Point Of Care Diagnostic Market: Growth Drivers, Challenges, Opportunity, And Regional Analysis

By Author: Strategic Market Research
Total Articles: 19
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Point-of-care (POC) diagnostics are medical tools used to provide quick responses while examining a variety of illnesses, such as cancer, diabetes, and cardiac conditions. These point-of-care diagnostics are utilized both at home and in healthcare settings.

The market for point-of-care diagnostics in 2021 was worth USD 33.12 billion, and by 2030, it will reach USD 90.25 billion, growing at an 11.78% CAGR during the forecast period.

The market for point-of-care diagnostics is expanding due to rising chronic illness occurrences and the rise of infectious diseases. Additionally, the POC diagnostic market is growing due to the adoption of breakthroughs and technical improvements in the sector by key market players. 

Market Dynamics

Drivers

The increasing frequency of chronic and infectious diseases, the rising number of approvals from the FDA for innovative immunoassay techniques and technological improvements, and the growing use of home-based POC devices fuel the expansion of the point-of-care diagnostic market.

Globally, there is a rising rate of chronic and infectious diseases like ...
... diabetes, rheumatoid arthritis, and malaria boosting the demand for POC diagnostics. The World Health Organization (WHO) said that malaria was a fatal illness in December 2022 and that there were an estimated 247 million cases of the disease worldwide in 2021.

Additionally, the rise in home-based POC device usage, technical advances, and the rising number of regulatory approvals for innovative immunoassay techniques will support the development of the point of care diagnostic market.

Restraints

The POC diagnostics market would have growth challenges due to elements like the frequency of product recalls by the leading market participants, strict regulatory policies by the governments, and reimbursement concerns.

Opportunity

The quick adoption of newly created techniques in medical diagnostics for testing enhancement and point-of-care testing with upgraded technologies has increased test efficiency and accuracy. During the projection period, the market will grow to a greater extent with a higher market share due to the development of point-of-care testing in various areas and the rising need for testing kits.

Market Segmentation 

By product

With rising customer expectations and a population experiencing more ailments, glucose monitoring products are the biggest market on the basis of product. Utilizing a glucose monitoring device helps determine glucose levels and learn how much insulin is being released in the body. The glucose monitoring device is self-accessible and can be used to prick the finger with a needle, collect samples, and display data about the patient's blood glucose levels. 

By Platform

The lateral flow assay is the largest market contributor due to an increase in LFA-based POC equipment and a rise in public awareness of the benefits of POC testing. The market for point-of-care testing is growing due to the increased acceptance of new platforms and lateral flow assay tests with conventional lab procedures.

By End-Use

Due to the increasing rate of chronic diseases and the growing use of testing samples in laboratories, clinical laboratories held the biggest market share. The main drivers of the expansion of POC diagnostics applications include expanding healthcare coverage, rising affordability, and increasing availability of novel diagnostic technology.

Regional Analysis 

In 2022, North America was the major market contributor, with a revenue share of 43.2%. This is due to the region's rising prevalence of disorders among its population and rising demand for medical diagnostic kits that enable rapid diagnosis and treatment of disorders.
Asia Pacific will expand at a rapid CAGR during the forecast period. The market share of this region is influenced by factors such as an aging population, government initiatives to upgrade healthcare facilities, and the number of people suffering from various viral diseases. The Asia Pacific market expands as people's disposable incomes rise.

Key Players 

Siemens Healthineers
Roche Diagnostics
Abbott Laboratories
Becton Dickinson and Company
Danaher Corporation
Chembio Diagnostics
EKF Diagnostics
Fluxergy
Quidel Diagnostics
Trinity Biotech

The market for point-of-care diagnostics in 2021 was worth USD 33.12 billion, and by 2030, it will reach USD 90.25 billion, growing at an 11.78% CAGR during the forecast period. One of the key factors propelling the Point of Care (POC) diagnostics market's revenue growth is the rising prevalence of infectious diseases, including Human Immunodeficiency Virus (HIV), Tuberculosis (TB), and malaria.

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