New York, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Point of Care (POC) Diagnostics Market represents a rapidly evolving sector within the healthcare industry, catering to the immediate and on-site diagnosis of medical conditions. This market encompasses a wide range of diagnostic tools and devices designed for swift, accurate, and convenient testing, enabling healthcare practitioners to make real-time clinical decisions. With a strong focus on delivering timely results and improving patient outcomes, POC diagnostics have gained immense traction due to their ability to provide diagnostics outside traditional laboratory settings. The market's growth is significantly driven by factors such as the increasing geriatric population, a shift towards rapid diagnostic methods, and the rising prevalence of chronic diseases, improving an environment where accessibility, efficiency, and reliability of diagnostic procedures are most important. Request Sample Report
What is the projected growth rate and size of the Point of Care Diagnostics Market from 2023 to 2027?
The Point of Care (POC) Diagnostics Market is expected to grow by USD 14.65 billion between 2022 and 2027, showcasing an accelerated Compound Annual Growth Rate (CAGR) of 10.65% during this forecast period.
What are the primary drivers, trends, and challenges influencing the Point of Care Diagnostics Market?
Driver: The market growth is driven by the increasing geriatric population and the growing adoption of automated diagnostic devices in healthcare. The rise in older populations globally, with a higher prevalence of diseases, demands regular diagnostic tests, thereby boosting the demand for POC diagnostic equipment.
Trends: The market is experiencing a shift from conventional testing methods to rapid diagnostics. Rapid Diagnosis Tests (RDTs) are gaining popularity worldwide, providing quick results within 2 hours. Additionally, the development of rapid tests for diseases like malaria has proven to be a vital solution for laboratories and physicians.
Challenges: Limited access to POC diagnostics in developing nations is impeding market growth. Despite the availability of high-quality diagnostic tests in developed countries, these tests are often neither affordable nor accessible in developing nations, hindering efficient disease management and therapeutic development. To get more insights on the market dynamics, download the sample report now
What are the significant segments and their growth prospects within the Point of Care Diagnostics Market?
The market segments include product categories like hematology diagnostics, infectious disease diagnostics, rapid cardiovascular diagnostics, rapid coagulation diagnostics, and others. Among these, the hematology diagnostics segment is expected to exhibit significant growth due to the high incidence of diseases such as thalassemia and anemia.
Which regions are anticipated to make substantial contributions to the growth of the Point of Care Diagnostics Market?
North America is projected to contribute around 40% to the global market growth. Factors such as the rising prevalence of chronic diseases, increased healthcare costs, and the presence of well-established vendors are driving market growth in this region. The rise in COVID-19 cases also escalated the production and demand for POC diagnostic products in North America.
Which are the major companies in the Point of Care Diagnostics Market?
Several key companies operate in the Point of Care Diagnostics Market, employing strategies like alliances, partnerships, acquisitions, geographical expansion, and product/service launches to enhance their market presence. Some of the major vendors include Abbott Laboratories, Becton Dickinson and Co., Danaher Corp., F. Hoffmann La Roche Ltd., Johnson and Johnson Services Inc., Siemens AG, and more. Buy the report
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