Point of Care Diagnostics Market

Market Synopsis:

The Global Point of Care Diagnostics Market was valued at USD 45.06 Billion in the year 2022 and is projected to reach a value of USD 95.89 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.90% over the forecast period.

Point of Care Diagnostics (POC) diagnostics are medical tests that are performed to allow for rapid analysis and immediate results. Point of Care Diagnostics (POC) testing includes a variety of portable instruments. These instruments are widely used to monitor glucose levels and test various infectious diseases. In addition, they also help in cardiometabolic testing and urinalysis testing, to name a few. It assists in the early diagnosis of critical illnesses, resulting in a more patient-centered approach to healthcare. Globally, there has been a considerable increase in chronic conditions like diabetes, cardiovascular diseases, and numerous infectious diseases. One of the key factors driving the demand for Point of Care Diagnostics during the anticipated timeframe is the high prevalence rate of these illnesses. A significant increase in the prevalence of diabetes and the other chronic diseases stated above has sparked demand for products designed to effectively manage these conditions and is expected to boost the market internationally. The occurrence of chronic conditions such as diabetes, cardiovascular disorders, and many infectious diseases has been noticeably rising globally. The high prevalence rate of these ailments is one of the primary reasons influencing the demand for Point of Care Diagnostics during the predicted timeframe.

Demand for goods created to efficiently manage these conditions has been driven by a considerable rise in the prevalence of diabetes and the other chronic diseases mentioned above, which is likely to enhance the market globally. The expansion of the worldwide POC diagnostics market is impacted by pricing pressure brought on by reimbursement decreases and insufficient finances. The development of the global Point of Care Diagnostics (POC) Market is anticipated to be aided by technological advancements that offer quick, secure, and accurate results for diagnosis. By introducing superior products, advanced technology aids in the ongoing upgrading of the market.

Market Segmentation:

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The Point of Care Diagnostics market is segmented based on Product, End Users, and Region. Based on the Product segment, the market is further segmented into Glucose Testing, Hb1Ac Testing, Coagulation Testing, Fertility/Pregnancy, Infectious Disease, Cardiac Markers, Thyroid Stimulating Hormone, Hematology, Primary Care Systems, Decentralized Clinical Chemistry, Feces, Lipid Testing, Cancer Marker, Blood Gas/Electrolytes, Ambulatory Chemistry, Drug of Abuse (DOA) Testing, and Urinalysis/Nephrology. Furthermore, based on the End Users segment, the market is further bifurcated into Clinics, Hospitals, Homes, Assisted Living Healthcare Facilities, and Laboratories.

Based on Product:

Glucose Testing is anticipated to proliferate in the forecast period. By incorporating glucose monitoring devices, one may track and continuously monitor blood sugar levels in the body and learn how much insulin is being secreted. Utilizing such monitoring tools improves glucose management and allows for precise treatment choices. Point of Care Diagnostics (POC) glucose monitoring kits are less invasive than lab tests since they only require a small volume of blood for analysis (often from a finger prick). Patients who are elderly can utilize these kits with ease. Type I and Type II diabetes patients can monitor their glucose levels and avoid complications by using glucose monitoring kits. These factors are expected to bolster this segment in the projection period.

Based on End Users:

Most of this segment's revenue is derived through retail Clinics. The main drivers of the expansion of Point of Care Diagnostics (POC) diagnostics applications include rising affordability, expanding healthcare coverage, and increasing availability of novel diagnostic technology. As a result, neighborhood pharmacies and walk-in Clinics have become prospective medical facilities that do these lab tests, particularly regarding cholesterol and glycosylated hemoglobin (A1C) testing. In addition, the aging population now has better access to healthcare, infectious diseases are more common, and traditional clinics are finding it harder and harder to treat patients.

Asia Pacific is Forecast to Grow at the Highest CAGR during the Forecast Period

The Asia Pacific is forecast to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The Asia Pacific point-of-care diagnostics market is anticipated to proliferate throughout the forecast period. An increasing population, government measures to improve health care facilities, and the number of people suffering from various viral infections contributes to the region's predicted market share growth. Increasing people's disposable income also helps the Asia Pacific market grow.

Competitive Landscape:

The key players in the Global Point of Care Diagnostics Market include- F. Hoffmann-La Roche Ltd., Qiagen, Danaher Corp., Becton Dickinson (BD), Biomerieux SA, Abbott Laboratories, Siemens Healthcare AG, Zoetis Inc., Instrumentation Laboratory, Nova Biomedical, Trividia Health Inc., Quidel Corp., Trinity Biotech, Sekisui Diagnostics, Orasure Technologies Inc., Nipro Corp., Spectral Medical Inc. and others.

Segmentation of the Global Point of Care Diagnostics Market: