According to Future Market Insights research, during the projected period, the Global point-of-care diagnostics market is expected to grow at a CAGR of 6.8%. The market value is projected to increase from USD 38.7 Billion in 2023 to USD 74.8 Billion by 2033. The point-of-care diagnostics market was valued at USD 36.6 Billion at the end of 2022 and is anticipated to exhibit Y-o-Y growth of 5.8% in 2023.
Market Outlook:
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 36.6 Billion |
| Market Value 2023 | USD 38.7 Billion |
| Market Value 2033 | USD 74.8 Billion |
| CAGR 2023 to 2033 | 6.8% |
| Share of Top 5 Countries | 56.5% |
| Key Players | The key players in the Global Point-of-Care Diagnostics Market Are F. Hoffmann-La Roche Ltd; Becton Dickinson & Company; Cepheid (Danaher);Siemens Healthineers; Abbott; Diasorin S.p.a.; Thermo Fisher Scientific Inc.; Qiagen; BIOMÉRIEUX; Hologic Inc.; Bio Rad Laboratories; Quidel Corporation; EKF Diagnostics; SEKISUI Diagnostics; DiaSys-Diagnostic Systems GmbH; InBios International; Inc.; Jiangsu Mole Bioscience Co.; Ltd.; ACON Laboratories; Inc.; Visby Medical; Inc.; UNIMA; INC. |
Point-of-Care testing (POCT) refers to medical diagnostic testing that is performed near the patient, usually at the bedside or in a doctor's office, rather than in a central laboratory. The goal of POCT is to provide rapid and accurate diagnostic results that can guide clinical decision-making in real-time.
The world is seeing rapid advancements in a wide range of digital health technologies, including portable and ingestible devices; mobile health apps; artificial intelligence (AI); robots used in healthcare; 3D organ printing; block chain; telemedicine; machine learning; genome research; drones; augmented and virtual reality; and electronic records. However, the market is also shifting to digitalization, so the influx of digital health technologies is a prominent driver for point-of-care diagnostic market.
Accelerating the adoption of proven digital health technologies and advancing their embedding into routine care operations has the potential to revolutionize human health by boosting efficacy, driving costs down, and increasing access to and capacity for care delivery.
New product launches and approvals such as Lab-on-a-chip technology is one of the main drivers of POCT.
Overall, the increasing adoption of latest technologies and new product launches and approvals is likely to boost the market in the coming years.
Sales of the global point-of-care diagnostics market grew at a CAGR of 6.2% between 2012 to 2022. Global point-of-care diagnostics market contributes 40.0% revenue share to the global in-vitro diagnostics market valued at USD 91.2 Billion in 2022.
The increasing prevalence of Infectious diseases has resulted in higher uptake of POC diagnostic options such as Glucose and Hb1Ac testing. Because of their easy availability and rapid diagnosis, point-of-care diagnostics are typically the first form of testing recommended worldwide.
A significant advance has been made in the effort to identify SARS-CoV-2 coronavirus patients with the addition of saliva samples for the purpose of coronavirus identification. Governments concentrated on raising knowledge about COVID-19 testing during the COVID-19 epidemic to ensure an early identification of the illness. As a result of such initiatives, people become more knowledgeable of Point-of-Care testing for the diagnosis of coronavirus.
Creating awareness about diseases is an essential aspect of early detection and screening. If the public has a general understanding of diseases and symptoms, action plans can be better implemented. On the other hand, if there is a lack of awareness, it stops people from taking preventive measures or availing treatments.
Considering this, FMI expects the global market to grow at a CAGR of 6.8% through the forecasted years.
There is a lack of expansion of biotechnology & pharmaceutical Industries regarding point-of-care diagnostics. Biopharmaceuticals are one of modern science's most technically advanced and exquisite achievements.
Pharmaceutical companies are putting in a lot of effort to produce medications and lifesaving vaccines and biologicals for the entire world. When the pharmaceutical sector employs biotechnological advancements and advanced processes, the result is better and faster drug delivery. Biotechnology has aided the pharmaceutical sector in the correct manufacturing of vaccines and medications.
The pharmaceutical sector intends to establish products that support the treatment of various diseases. This may result in pharma companies manufacturing point-of-Care (POC) devices.
While greater investment for innovative products is required for the growth of the market, the healthcare infrastructure can have a substantial impact on market expansion. Most healthcare authorities have recently committed increased financing for the development and enhancement of their healthcare infrastructure as a result of the COVID-19 pandemic. The development of Point-of-Care diagnostics kits and their production need more investment.
Overall, healthcare infrastructure for POCT is complex and evolving, and it is important that companies stay abreast of regulatory changes and work closely with regulators to ensure compliance. However, regulatory initiatives that promote safe and effective pain management can create growth opportunities for the POCT market, especially for companies that offer innovative solutions.
Increased testing of point-of-care diagnosis in patients will pave the way for new technology and treatment options, ultimately leading more improvement in healthcare infrastructure and growth in number of manufacturing facilities.
Point-of-Care tests in some therapy areas have become more accurate (e.g., glucose testing). Overall, POC tests and rapid tests tend to remain less accurate compared to tests run in a laboratory. Accuracy is essential in medical testing, because an incorrect diagnosis can lead to inappropriate treatment, which can have serious consequences for patients. Inaccurate POC results can lead to false positives or false negatives, which can result in unnecessary treatment or missed diagnosis, respectively.
