Point-of-Care Diagnostics Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Point-of-Care Diagnostics Market, Size, Global Forecast 2024-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Global Point-of-Care Diagnostics Market is forecasted to be valued at around US$ 82.28 Billion by 2030, according to Renub Research. The emergence of point-of-care diagnostics is reshaping modern healthcare by decentralizing testing and delivering fast results on the patient's side. This shift reduces turnaround times, permitting quick remedy decisions and improving patients' consequences. With expanded accessibility in remote areas and aid-restrained settings, point-of-care diagnostics democratize healthcare, bridging gaps in service shipping. Their simplicity and portability empower frontline healthcare employees, improving performance and patient satisfaction. As they become indispensable to chronic exercise, point-of-care diagnostics catalyze a paradigm shift towards extra customized and well-timed care.

Global Point-of-Care Diagnostics Market is expected to experience a CAGR of 8.60% during the projection period (2024 to 2030)

The increasing incidence of genetic problems will likely pressure the market in the coming years. Early detection of genetic variations through prenatal testing can help in speedy disease prognosis, prevention, and choice of appropriate treatment. Changing lifestyles and environmental factors are increasing the incidence of genetic illnesses. The prevalence of breast and ovarian cancers is rising in lots of regions. For example, as per the Breast Cancer Research Foundation, in 2023, about 300,590 people are anticipated to be detected with breast cancer in the U.S. Thus, the developing incidence of diverse diseases is probably to enhance the global point-of-care diagnostics market.

Point-of-care diagnostics have modified patient care because of their simplicity and performance. POC technology has advanced in performance. Point-of-care diagnostics (POC) technologies have developed as microfluidics has stepped forward. Microfabrication and microfluidics approaches have advanced so much within the last numerous years that POC devices can now be made cheaply, are simple to use, are portable, and produce brief results. There are several research projects underway about microfluidics technology. Due to the utilization of micro fluids, nano diagnostics, chips, and point-of-care diagnostics are gaining tremendous acceptability among sufferers worldwide. The samples are taken from the patient’s site for completing assessments, and professionals can receive findings concisely. Hence, the global point-of-care diagnostics market was US$ 46.18 Billion in 2023.

There is a developing demand for healthcare services in rising economies due to urbanization, advanced infrastructure, accelerated healthcare expenditure, and the superiority of illnesses. The rise in GDP per capita and urbanization in countries like India, South Africa, Brazil, China, Bangladesh, and Thailand has also multiplied the need for healthcare services. Moreover, the market is characterized by strategic initiatives from leading players, which include collaborations, partnerships, and mergers and acquisitions. For example, in 2023, Werfen obtained Immucor, Inc. for USD 2 Billion to establish a robust presence in specialized diagnostics. Thus, there is an anticipated boom in the wide variety of hospitals, clinics, and diagnostic labs, providing greater access to healthcare services.

Glucose monitoring kits are expected to be one of the global market's leading sections for point-of-care diagnostics

By products, the global point-of-care diagnostics market is fragmented into Glucose Monitoring Kits, Infectious Diseases Kits, Pregnancy & Fertility Testing Kits, Haematology Testing Kits, Cardiometabolic Monitoring Kits, Urinalysis Testing Kits, Cholesterol Test Strips, Drugs Abuses Testing Kits, and Others. Glucose monitoring kits are among the broadly applied products in the global point-of-care diagnostics market. This is attributed to their essential role in coping with diabetes, a universal worldwide occurrence. These kits enable people to easily monitor their blood glucose levels, allowing for timely adjustments to medication and lifestyle. With the growing prevalence of diabetes and the emphasis on self-control, glucose monitoring kits have ended up as quintessential equipment for sufferers, caregivers, and healthcare experts, propelling their widespread adoption.

Lateral Flow might be a leading technology in the point-of-care diagnostics market worldwide

By technology, the global point-of-care diagnostics market is segmented into Lateral Flow, agitation, flow through, solid phase, biosensor, and others. Lateral Flow technology is one of the dominating sections in the global point-of-care diagnostics market. This is due to its simplicity, rapidity, and flexibility. These tests provide brief effects without requiring a specialized system, making them perfect for decentralized settings. With applications ranging from pregnancy checks to infectious ailment detection, they address diverse diagnostic needs effectively. Their low cost and ease of use make them available in resource-constrained environments. As demand for convenient and reliable testing solutions surges, lateral flow technology remains a cornerstone in point-of-care diagnostics.

