Point of Care Diagnostics Market Size ($85.8 Bn by 2032), with 9.8% CAGR

Pune, Feb. 22, 2023 (GLOBE NEWSWIRE) — The global Point of Care Diagnostics market size was USD 40.9 Billion in 2022. Point-of-care is commonly known as bedside testing. It introduces a demonstrative, non-invasive test that’s not performed in a research centre. This type of testing can be done as close to the patient as possible. Modern clinical advancements have made it possible to quickly and effectively assess a variety of well-being factors. This makes screening, assessment and treatment as efficient as possible. Abbott Laboratories is the market leader in point of care diagnostics.

The expected strategy for a research centre includes a pre-analytical stage, a logical and insightful stage. Point of care testing is a way to reduce the risk of errors. As the demand for reliable and easy testing has increased over the past decade, point of care determination has seen a surge in popularity. The availability of portable, mobile, and handheld devices has led to a shift in testing from emergency rooms to other clinical settings such as the home, workplace, crisis care, and, most importantly, comfort areas.

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Key Takeaway:

• By type, in 2022, the Point of Care Diagnostics market was dominated by the infectious disease testing kits segment, as these tests can be performed at home.
• By end-user, the clinic’s segment dominated the market share above 35.0% due to its low pricing.
• In 2022, North America dominated the market with the highest revenue share of over 37%.
• APAC is expected to grow at a higher pace among all the regions covered in the report.

Factors affecting the growth of the Point of Care Diagnostics industry?

Several factors can have an impact on the growth of the Point of Care Diagnostics industry. Some of these factors include:

• Rising Incidence: Growing Incidence of Chronic and Infectious diseases worldwide to promote demand for point of-care diagnostics.
• Increased Awareness: Consumers are now more aware of home pregnancy kits, blood glucose monitoring devices as well as blood pressure monitoring devices. The over-the-counter sales of these devices have increased primarily in developing nations.
• Technological Advances: Companies are focusing on providing ease of access to point-of-care devices by incorporating various technologies, such as AI, smart apps, etc., that aid in augmenting the demand for these devices.
• Multiplex Point-of-Care Devices: Several companies are developing devices that can measure multiple analytes on the same cartridge, thus providing increased efficiency, low cost, higher throughput, etc.
• Telehealth: The increasing use of telehealth has enabled patients to monitor themselves and have a feedback of the doctors while still at home. This ease of access to healthcare has provided a boost to this market’s revenue in recent years and will continue to do so.

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Market Growth

Point-of-care testing is far better than traditional laboratory techniques, including an analytical, pre-analytical, and post-analytical phase. It eliminates the analytical step, which significantly lowers the chance of errors. As the demand for accurate and timely testing has increased over the years, the demand for point-of-care diagnosis has also jumped over the past ten years. The shift in testing from hospitals has been influenced by the availability of portable, portable, and handheld diagnostic devices that can be accessed at various places such as homes, offices, parks, schools, etc.

Point-of-care diagnostics are also in high demand due to the rising prevalence of chronic diseases such as diabetes and cardiovascular disease in emerging countries like India, Vietnam, Brazil, Mexico, and China. According to the International Diabetes Federation (IDF), nearly 537 million people aged 20-79 were diagnosed with diabetes in 2021. This number is expected to increase to 643 million in 2030 and 783 million in 2045. In South East Asia, approximately 90 million people had diabetes in 2021. This number is projected to rise to 113 million by 2030. The market for point-of-care diagnostics is expected to grow because of the surging need for early diagnosis.

Regional Analysis

North America holds the largest share of about 37% of the global point-of-care diagnostics market. Europe will be the market’s second-highest shareholder. The APAC market will also benefit from increased government research and development expenditures. This market is driven by the growing number of point-of-care analytic products, emerging assumptions from market players, the rising geriatric population in countries like India, South Korea, Japan, and China, as well as the increasing prevalence of ongoing illnesses like diabetes, malignant development, and cardiovascular diseases. Asia Pacific is the fastest-growing region of the market. Associations involved in the distribution and turn of events of point-of-care devices saw a high potential for development in India. Point-of-care tests are able to administer irresistible issues, primarily in countries that do not have access to the appropriate medical consideration.

Scope of the Report

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Market Drivers

The rising reception of self-testing in-home consideration settings drives the interest in over-the-contradiction of-care test packs and devices. This market is also supported by increasing FDA approvals and new product launches by market leaders. Over-the-counter testing devices have also seen a rise in interest due to the increasing use of home pregnancy tests, blood pressure, and blood glucose monitoring devices.

The majority of diabetes patients prefer to monitor their blood glucose levels alone. During the forecast period, the sale of point-of-care diagnostics devices will increase due to the ease of accessing behind-care testing devices and the growing understanding of the importance of routine health monitoring. The market is also driven by increasing demand for preventive blood glucose and circulatory strain testing devices.

