PUBLISHER: The Business Research Company | PRODUCT CODE: 1409706
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409706
“Point of Care Diagnostics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on point of care diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for point of care diagnostics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The point of care diagnostics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Point of care (POC) diagnostics involves medical testing conducted at or near the location of patient care, providing fast and accurate results to guide immediate patient care decisions.
The primary product types in point of care diagnostics include glucose monitoring kits, infectious diseases testing kits, pregnancy and fertility testing kits, hematology testing kits, cardiometabolic monitoring kits, urinalysis testing kits, cholesterol test strips, and others. Glucose monitoring kits are medical devices designed to measure the levels of glucose (sugar) in a person's blood. They are available as both over-the-counter (OTC) devices and prescription-based devices, catering to various end-users such as professional diagnostic centers, research laboratories, home care settings, and others.
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The point of care diagnostics market size has grown strongly in recent years. It will grow from $44.19 billion in 2023 to $47.75 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to factors such as the rise in chronic diseases, improvements in diagnostic accuracy, a shift in healthcare settings towards more decentralized and immediate solutions, pressures on healthcare costs, and the increasing consumer demand for convenient and accessible diagnostic options.
The point of care diagnostics market size is expected to see strong growth in the next few years. It will grow to $66.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to the increasing demand for remote healthcare solutions, market expansion in emerging economies, a focus on personalized healthcare, the emphasis on preventive healthcare measures, and significant investment in research and development. Major trends expected in the forecast period include the rise of personalized medicine, technological miniaturization in diagnostic devices, the integration of telemedicine, the emergence of novel biomarkers, and the increasing empowerment of consumers in managing their healthcare.
The point-of-care (POC) diagnostics market is advancing due to the increasing prevalence of chronic and infectious diseases. Chronic diseases, characterized by slow progression and lasting for over three months, are benefiting from the convenience offered by point-of-care diagnostics in easy disease management. As of 2021, the International Diabetes Foundation reported approximately 537 million adults with diabetes globally, expecting the number to rise to 643 million in 2030 and 783 million in 2045. This surge in chronic diseases is a key driver for the growth of the point-of-care (POC) diagnostics market.
The point-of-care (POC) diagnostics market is set to experience growth propelled by the rising demand for at-home testing. At-home testing involves self-sample collection and testing using over-the-counter or online kits/devices. Point-of-care (POC) diagnostics play a pivotal role in at-home testing, allowing individuals to conveniently monitor their health status. A survey conducted in December 2022 revealed that approximately 25% of consumers demand at-home testing, with 21% finding it convenient. This increasing preference for at-home testing is a significant contributor to the expanding point-of-care (POC) diagnostics market.
Innovation is a prominent trend in the point-of-care (POC) diagnostics market, with major companies introducing novel products to maintain their market position. For instance, PocDoc, a US-based diagnostics company, launched the PocDoc Cardiovascular Diseases point-of-care test in January 2022. This innovative product stands out as the world's first smartphone-based test for cardiovascular disease, offering users a five-step process, including sample collection, lateral flow test kit usage, and instant diagnosis on their smartphones.
Companies in the point-of-care (POC) diagnostics market are strategically focusing on technological advancements, such as rapid PCR systems, to gain a competitive edge. Rapid PCR systems, a type of polymerase chain reaction (PCR) test, deliver quicker results compared to traditional PCR tests. In July 2021, QuantuMDx Group Limited, a UK-based diagnostic manufacturer, introduced Q-POC, a PCR diagnostic system capable of providing fast and accurate results for infectious diseases such as COVID-19. The compact and easy-to-use Q-POC platform employs disposable cassettes, ensuring simplicity and reducing the risk of contamination, with results available in as little as 30 minutes.
In February 2021, Thermo Fisher Scientific Inc., a US-based scientific instrument, and medical equipment company, strengthened its position in the point-of-care testing vertical by acquiring Mesa Biotech Inc. for $550 million. This strategic acquisition enhances Thermo Fisher's offerings in point-of-care diagnostics, leveraging Mesa Biotech's expertise in manufacturing diagnostic kits for various diseases.
Major companies operating in the point of care diagnostics market report are Abbott Laboratories, Siemens Healthineers AG, Beckman Coulter Inc., Becton, Dickinson and Company, Instrumentation Laboratory Company, Nova Biomedical Corporation, Qiagen NV, F. Hoffmann-La Roche Ltd., Biomeriux SA, Quidel Corporation, Orasure Technologies Inc., Johnson and Johnson, Zoetis Inc., Thermo Fisher Scientific Inc., Sysmex corporation, Sinocare Inc., Arkray Inc., Danaher Corporation, Chembio Diagnostics Inc., EKF Diagnostics Holdings plc, Trinity Biotech plc, Fluxergy Inc., LumiraDx UK Ltd., Meridian Bioscience Inc., Nipro Europe Group Companies, AccuBioTech Co. Ltd., Atlas Genetics Ltd., Atlas Link Biotech Co. Ltd., Biomeme Inc., Cepheid Inc., Church & Dwight Co. Inc., Bioptix Inc
North America was the largest region in the point of care diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the point of care diagnostics market report during the forecast period. The regions covered in the point of care diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the point of care diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The point of care (POC) diagnostics market consists of sales of blood glucose meters, pregnancy test kits, and cardiac markers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.