Point of Care Diagnostics- Market Insights, Competitive Landscape and Market Forecast–2028

Point of Care Diagnostics- Market Insights, Competitive Landscape and Market Forecast–2028

Point of Care Diagnostics Market By Product Type (Instruments, Kits And Reagents), By Application (Blood Glucose Monitoring, Infectious Diseases, Cardio-Metabolic Diseases, Pregnancy & Fertility Testing, And Others), By End-User (Hospitals, Diagnostic Centers, Home Care Settings, And Others), and by geography is expected to grow at a steady CAGR forecast till 2028 owing to the increasing prevalence of infectious and other lifestyle based disorders such as diabetes and cardiovascular diseases and growing awareness on health

The global point of care diagnostics market is estimated to grow at a CAGR of 6.61% during the forecast period from 2023 to 2028. The demand for point of care diagnostics is primarily being boosted by the increasing patient population suffering from various lifestyle disorders such as diabetes and cardiovascular diseases among others, the rising prevalence of infectious diseases, growing awareness regarding health and disease-free life, and innovation in product development among others, thereby contributing to the overall growth of the point of care diagnostics market during the forecast period from 2023-2028.

Point of Care Diagnostics Market Dynamics:

As per the World Health Organization (WHO) 2022 data, globally about 354 million people are still living with hepatitis. In addition, according to the Centers for Disease Control and Prevention (CDC) 2021, based upon WHO estimates, worldwide in 2019 around 296 million people had hepatitis B, 58 million people were living with hepatitis C, 1.5 million people were newly infected with chronic hepatitis B, and 1.5 million new cases of chronic hepatitis C were reported in 2019.

The data published by WHO 2022 mentioned that globally around 37.7 million people were suffering from human immunodeficiency virus (HIV) in the year 2020.

The rising number of diabetes patients will also increase the demand for point of care diagnostics. For instance, according to the International Diabetes Federation, in the year 2022, approximately 537 million adults (20-79 years) were suffering from diabetes. Also, as per the same source, the total number of people living with diabetes is projected to rise to 643 million by the year 2030 and 785 million by 2045 which will boost the market growth during the forecast period.

The growing usage of point of care diagnostics by people to regularly monitor their state of health or detect any possible abnormality in their vital signs which allows for early diagnosis of various diseases is going to act as a catalyst in point of care diagnostics market. The other lab-based tests are expensive and involve one or a few invasive steps for testing. In contrast, point-of-care diagnostics are cheaper, non-invasive, or minimally invasive and easy to use, they do not require a visit to the lab. Even if the initial cost of some point-of-care diagnostic tests is higher they can be used multiple times at regular intervals for monitoring the state of health which is more convenient than regular lab tests, especially in individuals with chronic health conditions that require regular monitoring of vital parameters and other clinical parameters. For example, patients with diabetes need to regularly check their blood glucose levels to avoid dangerous consequences.

However, errors related to the quality and accuracy of test results may restrict the growth of the point of care diagnostics market.

The point of care diagnostics market has been affected positively after the emergence of the COVID-19 infection. Although the COVID-19 pandemic impact had been unforeseen and devastating, the point of care diagnostics demand was positively influenced, as the POC diagnostic was rapidly used in the detection of COVID-19. The rapidly rising number of COVID-19 cases and the rising pressure on the government for improving patient management has further boosted the demand for rapid antigen testing kits that can be effectively used in point of care settings. Such rapidly detecting kits of point of care diagnostic are important in offering accurate disease management options. Therefore, owing to an increase in the demand for speedy diagnostic results, the adoption of point of care devices among patients is continuously on the rise.

Point of Care Diagnostics Market Segment Analysis:

Point of Care Diagnostics Market by Product Type (Instruments, Kits and Reagents), Application (Blood Glucose Monitoring, Infectious Diseases, Cardio-Metabolic Diseases, Pregnancy & Fertility Testing, and Others), End-User (Hospitals, Diagnostic Centers, Home Care Settings, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the point-of-care diagnostics market, the blood glucose monitoring category is expected to amass a significant revenue share in the year 2022. This can be ascribed to the advantages and applications associated with point of care diagnostics in accurate and effective monitoring of blood glucose.

Point of Care blood glucose testing offers numerous advantages including reliable quantitative results, portable size, low cost, and simple operation among others making it a standard bedside glucose monitoring technique. For example, the cobas® pulse launched by F. Hoffmann-La Roche Ltd. in January 2022 is a smart, hand-held glucose meter for the hospital bedside. It provides reliable and precise results and helps physicians to take the best clinical decisions for all patient populations including neonates and intensive care patients

The major advantage of point of care blood glucose monitoring is rapid turn-around time which is usually less than 5 minutes and measuring glucose levels quickly and immediately, it enables healthcare professionals to take fast treatment decisions. Testing of blood glucose via point of care diagnostics requires a very small volume of blood samples and does not cause unnecessary loss of blood.

Through point of care blood glucose monitoring, patients can avoid repeated visits to hospitals, diagnostic labs, or any other medical facilities. The pre-analytical, analytical, and post-analytical errors can also be reduced with point of care blood glucose testing,

Therefore, owing to the above-mentioned factors, the blood glucose monitoring category is expected to register significant growth, thereby driving the growth of the overall point of care diagnostics market during the forecast period.

