Point of Care Diagnostics Market Size to Hit USD 93.21 Bn by 2030

Precedence Research
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The global point of care diagnostics market size is expected to hit around USD 93.21 billion by 2030 and is poised to grow at a remarkable CAGR of 11.1% from 2021 to 2030.

Ottawa, Jan. 07, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global point of care diagnostics market size was valued at USD 36 billion in 2021. The COVID-19 pandemic’s worldwide impact has been unforeseen and devastating, with point of care diagnostics experiencing a positive demand across all around the world. Because of the global frequency of chronic and acute diseases, there is a growing demand for high quality point of care diagnostics kits. Furthermore, technical advancements in diagnostic kits have resulted in fewer manual errors, which have emerged as a key driver of the market. This is likely to increase the use of point of care diagnostics testing kits in emerging and low-income nations.

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Growth Factors

  • Technological developments in POC devices

  • Rising infectious disease incidence

  • Increased expenditures by key companies

  • Rising occurrences of target disorders

Scope of the Point of Care Diagnostics Market

Report Coverage

Details

Market Size in 2021

USD 36 Billion

Growth Rate From 2021 to 2030

CAGR of 11.1%

Fastest Growing Market

Asia Pacific

Largest Market

North America

Base Year

2021

Forecast Period

2021 to 2030

Companies Covered

Cardinal Health Inc., Trinity Biotech, Bio-Rad Laboratories Inc., Abbott Laboratories, Thermo Fisher Scientific Inc., Quest Diagnostics Incorporated, Quidel Corporation, Mesa Biotech, F. Hoffmann-La Roche Ltd, Cepheid

Regional Snapshot

North America is the largest segment for point of care diagnostics market in terms of region. The U.S. dominates the North America point of care diagnostics market with highest market share. This is mostly due to the country’s growing senior population, as well as other factors such as rising chronic diseases and favorable government legislation and programs aimed at improving the healthcare infrastructure.

Asia-Pacific region is the fastest growing region in the point of care diagnostics market.The point of care diagnostics market is expected to grow rapidly in developing countries such as China, Japan, and India. The growing demand for efficient and effective diagnostics, as well as rising middle class population with regular health issues are factors propelling the growth of point of care diagnostics market. In addition, the point of care diagnostics market in the Asia-Pacific region may benefit from change in consumer lifestyle combined with rising disposable income.

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Market Dynamics

Drivers

Growing geriatric population

The elderly or senior population is rapidly increasing. According to the World Health Organization (WHO), the number of people aged 65 and up is expected to increase by around 1.5 billion by 2050. In developing countries such as China, Japan, India, and South Korea, the figure is expected to rise. Cancer, diabetes, high blood pressure, and blood sugar levels are just a few of the health issues that the geriatric population faces. They need to be more cautious about their health. As a result, they require medications at regular intervals. Geriatric patients may purchase medications without a prescription. As a result, during the forecast period, the growing geriatric population will drive the growth of the point of care diagnostics market.

Restraints

Inadequate adoption of point of care diagnostics

The clinical professionals with less laboratory experience, such as nurses, perform the majority of point of care diagnostics tests. Because hospitals have a huge number of patients, these individuals focus on patient care and are constantly under pressure to give quick treatments. The sample collection and all other processes that clinical personnel do while performing point of care diagnostics tests are generally unfamiliar with the proper procedures. Furthermore, it has been noticed that in most situations, the opinion of lab experts or healthcare workers is not taken into consideration. Thus, the inadequate adoption of point of care diagnostics is hindering the market growth.

Opportunities

Rising prevalence of chronic diseases

The rising prevalence of infectious and chronic diseases such as cancer, heart diseases, hepatitis, and other respiratory diseases is driving the global point of care diagnostics market growth. Furthermore, the change in consumer lifestyle patterns can lead to a variety of medical disorders, such as obesity, hypertension, blood sugar, and diabetes, which necessitate the use of point of care diagnostics for monitoring and diagnosis. As a result, the rising prevalence of chronic diseases is creating lucrative opportunities for the growth of point of care diagnostics market during the forecast period.

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Challenges

Stringent regulatory framework

The regulatory policies have hampered the development of new point of care diagnostics test kits, despite the improved accuracy and capabilities of point of care diagnostics kits. The diagnostic test is regulated by the Food and Drug Administration (FDA) in the U.S., and it must go through a lengthy approval process. As a result, businesses must work hard to get strict laws passed. The regulatory authorities’ enforcement of regulations on certain point of care diagnostics testing kits threatens to halt the development of novel diagnostic kits. As a result, the stringent regulatory frameworks is biggest challenge for the growth of the point of care diagnostics market.

Report Highlights

  • Based on the product, the blood glucose monitoring segment dominated the point of care diagnostics market in 2020. The diabetic patients need to monitor their glucose levels on a regular basis, which has prompted the adoption of point of care diagnostics among the diabetic patients in this market. The diabetes’s expanding prevalence around the world is projected to drive the segment growth.

  • Based on the end user, hospital bedside led the market with highest share in 2020 due to the rising prevalence of chronic diseases.

Segments Covered in the Report

By Product

  • Blood Glucose Monitoring

  • Infectious Diseases

  • Cardiometabolic Diseases

  • Pregnancy & Infertility Testing

  • Hematology Testing

  • Others

By End User

  • Hospital Bedside

  • Physician’s Office Lab

  • Urgent Care & Retail Clinics

  • Homecare/Self-testing

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • MEA

  • Rest of the World

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