Point of Care/ Rapid Diagnostics Market by Product (Glucose, HIV, Hepatitis C, Pregnancy), Platform (Microfluidics, Dipstick, Immunoassay), Purchase(OTC, Prescription), Sample(Blood, Urine), User (Pharmacy, Hospital, Homecare) - Global Forecast to 2027

Point of Care/ Rapid Diagnostics Market by Product (Glucose, HIV, Hepatitis C, Pregnancy), Platform (Microfluidics, Dipstick, Immunoassay), Purchase(OTC, Prescription), Sample(Blood, Urine), User (Pharmacy, Hospital, Homecare) - Global Forecast to 2027

The global point-of-care and rapid diagnostics market is projected to reach USD 75.5 Billion by 2027 from USD 45.4 Billion in 2022, at a CAGR of 10.7% during the forecast period. The growth in the point-of-care and rapid diagnostics market is majorly driven by the significant rising cases of infectious diseases, diabetes, cardiovascular diseases and cancer. Also, rapidly growing older population, and increasing research & funding initiatives by government to support the development and adoption of POC is anticipated to promote the growth of market. The rising number of CLIA waivers over the years indicates a favorable approval environment, which will encourage players to focus on the development of point-of-care diagnostic products

However, are a lack of alignment with test results obtained from laboratories and stringent and time-consuming approval policies are expected to restrain market growth in the coming years.

“The glucose monitoring device held the significant share of point-of-care and rapid diagnostics market during the forecast period.

Based on products, the point-of-care and rapid diagnostics market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, thyroid stimulating hormone testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products.

The glucose monitoring device held the significant share of point-of-care and rapid diagnostics market during the forecast period. The rising diabeteic patient population worldwide and growing awarness about the presnece of self glucose monitorng and ongoing technological advanacemnts are anticiapted to paly a critical role in propelling the growth of the segment.

“The Lateral Flow Assays segment accounted for the largest share of the point-of-care diagnostics market, by platform, in 2021”

Based on platform, the point-of-care and rapid diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The growing adoption of lateral flow assays in point-of care testing facilities owing to the greater advantages offered by lateral low assay by replacing conventional, lengthy laboratory procedures are likely to contribute towards to the growth of this segment during the forecast period.

“The OTC Testing Products segment, by mode of purchase segment, accounted for the largest share of the global point-of-care and rapid diagnostics market in 2021”

On the basis of mode of purchase, the point-of-care and rapid diagnostics market is segmented into OTC testing products and prescription-based testing products. The OTC testing products segment accounted for the largest share of the market in 2021. Factors such as the rising prevalence of diabetes in developing countries where glucose monitors are available without a prescription, growing online purchase of OTC point-of-care products, increasing patient preference for OTC products for the diagnosis of pregnancy, lower cost of OTC products, and the increasing preference for self-monitoring are driving the growth of the OTC testing products market

“On the basis of sample, blood segment is accounted for the largest share of the global point-of-care and rapid diagnostics market in 2021”

On the basis of sample, the point-of-care and rapid diagnostics market is segment into blood, urine, nasal and oropharyngeal swabs, and other samples. The blood sample segment accounted for the largest market share 2021. Factors such as the rising prevalence of HIV, diabetes, and malaria and the growing applications of blood samples for the diagnosis of various diseases are anticipated to boost the growth of this segment.

“On the basis of End Users, clinical laboratories segment accounted for the largest share of point-of-care and rapid diagnostics market in 2021”

On the basis of end users, the point-of-care and rapid diagnostics market is segmented into clinical laboratories; ambulatory care facilities and physicians’ offices; pharmacies, retail clinics, and E-commerce platforms; hospitals, critical care centers, and urgent care centers; home care & self-testing; and other end users.

The clinical laboratories segment accounted for the largest share of point-of-care and rapid diagnostics market in 2021. The recent outbreak of COVID-19 positively impacted the clinical laboratories segment, as the pandemic has boosted clinical laboratory testing services. Based on the study published by the National Center for Biotechnology Information in July 2020, the use of clinical diagnostics, including molecular and serological testing approaches for severe acute respiratory syndrome‐coronavirus 2 (SARS‐CoV‐2) testing, has increased. The increasing number of COVID-19 variants is further likely to drive the growth of the clinical laboratories segment. In February 2021, Thermo Fisher Scientific launched the Towpaths COVID–19 HT Kit for use on its automated amplitude platform to increase its COVID-19 testing capacity by combining Thermo Fisher’s extraction and real-time PCR instruments with liquid handling products from Tecan Group.

“The Asia Pacific market is expected to grow at the highest CAGR during the forecast period”

The global point-of-care and rapid diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The rising prevalence of lifestyle diseases in the region, growing number of rapid point-of-care products approvals, presence of well-established players, and government initiatives to support the wider adoption of rapid testing are some of the key factors driving the growth of the North American point-of-care and rapid diagnostics market.

On the other hand, the Asia Pacific market is projected to register the highest growth during the forecast period. This is attributed to the presence of densely populated countries in the region such as China and India; with increasing prevalence of target diseases, growing awareness of POCT products, emergence of new rapid diagnostic kits manufacturer, expansion of healthcare infrastructure, growing initiatives by government to promote the adoption of POCT, and increased focus of key players in establishing their foothold in Asian Countries.

A breakdown of the primary participants referred to for this report is provided below:

By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%

By Designation: C-level–10%, Director-level–14%, and Others–76%

By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%

The major players operating in the point-of-care and rapid diagnostics market are Abbott (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd. (Switzerland), Quidel Corporation (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux SA (France).

Research Coverage

This report studies the point-of-care and rapid diagnostics market based on product, platform, mode of purchase, sample, end user and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).

Reasons to Buy the Report

The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.

This report provides insights on the following pointers:

Market Penetration: Comprehensive information on the product portfolios offered by the top players in the point-of-care diagnostics market

Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the point-of-care diagnostics market

Market Development: Comprehensive information on lucrative emerging regions

Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the point-of-care diagnostics market

Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.