By 2027, Point of Care Diagnostics Market is Estimated to
Chicago, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to the new market research report published by MarketsandMarkets, "Point of Care 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 diagnostics market in terms of revenue was estimated to be worth $45.4 billion in 2022 and is poised to reach $75.5 billion by 2027, growing at a CAGR of 10.7% from 2022 to 2027.
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334 - Tables
48 - Figures
398 – Pages.
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Point of Care Diagnostics Market Report Scope:
| Report Coverage | Details |
| Market Value by 2027 | $75.5 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.7% |
| Historical Data | 2020-2027 |
| Base Year | 2021 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Platform, Mode of Purchase, Sample, End User, and Region |
| Geographies Covered | North America (US & Canada), Europe (Germany, UK, France, Italy, Spain, and RoE), APAC (Japan, China, India, Australia, South Korea, and the RoAPAC), LATAM (Brazil, Mexico, and RoLATAM), and MEA |
| Key Companies Profiled/Vendors | F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (US), Abbott (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), among others. |
| Key Market Opportunities | POC tests with multiplexing capabilities |
| Key Market Drivers | Increasing prevalence of infectious diseases |
The high prevalence of diabetes, cardiovascular diseases, infectious diseases and other target conditions, the increased number of CLIA-waived POC tests, increased focus of players in strengthening the POCT product portfolio, initiatives by government to boost the adoption of rapid testing are anticipated to drive the growth of market.
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However, increasing prising pressure, 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.
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, haematology testing products, thyroid stimulating hormone testing products, tumor/cancer marker testing products, faecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products.
The infectious disease testing products registered the highest CAGR during the forecast period. Increase in the prevalence of infectious diseases globally and the availability of advanced POCT products for large range of infectious diseases has aided in rapid detection and controlling the spread of infection, further offering timely treatment to the patients. The recent COVID-19 pandemic has played a vital role in boosting the adoption of rapid antigen tests for COVID detection. Moreover, ongoing research & development by manufactures to bring new POCT for infectious disease with increased accuracy and cost-effective is anticipated to boost their usage in the coming years.
Based on platform, the point of care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The rapid adoption of Lateral flow assay-based POC tests are increasingly owing to the replacement for lengthy and lower as compared to conventional laboratory diagnostic procedures and technological improvements area anticipated to propel the growth of the segment.
On the basis of mode of purchase, the point of care 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, rising online purchase of OTC point-of-care products, lower cost of OTC products, increasing preference for self-monitoring devices are anticipated to drive the growth of the OTC testing products segment
On the basis of sample, the point of care diagnostics market is segment into blood, urine, nasal and oropharyngeal swabs, and other samples. The blood segment captured the largest share of the market in 2021 and is expected to continue its dominance throughout the forecast period. Presence of large number of players offering blood based POCT devices and the broad application of blood sample in diagnosis of target diseases such as drug of abuse, blood glucose monitoring, rapid coagulation testing, cholesterol, infectious diseases are anticipated to boost the growth of the segment.
On the basis of end users, the point of care 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 home care and self-testing segment is projected to register the highest CAGR during the forecast period. The increase in the availability of user-friendly and advanced self-testing kits in the market and the increasing prevalence of chronic diseases requiring long-term care and frequent monitoring are likely to support the growth of self-testing kits.
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Geographical Growth Scenario:
Based on region, the Point of care diagnostics market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East and Africa. North America accounted for the largest share of the Point of care diagnostics market in 2021. The Asia Pacific market is estimated to register the highest growth rate during the forecast period. Some of the factors driving the market growth includes, rising incidence infectious diseases, diabetes, cardiac diseases, healthcare infrastructure modernization, growing geriatric patient pool, rapid adoption of point-of-care assays among large number of hospital, and growing presence of local manufacturers offering wide range POCT kits in the region.
Key Players:
The major players operating in the point of care 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), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMerieux SA (France).
Top Point of Care Diagnostics Market Player:
ABBOTT (US): Abbott is the leading player in the point of care diagnostics market. The company has a strong presence in the US and seeks to enhance its geographical presence by strengthening its business operations in emerging markets. The company has a strong product portfolio, and its FDA- and CE-approved products have helped it gain a sizable market share. Abbott focuses on inorganic growth strategies, such as collaborations and acquisitions, to enhance its product portfolio and expand its geographical presence. The company’s extensive research & development activities for product development and its ongoing clinical trials for newly developed products will further enhance its share in the point-of-care and rapid diagnostics market.
F. HOFFMANN-LA ROCHE LTD.: Roche Diagnostics is one of the leading players in the global POC diagnostics market. Roche Diagnostics focuses on R&D to develop new tests and cater to the increasing demand for diagnostic testing. Also, the company has adopted several strategies, such as product launches and approvals and acquisitions. Over the past three years, Roche Diagnostics has launched several new products. In January 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.
SIEMENS HEALTHINEERS AG: Due to its robust product portfolio in the diagnostic segment, Siemens Healthineers AG is among the leading players in the point-of-care diagnostics market. It has a broad range of testing systems, including coagulation, molecular, urinalysis, and blood gas testing systems & services. The company is engaged in developing and manufacturing new products to expand its product offerings in the point-of-care diagnostics market. Siemens Healthineers focuses on acquisitions to expand its product portfolio and invest in new business ideas to tap into better market opportunities. Siemens expanded its services business by adding the digital services portfolio and the distribution of its R&D workforce across international sites has enabled the firm to strengthen its foothold in the market.
Recent Developments:
- In May 2022, QuantuMDx announced the launch of its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.
- In March 2022, Boditech Med entered in strategic partnership with Novo Integrated Sciences, Inc. with an aim to expand its biomarker based rapid testing product line across North America
- In January 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.
Point of Care Diagnostics Market Report Objectives:
- To define, describe, and forecast the point-of-care and rapid diagnostics market by Product, Platform, Mode of Purchase, Sample, End User, and Region
- To provide detailed information about major factors influencing market growth (key drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyse micromarkets1 with respect to individual growth trends, prospects, and their contributions to the overall point-of-care and rapid diagnostics market
- To analyse market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the market value of various segments and sub-segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players active in the point-of-care and rapid diagnostics market and comprehensively analyse their global revenue shares and core competencies2
- To track and analyse competitive market-specific developments such as product approvals & commercialization, agreements, partnerships, collaborations, acquisitions, and expansions in the point-of-care and rapid diagnostics market
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