Global point-of-care diagnostics market considerably benefits from over-the-counter (OTC) devices

The global point-of-care diagnostics market is categorized into Prescription-Based Devices and Over-the-counter (OTC)-Based Devices by point-of-prescription. Over-the-counter (OTC) devices drastically contribute to the global factor-of-care diagnostics market because of their accessibility and convenience. These user-friendly tests empower individuals to monitor their health without needing expert intervention or prescription. With an extensive range of OTC options to be had for conditions like being pregnant, ovulation tracking, and infectious sicknesses, consumers can quickly achieve outcomes in the consolation of their houses. As healthcare trends toward self-control and preventive care, OTC-based devices are vital in promoting proactive health monitoring. This is driving their considerable contribution to the point-of-care diagnostics market.

Professional Diagnostic Centers are likely the most used in the global point-of-care diagnostics market

End-users branch the global point-of-care diagnostics market into Professional Diagnostic Centers, Research Laboratories, Home Care, and Others. Professional Diagnostic Centers are some of the most broadly used in the point-of-care diagnostics market. This is because of their comprehensive testing abilities and understanding. These centers offer diverse diagnostic offerings, including complicated tests and consultations, ensuring accurate and reliable consequences. Their advanced device and skilled employees provide a dependent resource for healthcare specialists and sufferers seeking thorough diagnostic opinions.

Point-of-care diagnostics is expected to see the United States as one of its market share leaders

By country, the global point-of-care diagnostics market is divided into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, the Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), Middle East & Africa (South Africa, Saudi Arabia, and the UAE). The United States is anticipated to be one of the leaders in the point-of-care diagnostics market. This is due to rising infectious disease incidence and the growing instances of chronic illnesses in various people.

In the U.S., 7 out of 10 individuals die yearly from chronic diseases. The increasing geriatric population and better healthcare spending contribute to market growth. Technological improvements, including miniaturized diagnostic devices and accelerated use of Picture Archiving and Communication Systems (PACS) and Electronic Medical Records (EMRs), are expected to propel increase. Moreover, key players are positively influencing the increase in the global point-of-care diagnostics market. For instance, in April 2023, Abbott introduced the U.S. FDA-cleared reader for FreeStyleLibre 3, incorporating a non-stop glucose monitoring device.

Key Players

Sysmex, Abbott Laboratories (US), Becton Dickinson and Company (US), Danaher Corporation (US), Quidel Diagnostics (US), F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., and Bio-Rad Laboratories Inc. Notably comprise the global point-of-care diagnostics market.

• In October 2023 - QIAGEN achieved CE certification for its IVD kit and automated testing platform, NeuMoDx. This initiative positively impacted the company's revenue and market share.
• In March 2023 - F. Hoffmann-La Roche Ltd formed a strategic partnership with Eli Lilly to develop the Elecsys Amyloid Plasma Panel (EAPP). This collaboration will benefit both companies and aims to address an important area of unmet medical need. The EAPP can simplify the patient journey from diagnosis to treatment and treatment management.

Products – Global Point-of-Care Diagnostics Market breakup in 9 viewpoints:

1. Glucose Monitoring Kits
2. Infectious Diseases Kits
3. Pregnancy & Fertility Testing Kits
4. Haematology Testing Kits
5. Cardiometabolic Monitoring Kits
6. Urinalysis Testing Kits
7. Cholesterol Test Strips
8. Drugs Abuses Testing Kits
9. Others

Technology – Global Point-of-Care Diagnostics Market breakup in 6 viewpoints:

1. Lateral Flow
2. Agitation
3. flow through
4. solid phase
5. biosensor
6. Others

Point of prescription – Global Point-of-Care Diagnostics Market breakup in 2 viewpoints:

1. Prescription-Based Devices
2. Over-the-counter (OTC)-Based Devices

End-User – Global Point-of-Care Diagnostics Market breakup in 4 viewpoints:

1. Professional Diagnostic Centers
2. Research Laboratories
3. Home Care
4. Others

Country – Global Point-of-Care Diagnostics Market breakup of 25 Countries:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 Saudi Arabia
5.2 UAE
5.3 South Africa

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. Sysmex
2. Abbott Laboratories (US)
3. Becton Dickinson and Company (US)
4. Danaher Corporation (US)
5. Quidel Diagnostics (US)
6. F. Hoffmann-La Roche Ltd
7. Thermo Fisher Scientific Inc.
8. Bio-Rad Laboratories Inc.