Inaccurate POCT results can also lead to mistrust in the technology, which can impact the adoption and utilization of POCT products. Healthcare providers may be hesitant to rely on POCT if they have concerns about its accuracy and reliability.
The cost of tests and a lack of trust in POC/ rapid testing are major concerns around the globe. The cost of point-of-care kits or devices is very high as compared to laboratory tests, which is compounded by the lower level of accuracy offered by the former.
Due to financial constraints, academic research laboratories are often unable to purchase expensive equipment. The overall cost of these instruments increases as a result of maintenance costs and other indirect expenses. Thus, the higher cost associated with the equipment and other factors causing unaffordability for the laboratories might hamper the market growth.
These factors are expected to hamper revenue growth of the global market over the forecast period.
USA dominated the global market in 2022 and is further expected to register growth rate at CAGR of 6.8%.
Diagnostic techniques, such as rapid testing or POCT like COVID-19 testing, glucose testing, and allergy tests, etc., has seen a high rate of patient acceptance as a result of the high prevalence. Awareness campaigns and strategic conferences with focus on point-of-care technologies for healthcare sector, has been undertaken by various associations in USA
In May 2022, American Association for Clinical Chemistry, organized a Point-of-Care testing boot camp for POCT professionals and experts in the lab medicine community.
Why is Germany considered to be a Lucrative Market for Point-of-Care Diagnostics?
The general physicians in primary care settings in Germany highly prefer POCTs as a useful diagnostic tool. There are numerous POCTs available in the German market. In the past few years, due to COVID-19 point-of-care diagnostics has been of tremendous importance as first line of defense for testing purpose.
The safe and successful use of point-of-care diagnostics in Germany is likely to influence other European countries to also opt for this method, ultimately resulting in market expansion.
China is projected to be the most attractive market in the east Asia point-of-care diagnostics and is expected to grow over a significant CAGR of 9.0% over the forecast period.
Point-of-care diagnostics market in China is expected to grow significantly in the coming years due to several factors.
One of the main factors driving the growth of the point-of-care diagnostics market in China is the increasing awareness of the condition among the general public and healthcare professionals. As more people become aware of the POC testing, they are more likely to adapt to the testing method, which is leading to increased demand for testing for Point-of-care diagnostics.
Another factor contributing to the growth of the Chinese market is the increasing availability of advanced medical technologies. China has made significant investments in its healthcare infrastructure, and many new hospitals and clinics have been built in recent years.
The COVID-19 testing diagnostic segment held the major chunk of about 15.1% in global market by the end of 2022. However, food sensitivity testing is the most lucrative segment over the forecast period due to increase in food allergic cases. Many of allergic reactions require rapid diagnosis that’s where point-of-care diagnostics plays a significant role.
Nasal swabs segment accounted for revenue share of 28.4% in the global market at the end of 2022.
A nasopharyngeal swab, one type of nasal swab, is a test used to look for bacteria or viruses that cause respiratory infections. Your healthcare provider uses a swab to take a small sample of cells from your nasopharynx, the top part of your nose and throat.
Overall, nasal swabs offers a convenient sample type for point-of-care diagnostics for sample withdrawal, making it the largest sample type for this segment.
Handheld POC Monitoring Devices segment accounted for revenue share of 41.3% in the global market at the end of 2022.
Handheld POC monitoring devices can be used to monitor a wide range of medical conditions, such as diabetes, cardiovascular disease, and infectious diseases. For example, a handheld blood glucose meter can be used by patients with diabetes to monitor their blood sugar levels, while a handheld device that measures blood pressure can be used to monitor patients with hypertension.
Overall, Handheld POC Monitoring Devices offers a convenient Product type for Global Point-of-Care diagnostics treating products, making it the largest Product for this segment.
Hospitals held the major chunk of about 27.7% in global market by the end of 2022.
Hospitals offers a convenient end user for POCT market conducting POC tests, making it the dominant end user for this segment. Hospitals segment is set to be highly lucrative in the upcoming years due to ease and access of POCT.
Collaboration are the top strategy being adopted by leading players to expand their product portfolio, their customer base as well as maintain their foothold in the market.
For instance:
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the Point-of-care Diagnostics Market space, which are available in the full report
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2012 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East and Africa (MEA) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Germany, UK, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Australia, New Zealand, Türkiye, South Africa, and GCC Countries |
| Key Segments Covered | Test Type, Sample, Product, End User, Region |
| Key Companies Profiled | F. Hoffmann-La Roche Ltd; Becton Dickinson & Company; Cepheid (Danaher); Siemens Healthineers; Abbott; Diasorin S.p.a.; Thermo Fisher Scientific Inc.; Qiagen; BIOMÉRIEUX; Hologic Inc.; Bio Rad Laboratories; Quidel Corporation; EKF Diagnostics; SEKISUI Diagnostics; DiaSys-Diagnostic Systems GmbH; InBios International, Inc.; Jiangsu Mole Bioscience Co., Ltd.; ACON Laboratories, Inc.; Visby Medical, Inc.; UNIMA, INC. |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The growth potential of the market is 6.8% through 2033.
The United States and Germany are projected to emerge as lucrative markets.
Hospitals offer a convenient end user for the POCT market conducting POC tests, making it the dominant end user.
Handheld POC Monitoring Devices accounted for a revenue share of 41.3% in 2022.
Efforts to produce medications and lifesaving vaccines and biologicals for the entire world drive sales.
Explore In-vitro Diagnostics Devices Insights
Point-of-Care Diagnostics Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
