation (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux SA (France).
Which region is expected to witness significant demand for Point- of- care and rapid diagnostics market in the coming years?
The Asia Pacific is the fastest-growing geographic segment in the Point- of- care and rapid diagnostics market. This is attributed to the increasing prevalence of target diseases, improving healthcare infrastructure, increased healthcare spending, growing penetration of cutting-edge clinical laboratory technologies, rising number of diagnostic laboratories and arrival of new POCT manufactures in Asia Pacific.
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Report Objectives:
- To define, describe, and forecast the point-of-care and rapid diagnostics market by Product, Platform, Mode of Purchase, Sample, End User, and Region
- To provide detailed information about major factors influencing market growth (key drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contributions to the overall point-of-care and rapid diagnostics market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the market value of various segments and sub-segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players active in the point-of-care and rapid diagnostics market and comprehensively analyze their global revenue shares and core competencies2
- To track and analyze competitive market-specific developments such as product approvals & commercialization, agreements, partnerships, collaborations, acquisitions, and expansions in the point-of-care and rapid diagnostics market
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