New York, NY, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Point of Care (PoC) Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Product; By Platform (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays); By End-Use; By Region; Segment Forecast, 2023 – 2032” in its research database.
According to the research report, the global point of care (PoC) diagnostics market size & share is currently valued at USD 46.97 billion in 2022 and is anticipated to generate an estimated revenue of USD 115.44 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 9.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023-2032.
What Exactly is a Point of Care (PoC) Diagnostics?
Point of care, or PoC diagnostics, refers to medical examinations and equipment that can be used on or close to the patient, yielding quick results and facilitating quick treatment decisions. With this method, there is no longer a need to send samples to centralized laboratories, which speeds up turnaround times and enhances patient results.
The role of point-of-care diagnostics (POCD) is crucial to the healthcare industry. It has attracted a lot of interest throughout time for the rapid detection of numerous infectious or life-threatening disorders, such as diabetes, cancer, and infectious diseases, as well as for keeping track of patient's health problems, which is increasing the point of care (PoC) diagnostics market demand. POC devices are thought to be effective diagnostic tools to avoid treatment delays, a critical element in minimizing high mortality rates and the spread of infectious pathogens.
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Essential Takeaways for the Report
- The rise in chronic illness prevalence, improvements in POC tests, creation of POC tests exempt from CLIA, and scarcity of skilled technicians for lab work are all factors driving the market's expansion.
- The growing majority of infectious diseases is propelling the market growth.
- The point of care (PoC) diagnostics market segmentation is mainly based on platform, product, region, and end-use.
- North America holds the largest revenue share of the market in 2022.
Leading Players Appeared in the Report
- Abbott Laboratories
- AccuBioTech
- Becton, Dickinson, and Company
- Chembio Diagnostic Systems
- Danaher Corporation
- EKF Diagnostics
- Instrumentation Laboratory Company
- Johnson & Johnson
- Nova Biomedical
- PTS Diagnostics
- Quidel Corporation
- Roche Diagnostics
- Sekisui Diagnostics
- Siemens Healthineers
- Trinity Biotech
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Important Growth Aspects of the Market
- A Growing Majority of Infectious Diseases: Rapid and precise diagnostic tests are becoming necessary due to the rapid spread of diseases, including influenza, COVID-19, tuberculosis, and IV. POC diagnostics are essential for the early identification, prompt diagnosis, and efficient management of many illnesses. POC testing enables medical personnel to promptly identify infected persons, launch necessary therapies, and stop further transmission by giving immediate results at the point of care. The rising burden of infectious illnesses has spurred the demand for POC diagnostics and will continue to fuel point of care (PoC) diagnostics market growth.
- Increased Focus on Personalized Medicine: Personalized medicine, which tailors medical choices and treatments to specific individuals, is becoming increasingly important. POC diagnostics support this strategy by giving healthcare professionals access to real-time patient data that allows them to personalize treatment strategies and track therapy outcomes. The move toward individualized medicine boosts patient pleasure, lowers healthcare costs, and improves patient outcomes.
Market’s Latest Key Trends
- Technological Advancements: The development of POC diagnostics has been significantly influenced by technological breakthroughs. POC diagnostics are now more precise, accessible, and user-friendly thanks to advancements like device shrinking, biosensor and nanotechnology integration, and the creation of portable and handheld testing equipment. These developments have also led to the development of cutting-edge POC tests that may identify many diseases or biomarkers at once, improving the effectiveness of diagnosis and treatment choices.
- Home Healthcare: The preference of many patients, especially the elderly and those with chronic diseases, is clearly moving toward home healthcare. By allowing diagnostic tests to be completed outside of conventional healthcare facilities, even in the convenience of one's own home, POC diagnostics support this trend. This has various benefits, including cost savings, convenience, and enhanced patient autonomy. Patients can monitor their health problems on a daily basis without making numerous trips to medical facilities because of POC tests that are simple to use and give accurate findings. As a result, the need for POC diagnostics has increased enormously, supporting the growth of the point of care (PoC) diagnostics market size.
