Point-of-care testing diagnostics (POCD) is the rapid identification of diseases close to the patient, enabling management, monitoring, and diagnosis as needed. It provides quick medical care to enhance patients’ health and address medical issues. Current developments in point-of-care diagnostics have simplified testing such that it can be completed by personnel with only a minimal level of training and with little contact with people.
In 2021, the market value of point of care diagnostics was worth USD 33.12 billion, and by 2030, it will be worth USD 90.25 billion, growing at an 11.78% CAGR during the forecast period.
The high prevalence rate of chronic disorders like cardiovascular disease, diabetes, and infectious disease is one of the main reasons influencing the need for Point of Care Diagnostics. Demand for goods created to efficiently manage these conditions has been driven by a considerable rise in the prevalence of diabetes. And other chronic diseases mentioned above, which will likely enhance the market globally.
Globally, the growing prevalence of chronic diseases such as diabetes, cardiovascular disease, and infectious diseases is a major factor stimulating the growth of this market. For instance, the CDC estimates that 4-5 million kids globally get a lower respiratory tract infection from the respiratory syncytial virus (RSV) once a year.
The FDA’s implication of strict regulatory guidelines is a key roadblock that may impede the expansion of the overall market.
The effectiveness rate of the market has significantly increased due to the decentralization of healthcare facilities worldwide. This method has already been used in U.S. healthcare systems. While decentralization is a major priority in many European nations’ healthcare systems.
Also, the use of IVD point-of-care test equipment is expanding quickly. As a result, the prognosis for the U.K. Global Point-of-Care Diagnostics Market will improve.
In 2022, the infectious diseases segment was the market leader, with 24.4% of the revenue share. The market is being driven by a rise in the demand for rapid tests. Which has compelled businesses in the sector to offer POC solutions to decentralized areas. For instance, Abbott has launched ID NOW, the fastest molecular POC test in the world. Available in a range of decentralized healthcare settings like doctor’s offices and urgent care centers. It produces COVID-19 findings in 13 minutes.
In 2022, the glucose testing market had the second-highest revenue share. The increased prevalence of diabetes and the need for ongoing blood sugar monitoring are factors in the segment’s expansion. The World Diabetes Federation has published estimates showing that there will be 592 million people with diabetes worldwide by 2035, up from 382 million in 2013.
The clinic segment held the majority of the market, with a share of nearly 37.91% in 2022. It is due to the expansion of POC diagnostics applications include expanding healthcare coverage, rising affordability, and increasing availability of novel diagnostic technology.
The homecare segment will expand at a rapid rate of 7.2% during the forecast period. This market segment will expand due to the affordability and comfort of POCT offered to patients at home. POC in the home healthcare field also allows patients to address healthcare issues at home and make decisions right away.
In 2022, North America held the majority of the market, with a revenue share of nearly 43.2%. It is due to the fast-rising COVID-19 cases and the existence of important players in the U.S. and Canada. For instance, bioLytical Laboratories Inc., a Canadian company, gained C.E. certification for the iStatis COVID-19 Antigen Home Test in March 2022.
Asia Pacific will expand rapidly with an 8.1% CAGR during the forecast period. The Asia Pacific point-of-care market will be driven by a growing number of local diagnostic kits. And reagent manufacturers offering a wide range of testing solutions for diagnosing coronavirus infection.
- Danaher Corporation
- Siemens Healthineers
- Roche Diagnostics
- Chembio Diagnostics
- EKF Diagnostics
- Abbott Laboratories
- Becton Dickinson and Company
- Quidel Diagnostics
- Trinity Biotech
In 2021, the market value of point of care diagnostics was worth USD 33.12 billion. And by 2030 it will be worth USD 90.25 billion, growing at an 11.78% CAGR during the forecast period. The growing aging population, rising prevalence of infectious diseases. And expanding applications of point-of-care testing are all driving the growth of this market. The point of care diagnostics market is also drive by increase investment. Expanding consumer awareness of the benefits of POC, and new product introductions.
Single-use Bioprocessing Market Report – The global single-use bioprocessing market will witness a robust CAGR of 15.86%, valued at $14.83 billion in 2021. Expected to appreciate and reach $55.78 billion by 2030, confirms Strategic Market Research. As a result, the SMR Report covering market Forecast suggests that the market size will likely reach around USD 55.78 billion by 2030. North America held the most significant portion of the market share in 2021.