In terms of revenue, the Global Point of Care Diagnostics Market is expected to reach USD 73.9 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.1% from 2022 to 2028.
Point of Care Diagnostics (POC) are methods for quickly and precisely diagnosing a condition. These methods are extremely sensitive, economical, and quick to produce results. These methods are applied in research labs, ambulatory care settings, hospitals, clinics, and home healthcare settings. The market is expected to pick up steam in the upcoming years due to the growth in funding from various sources, the rising frequency of the target diseases, and the requirement to deal with the recent coronavirus outbreak. The point-of-care diagnostics market will see new opportunities throughout the anticipated period due to rising technological improvements, rising awareness through conferences and events, rising Point of Care Diagnostics (POC) tests with healthcare decentralization, multiplexing capabilities, and emerging markets.
Key Highlights from Report:
· The Glucose Testingsegment dominated the growth of the Point of Care Diagnostics Market in 2021.Factors such as the high prevalence of diabetics, the need for early detection of hypo and hyperglycemic diabetes, the convenience of continuous glucose monitoring over conventional monitoring, increased awareness and availability of glucose monitors around the world, and growing technological innovations all contribute to the widespread use of glucose testing kits.
· The Clinicssegment dominated the growth of the Point of Care Diagnostics Market in 2021. The main sources of this segment's revenue are pharmacies and retail clinics. The main drivers of the expansion of Point of Care Diagnostics (POC)applications include rising affordability, expanding healthcare coverage, and increasing availability of novel diagnostic technology.
· Asia Pacific is predicted to mention the fastest growth of the Point of Care Diagnostics Market during the forecast period. The Asia-Pacific market is anticipated to grow significantly over the projected period due to the growing number of industry players investigating the region's undiscovered economies. Furthermore, a significant factor in the expansion of the Asia-Pacific area is the rising usage of point-of-care diagnostics kits in nations like China, Japan, and India.
The market for Point of Care Diagnostics is predicted to expand significantly during the forecast period due to rising chronic illness occurrences and infectious diseases. Furthermore, the growing preference for decentralized health systems is projected to fuel the market. Furthermore, key market players expect to propel the market during the forecast period by adopting breakthroughs and technical improvements in the industry. These factors are projected to drive the point-of-care diagnostics market growth in the coming years.
North America is accounted to have potential growth in the Point of Care Diagnostics Market during the forecast period due to an increase in the prevalence of chronic diseases among the population and an increase in the cases of infectious infections. The market in this area is also expanding due to the number of government organizations supporting and encouraging point-of-care diagnostics or testing. Due to advantageous reimbursement policies predicted to increase service demand, the regional market growth is anticipated to continue during the projection period. The point-of-care diagnostics market in North America is anticipated to rise due to increased awareness of self-testing and home care kits and the widespread adoption of novel technologies.
The Global Point of Care Diagnostics Market is Segmented as follows:
- Glucose Testing
- Hb1Ac Testing
- Coagulation Testing
- Infectious Disease
- Cardiac Markers
- Thyroid Stimulating Hormone
- Primary Care Systems
- Decentralized Clinical Chemistry
- Lipid Testing
- Cancer Marker
- Blood Gas/Electrolytes
- Ambulatory Chemistry
- Drug of Abuse (DOA) Testing
- End Users
- Assisted Living Healthcare Facilities
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players in the Global Point of Care Diagnostics Market is:
F. Hoffmann-La Roche Ltd., Qiagen, Danaher Corp., Becton Dickinson (BD), Biomerieux SA, Abbott Laboratories, Siemens Healthcare AG, Zoetis Inc., Instrumentation Laboratory, Nova Biomedical, Trividia Health Inc., Quidel Corp., Trinity Biotech, Sekisui Diagnostics, Orasure Technologies Inc., Nipro Corp., Spectral Medical Inc.
The Global Point of Care Diagnostics Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|