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Segmental Overview
- Glucose Testing Sector Accounts for the Largest Share
The market's highest share can be attributed to the glucose testing sector. The rising incidence of diabetes and associated diseases globally is to blame for this domination. The International Diabetes Federation (IDF) estimates that there were 463 million diabetic people worldwide in 2019, and that number would increase to almost 700 million by 2045. The demand for POC diagnostics created exclusively for glucose testing has increased because of the rise in diabetes incidence.
Moreover, the market segment has benefited from real-time and on-site testing made possible by technology developments in diabetes diagnosis. These advancements have improved the precision and effectiveness of glucose testing at the point of care.
- Clinics Sector Dominated Market
The clinic sector controlled the market's revenue share. The development of PoC diagnostics laboratory centers within clinics, which has enhanced patient-centered medical treatment while lowering healthcare costs, should be credited for this. Decentralization of healthcare services as a result of these specialized facilities has improved patient outcomes.
Moreover, hospital testing operations are increasingly being outsourced, which improves test efficiency and lowers personnel expenses. For some diagnostic procedures, hospitals use outside resources. This lets them concentrate on their primary business and streamline operations. In addition, supportive laws like Medicare and the CHIP Reauthorization Act have aided the expansion of the point of care (PoC) diagnostics market share.
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Point of Care (PoC) Diagnostics Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 115.44 Billion |
| Market size value in 2023 | USD 51.30 Billion |
| Expected CAGR Growth | 9.4% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Product, By Platform, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Outlook
North America: The expansion of the market has been aided by the presence of major players in the North American region, which has led to growth. Furthermore, improvements in PoC diagnosis have been aided by devoted academic institutions as well as helpful government-sponsored research organizations, including the International Diabetes Federation, American Diabetes Association, and American Heart Association. These partnerships have driven research and development efforts, resulting in the development of advanced diagnostic tools.
Asia Pacific: The point of care (PoC) diagnostics market in Asia Pacific is anticipated to witness the highest growth rate. The concentrated efforts of local and international businesses to capitalize on the untapped potential of developing nations with sizable patient populations are what is driving this rise. Market participants are enlarging their reach and making investments in R&D to satisfy the region's unique healthcare needs.
Browse the Detail Report “Point of Care (PoC) Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Product; By Platform (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays); By End-Use; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/point-of-care-poc-diagnostics-market
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Market's Common Questions Answered in the Report
- What is the study period of the point of care (PoC) diagnostics market?
- What is the estimated revenue value of the market?
- Which factors are driving the market growth?
- What are the key market trends and opportunities?
- Which segment is holding the largest market share?
- Who are the point of care (PoC) diagnostics market key players?
Polaris Market Research has segmented the Point of Care (PoC) Diagnostics market report based on product, platform, end-use, and region:
By Product Outlook
- Glucose Testing
- Hb1Ac Testing
- Coagulation
- Fertility
- Infectious Diseases
- HIV
- Clostridium Difficile
- HBV
- Pneumonia or Streptococcus Associated Infections
- Respiratory Syncytial Virus (RSV)
- HPV
- Influenza/Flu
- HCV
- MRSA
- TB and Drug-Resistant TB
- HSV
- Others
- Cardiac Markers
- Thyroid Stimulating Hormone
- Hematology
- Primary Care Systems
- Decentralized Clinical Chemistry
- Feces
- Lipid Testing
- Cancer Marker
- Blood Gas/Electrolytes
- Ambulatory Chemistry
- Drug Abuse Testing
- Urinalysis
By Platform Outlook
- Lateral Flow Assays
- Dipsticks
- Microfluidics
- Molecular Diagnostics
- Immunoassays
By End-Use Outlook
- Clinics
- Physician Office
- Pharmacy & Retail Clinics
- Non-practice Clinics
- Urgent Care Clinic
- Hospitals
- Home
- Assisted Living Healthcare Facilities
- Laboratory
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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