Access to new diagnostic technologies, medical care development, and accessibility are key factors in expanding point-of-care diagnosis. Another important factor is adding forward-looking products by market players that offer self-testing services, and place-of-care diagnostics market expansion. In addition, the market is experiencing a significant increase in irresistible illnesses. This is one reason why it is growing.

Market Restraints

The FDA’s strict administrative policies are crucial to limiting market development. Pre-analytical errors in point-of-care diagnostic tests are relatively constant. These ideas limit new product launches and restrict market expansion. Global care diagnostics market growth is expected to be limited by the inaccuracy of point-of-care testing. It is expected that the generalization of clinical device use will reduce the pay for medical services. This makes it an attractive component for manufacturers to compensate for their costs.

Due to the high cost of the innovation used for infection clearing, there is limited availability of a fast reason behind care indicator test. This has resulted in fewer FDA approvals for quick tests and has impeded market development. This variable is expected to be a crucial test in developing the global point-of-care diagnostics market over the next few years.

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Market Opportunities

There is an increase in the number of patients with diabetes and cancer, and the market for blood glucose monitoring is expanding worldwide. This could be due to various reasons, such as an increase in the geriatric population, unfavourable food habits, and other environmental factors.

The growing healthcare industry in emerging countries like Brazil, India, and South Africa is also helping to boost the Point-of-care diagnostics market. These countries need to improve their healthcare industry due to the rapidly growing geriatric population, increasing per capita incomes, high patient numbers, and increased awareness.

Some illnesses can be treated with point-of-care (POC), which is simple, affordable, effective, and widely used. Many point-of-care tests utilize flow immunoassay innovation. This is where the unexpected controller works naturally. According to experts, point-of-care testing is beneficial for emergency room staff and first responders.

This market’s interest is described as the increasing incidence of irresistible illnesses, such as diabetes, cardiovascular disease, chronic diseases, and an expanding geriatric population. These economies have increased their investment in healthcare infrastructure and facilities. The rising market for Point-of-care diagnostics healthcare industry applications will lead to growth opportunities.

Report Segmentation of the Point of Care Diagnostics Market

Type Insight

In the Global Point of Care Diagnostics Market, the infectious disease testing kit hold the major market share. These tests don’t require skilled professionals and can be done at home. Care testing gives local drug stores good opportunities to increase their revenue by offering patient consideration administrations worldwide.

Care testing devices are used to secure clinical data on patients around the world. The glucose testing market has the second most share in revenue for 2021. This segment has seen significant growth due to the increased prevalence of diabetes and the necessity for continuous blood sugar monitoring. According to the International Diabetes Federation, 592 million people will have diabetes by 2035, compared with 382 million in 2013.

End User Insight

The clinic segment held the largest share of 35.0% in 2021 in this market. This segment’s primary revenue sources are pharmacies, retail clinics, and insurance companies. POC diagnostics applications are being developed due to rising affordability, expanding medical care, as well as the increasing accessibility of new diagnostic innovations. The second largest share of the market is made up of emergency clinics. This is due to the increasing popularity of point-of-care diagnostics products that are practical and effective, as well as the growing frequency of long-term care and the ongoing monitoring of concentrated disease and persistent contamination. Point of care tests are primarily used to identify irresistible issues, especially in developing countries that lack the infrastructure and accept of clinical consideration.

Recent Development of the Point of Care Diagnostics Market

• In October- 2021, The US FDA supported Roche’s TelCentris was presented as an adjuvant treatment for individuals experiencing the beginning phases of cellular breakdown in the lungs. TelCentris is the primary existing malignant growth immunotherapy available for adjuvant treatment of NSCLC.
• In March- 2020, Abbott started the molecular point-of-care test for precisely distinguishing the Original COVID-19 that works in five minutes or less. This test will continue running on Abbot’s ID NOW stage, consequently giving fast outcomes in a few medical services offices like dire consideration facilities, doctor’s workplaces, and clinic crisis divisions.

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Market Segmentation

Based on Type

• Glucose Testing Kits
• Coagulation Testing Kits
• Fertility/Pregnancy Testing Kits
• Infectious Disease Testing Kits
• Haematology Testing Kits
• Other Product Types

By End-use

• Clinics
• Hospitals
• Home
• Other End-uses

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

Market share is dominated by key players such as Hoffmann-La Roche Ltd, Danaher Corporation, Becton, Dickinson and Company, Qiagen, etc.

Some of the major players include:

• Hoffmann-La Roche Ltd
• Danaher Corporation
• Becton, Dickinson and Company
• Qiagen
• Abbott
• Siemens Healthcare AG
• Bio Meraux SA
• Zoetis, Inc.
• Instrumentation Laboratory
• Nova Biomedical
• Other Key Players

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