Point-of-care testing diagnostics (POCD) is the rapid identification of diseases close to the patient that enables management, tracking, and diagnosis as needed. Blood glucose monitoring, rapid cardiac marker testing, and infectious disease testing are all examples of point-of-care (POC) diagnostics. POC testing devices have improved the ability to diagnose several serious diseases and disorders, with the technology’s greatest selling point being the sharply decreased turnaround time.
The market for point-of-care diagnostic in 2021 was USD 33.12 billion, and by 2030 it will be worth USD 90.25 billion, expanding at a 11.78% CAGR during the forecast period.
The demand for POC testing is driven by factors like the rising incidence of lifestyle diseases like diabetes and cardiac disease, the rising prevalence of infectious diseases in developing nations, and technological advancements in molecular testing.
Market Dynamics
Drivers
The primary element boosting market growth is the rising prevalence of chronic diseases, which result in higher morbidity and mortality rates. Additionally, the market is being stimulated by the growing geriatric population worldwide, which is more susceptible to chronic diseases. In addition, infectious diseases like the influenza virus, dengue fever, malaria, and the Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome (HIV/AIDS) require prompt detection and screening, which is typically accomplished through PoC diagnostic devices. Additionally, because of the advancement of wireless technology and the miniaturization of devices, medical professionals can keep electronic medical records (EMR) and offer more individualized patient treatment. The development of molecular diagnostic devices and increased public knowledge of the importance of early disease detection are two additional factors stimulating market expansion.
Restraints
The primary factor limiting the growth of the point-of-care diagnostic market is the rigorous regulatory requirements for approving and marketing new point-of-care diagnostics devices.
Opportunity
With the development of technology, the POCD is shifting more toward smart devices with mobile healthcare capabilities. This shift will pave the way for next-generation POCT by enabling more individualized healthcare monitoring and management systems. Additionally, several mobile health technologies have already been created and put on the market; these can offer the best advantages for point-of-care diagnostics. Point-of-care diagnostics will expand significantly with the rising usage of the cellphone.
Market Segmentation
By Product
The glucose monitoring product ruled the entire market on the basis of the product. Glucose monitoring products largest share is due to the growing disorders among the population and increased demand for glucose monitoring products. Glucose monitoring products are used to determine an individual’s glucose level, which gives information about insulin release in the body.
The glucose monitoring device is self-accessible for pricking with a needle on the patient’s finger and collecting samples on the device, which gives information about the patient’s glucose levels.
By Platform
The lateral flow assay segment held the largest position in the market, with a significant revenue share. The market for point-of-care testing is growing due to the increased acceptance of developed platforms and lateral flow assay tests with conventional lab processes.
By End-User
In 2022, the clinics segment led the entire market with a revenue share of nearly 37.91. The main sources of this segment’s income are pharmacies and retail clinics. The main drivers of the expansion of POC diagnostics applications are rising affordability. Extending healthcare coverage, and increasing access to novel diagnostic technologies.
Regional Analysis
North America led the entire market regionally in 2022 with a revenue share of 43.5%. The largest share of this region is due to the rapidly rising COVID-19 cases and the existence of important players in the U.S. and Canada. For instance, bioLytical Laboratories Inc., a Canadian company, got CE certification for the iStatis COVID-19 Antigen Home Test in March 2022.
Asia Pacific regional market will expand rapidly at a 8.1% CAGR during the forecast period. A growing number of regional makers of diagnostic kits and reagents will propel. The point-of-care market in the Asia Pacific, providing various testing options for diagnosing coronavirus infection.
Key Players
- Danaher Corporation
- Becton Dickinson and Company
- Siemens Healthineers
- Roche Diagnostics
- Abbott Laboratories
- Quidel Diagnostics
- EKF Diagnostics
- Chembio Diagnostics
- Trinity Biotech
- Fluxergy
The market for point of care diagnostic in 2021 was USD 33.12 billion. And by 2030 it will be worth USD 90.25 billion, expanding at a 11.78% CAGR during the forecast period. There is an increasing need for Point of Care diagnostic tools due to the prevalence of chronic. And infectious illnesses and medical tests. Additionally, developing pathology services and laboratories equipped with cutting-edge. Diagnostic equipment will support market growth in both developed and emerging countries.
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