North America is expected to dominate the overall Point of Care Diagnostics Market:

Among all the regions, North America is estimated to account for the largest share of the point of care diagnostics market in the year 2022. Owing to the significance of key growth factors such as the rising prevalence of infectious diseases, increasing cases of diabetes and other lifestyle-based diseases, high disposable income, sophisticated healthcare infrastructure, presence of key players, increasing product development activities, and others, the market for point of care diagnostics is expected to witness prosperity in the region during the forecast period 2023-2028.

As per American Diabetes Association 2022, around 37.3 million people accounting for 11.3% of the US population were suffering from diabetes in 2019 and every year nearly 1.9 million people get diagnosed with diabetes in the US. Additionally, the data stated in the National Diabetes Report of the CDC, in 2020, about 88 million American adults exhibited prediabetic levels.

According to the Centers for Disease Control and Prevention (2022), it was estimated that around 1,189,700 people aged 13 and above had HIV in the US in 2019.

Coupled with the factors mentioned above, the increasing interest of product manufacturers in the region also helps in boosting regional product demand. For instance, in July 2020, BD announced the launch of the BD Veritor™ Plus System, a portable, rapid point of care antigen test to detect SARS-CoV-2 in almost 15 minutes. Also in November 2022, iHealth Labs received the Emergency Use Authorization for over-the-counter sale of the COVID-19 Antigen Rapid Test from the US Food and Drug Administration.

Such measures help in gaining the market share for the manufacturers as well as benefit end users in terms of better product pricing from the competition standpoint, thereby driving the North America Point of Care Diagnostics market forward during the forecast period.

Point of Care Diagnostics Market Key Players:

Some of the key market players operating in the Point of Care Diagnostics market include F. Hoffmann-La Roche Ltd., BD, Danaher, Abbott, Siemens Healthcare Private Limited, Nova Biomedical, Quidel Corporation, Chembio Diagnostics, Inc., EKF Diagnostics Holdings plc., Trinity Biotech, Fluxergy, Thermo Fisher Scientific, Quest Diagnostics Incorporated, DiaSys Diagnostics India Pvt Ltd., Cipla, Sysmex Europe SE, Lumos Diagnostics™, Trivitron Healthcare, Getein Biotech, Inc., ACON Laboratories, Inc., and others.

Recent Developmental Activities in the Point of Care Diagnostics Market:

In January 2023, Cipla announced the launch of a point of care testing device named Cippoint which offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and others.

In August 2022, Precision Diabetes, Inc. and DxGen Corp., entered into an exclusive agreement in the US to launch Epithod® AutoDx, a fully-automatic point of care (POC) analyzer that measures a comprehensive profile of diabetes tests.

In July 2021, QuantuMDx Group Limited, a UK-based developer of transformational point of care diagnostics, announced the launch of Q-POC™ - a rapid, PCR point of care diagnostic system in the UK.

Key Takeaways from the Point of Care Diagnostics Market Report Study

Market size analysis for the current point of care diagnostics market size (2022), and market forecast for 5 years (2023-2028)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the point of care diagnostics market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global point of care diagnostics market.

Various opportunities available for the other competitor in the point of care diagnostics market space.

What are the top-performing segments in 2022? How these segments will perform in 2028?

Which are the top-performing regions and countries in the current point of care diagnostics market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for point of care diagnostics market growth in the coming future?

Target Audience who can be benefited from this Point of Care Diagnostics Market Report Study

Point of Care Diagnostics products providers

Research organizations and consulting companies

Point of Care Diagnostics-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in point of care diagnostics

Various End-users who want to know more about the point of care diagnostics market and the latest technological developments in the point of care diagnostics market.

Frequently Asked Questions for the Point of Care Diagnostics Market:

1. What is meant by point of care diagnostics?

Point of Care Diagnostics are devices that are used to perform a wide range of diagnostic tests near a patient usually in doctors’ offices, hospitals, and patients' homes to gain quick feedback on the state of health of the patient.

2. What is the market for global point of care diagnostics?

The global point of care diagnostics market is estimated to grow at a CAGR of 6.61% during the forecast period from 2023 to 2028.

3. What are the drivers for the global point of care diagnostics market?

The demand for point of care diagnostics is primarily being boosted by the increasing prevalence of infectious diseases, rising technological advancements in the point of care diagnostics, the rising geriatric population associated with reduced immunity, and growing demand for point of care diagnostics for pregnancy and fertility testing among others, thereby contributing to the overall growth of the point of care diagnostics market during the forecast period from 2023-2028.

4. Who are the key players operating in the global point of care diagnostics market?

Some of the key market players operating in the point of care diagnostics market include F. Hoffmann-La Roche Ltd., BD, Danaher, Abbott, Siemens Healthcare Private Limited, Nova Biomedical, Quidel Corporation, Chembio Diagnostics, Inc., EKF Diagnostics Holdings plc., Trinity Biotech, Fluxergy, Thermo Fisher Scientific, Quest Diagnostics Incorporated, DiaSys Diagnostics India Pvt Ltd., Cipla, Sysmex Europe SE, Lumos Diagnostics™, Trivitron Healthcare, Getein Biotech, Inc., ACON Laboratories, Inc., and others.

5. Which region has the highest share in the point of care diagnostics market?

North America is expected to dominate the overall point of care diagnostics market during the forecast period from 2023-2028. Owing to the factors such as the rising prevalence of cardiovascular diseases, hypertension, and diabetes, the aging population, and rising government initiatives regarding disease diagnosis, the North America point of care diagnostics market is expected to witness positive growth. Furthermore, high disposable income, sophisticated healthcare infrastructure, regulatory approval for new products, and high awareness also helped the market growth in this region.

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