Detailed analysis of point of care diagnostics market Size

Detailed analysis of point of care diagnostics market Size

POC diagnostic tools are used in hospitals, doctors’ offices, and patients’ homes to deliver quick results on a range of medical tests. It is medical diagnostic testing carried out at or close to the point of care, i.e., when and where the patient is receiving treatment.

 

The market worth of the point-of-care diagnostic market in 2021 was USD 33.12 billion, and it will reach USD 90.25 billion by 2030, growing at an 11.78% CAGR.

 

Point of Care Diagnostics Test covers a variety of tests, including those for blood sugar, blood gas and electrolyte balance analysis, rapid blood clotting testing, rapid cardiac markers diagnostics, pregnancy testing, occult blood analysis, drugs of abuse screening, urine strip testing, food pathogens screening, hemoglobin diagnostics, infectious disease testing (like COVID-19 rapid tests), and cholesterol screening.

 

Key Market Drivers

The growing elderly population is the main factor boosting the point of care (POC) diagnostics market. 

People all over the world are suffering negative health effects as a result of a lack of exercise and a poor diet, which causes serious medical issues. Geriatric patients experience these medical issues more frequently than younger patients. Globally, the number of elderly people is significantly rising. The elderly population has a high prevalence of illnesses like lung disease, cancer, and stroke. An aging population has led to higher healthcare costs for health examinations, disease diagnosis, and treatment. Regular diagnostic testing is necessary for the elderly due to their lowered immunity and metabolism. Since POC diagnostic tools aid in disease diagnosis, these factors have increased the demand for these tools. As a result, the aging population signals a rising need for POC diagnostic tools, fuelling market growth in the coming years.

 

Key market trends

The development of portable diagnostics, the proximity of traditional focal research centers to patient locations, and the expansion of test menus due to the increased use of multiparameter monitoring devices have all contributed to significant changes in the global POC diagnostics market in recent years. There has been a standard shift in the diagnostics industry due to the integration of laboratory functions in portable systems. Miniaturization of technology aids individual lining cells and small volumes of reagents to be quantified on a portable system. Sensors, microsystems, and low-cost imaging technologies have been developed for POC testing. Small volumes of reagents and individual living cells can now be quantified on portable systems due to technological miniaturization. Sensors, microsystems, and inexpensive imaging technologies have been developed for POC testing.

 

Restraining Factors

A major factor that is anticipated to limit market revenue growth is the strict regulatory approval policy for PoC devices. Regulatory obstacles exist despite the excellent accuracy and quick diagnostic capabilities of PoC testing kits. PoC tests are typically assessed in the same manner as lab-based tests. Kits frequently need to go through a protracted regulatory clearance process. As a result, the adoption of new technological solutions is slowed down or stopped altogether.

 

Market segmentation

  • On the basis of product, the market for point-of-care diagnostics is segmented into coagulation monitoring products, glucose monitoring products, infectious disease testing products, pregnancy & fertility testing products, urinalysis testing products,  Cardiometabolic monitoring products, cancer marker testing products, cholesterol testing products, fecal occult testing products, hematology testing products, drugs of abuse testing products, and other POC products.

In 2021, the infectious disease segment maintained the largest position in the market, with 20% of the revenue share. The market is being driven by a rise in the demand for quick tests, which has compelled players in the sector to offer POC solutions to decentralized areas.

  • On the basis of the mode of purchase, the market is segmented into prescription-based testing products and OTC testing products.

In 2021, the OTC segment held a significant market position with a 58.4% revenue share and will grow during the projected period. The largest market share is due to an increase in OTC tests that yield results quickly, like pregnancy tests and blood glucose tests.

  • On the basis of the platform, the market is segmented into immunoassays, dipsticks, lateral flow assays, microfluidics, and molecular diagnostics.

The lateral flow assays segment ruled the overall market with a 4.93% CAGR and revenue of over USD 8.273 billion, owing to an increase in LFA-based POC devices and a rise in public awareness of the benefits of POC testing.

  • In terms of end-user, the market is segmented into home care, hospitals & critical care centers, outpatient and ambulatory care facilities, and others.

 

The hospital segment will be the fastest-growing market by 2030, with a revenue of more than USD 25.3 billion. A significant increase in patients being admitted to hospitals can be attributed to the high incidence and prevalence of chronic diseases and other illnesses.

 

Regional Analysis

The North American regional market will grow rapidly by 2030, with a revenue of more than USD 32.5 billion. Rising R&D expenditures and rising private funding are the major factors driving the regional market. This research grant is expected to aid in advancing science and technology, focusing on clinical lab technicians who want to test out novel concepts in areas lacking funding.

 

Key Players Analysis 

  • Abbott Laboratories
  • Roche Diagnostics
  • Siemens Healthineers
  • Becton Dickinson and Company
  • Chembio Diagnostics
  • Trinity Biotech
  • Fluxergy
  • Danaher Corporation
  • Quidel Diagnostics
  • EKF Diagnostics

 

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