Point-of-Care Diagnostics Market Worth USD 66.0 Bn by 2028: Says Transparency Market Research

Wilmington, Delaware, United States, April 25, 2023 (GLOBE NEWSWIRE) — According to the recent study published by Transparency Market Research, the global point-of-care diagnostics market stood at USD 34.1 billion in 2020 and the global market is projected to reach USD 66.0 billion by 2028. The global industry is anticipated to expand at a CAGR of 4.7% between 2021 and 2028.

The market value of point-of-care diagnostics is increasing due to the increasing prevalence of infectious diseases. Infectious diseases such as HIV, malaria, and tuberculosis are prevalent in many parts of the world. The demand for POC diagnostics is expected to grow as they offer a quick and accurate diagnosis, which is critical for effective treatment.

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Growing demand for decentralized healthcare is a major factor that is also expected to accelerate market growth in the near future. The demand for decentralized healthcare is on the rise due to the increasing burden on healthcare systems and the need for cost-effective solutions. POC diagnostics are ideal for use in remote and underserved areas where access to centralized laboratories may be limited.

The increasing adoption of POC diagnostics by healthcare providers, has created new opportunities for the point-of-care diagnostics industry. Healthcare providers are increasingly adopting POC diagnostics due to their ease of use, portability, and cost-effectiveness. POC diagnostics enable healthcare providers to make informed decisions quickly and provide timely treatment, improving patient outcomes.

Increasing healthcare expenditure, is anticipated to create lucrative avenues for the point-of-care diagnostics industry. Healthcare expenditure is on the rise globally, and governments are investing in improving healthcare infrastructure and services. The increased investment in healthcare is projected to augment the demand for POC diagnostics, as healthcare providers seek cost-effective solutions.

Personalized medicine is becoming increasingly popular, as it enables healthcare providers to tailor treatment to an individual’s specific needs. POC diagnostics are ideal for personalized medicine, as they can provide quick and accurate results, allowing healthcare providers to make informed decisions.

Global Point-of-Care Diagnostics Market: Key Players

• Johnson & Johnson Services, Inc.
• bioMérieux SA
• F. Hoffmann-La Roche Ltd.
• Nova Biomedical
• Siemens AG
• Bio Rad Laboratories, Inc.
• BD
• Abbott
• Danaher Corporation
• Cardinal Health Inc.
• Thermo Fisher Scientific Inc.

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Key Findings of the Market Report

• By platform, molecular point-of-care diagnostics is likely to be most preferred, expected to expand at a significant rate, attributed to the factors such as increasing prevalence of infectious diseases, the availability of advanced technologies, and the rising demand for personalized medicine.
• By application, point-of-care diagnostics are likely to be used for detecting presence of infectious diseases
• By end-user, clinics/physician offices sector is expected to dominate the market growth, due to the increasing demand for rapid and accurate diagnostic tests, and the rising number of outpatient visits.

Global Point-of-Care Diagnostics Market: Growth Drivers

• The global Point-of-Care Diagnostics market is projected to expand at a steady pace from 2021 to 2031, due to the increasing awareness among patients, about the benefits of POC diagnostics.
• Another factor that is projected to augment the market growth includes the advancements in microfluidics.
• Additionally, the increasing demand for home-based testing is another major factor that is anticipated to fuel the market prospects in the near future.

Global Point-of-Care Diagnostics Market: Regional Landscape

• North America is expected to dominate the point-of-care diagnostics market during the forecast period.
• The regional market is witnessing an increase, due to the factors such as to advanced healthcare infrastructure, and technological advancements in the region.
• Increasing prevalence of chronic diseases, growing awareness among patients, increasing adoption of home-based testing as well as favorable government initiatives are other factors escalating the regional market growth.

Market Scope:

Competitive Landscape

Prominent players in the Point-of-Care Diagnostics industry are taking advantage of the rapidly increasing demand for Point-of-Care Diagnostics. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:

• In March 2021, Abbott Laboratories received FDA Emergency Use Authorization for its BinaxNOW COVID-19 Ag Card Home Test, a rapid antigen test for COVID-19 that can be used at home.
• In January 2021, Roche Diagnostics received FDA Emergency Use Authorization for its Elecsys Anti-SARS-CoV-2 S antibody test, which can be used to determine whether a person has been exposed to the SARS-CoV-2 virus.
• In December 2020, Siemens Healthineers acquired Varian Medical Systems, a leading provider of radiation oncology solutions, in a deal worth $16.4 billion. The acquisition will allow Siemens to expand its point-of-care diagnostics offerings in oncology.
• In November 2020, Quidel Corporation received FDA Emergency Use Authorization for its QuickVue SARS Antigen Test, a rapid antigen test for COVID-19 that can provide results in 10 minutes.

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Global Point-of-Care Diagnostics Market: Segmentation

Platform

• Lateral Flow Assays
• Dipsticks
• Microfluidics
• Molecular Diagnostics
• Immunoassays
• Others

Application

• Glucose Monitoring Products
• Cardiometabolic Monitoring Products
• Infectious Disease Testing Products
• Pregnancy & Fertility Testing Products
• Urinalysis Testing Products
• Cholesterol Testing Products
• Hematology Testing Products
• Drugs-of-abuse Testing Products
• Others

End-user

• Hospitals
• Diagnostic Laboratories
• Clinics/Physician Offices
• Home Care
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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