Point of Care Diagnostics Market is anticipated to grow further up to USD 76.4 billion by 2031

The global point of care diagnostics market was valued at USD 32.2 billion in 2021 and it is anticipated to grow up to USD 76.4 billion by 2031, at a CAGR of 9.0% during the forecast period.

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Market Trends and Drivers

POC tests can greatly improve the management of infectious diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse. For instance, according to UNAIDS, around 20.6 million people were living with HIV in East and Southern Africa in 2018. Similarly, in 2019, 20,000 new HIV cases were registered in the Middle East and North Africa as per the UNAIDS Data 2020). In the Asia Pacific, an estimated 5.8 million people were suffering from HIV in 2019, led by India and China. According to UNAIDS, in 2019, approximately 2.1 million people in India were infected with HIV. The high prevalence of HIV is likely to boost the demand for point-of-care diagnostics, further accelerating the treatment of HIV infection. Hence, high prevalence of infectious diseases, coupled with the inadequate healthcare infrastructural facilities in developing countries, is expected to drive the adoption of POC testing.

Market Restraints and Challenges

The pricing pressure due to reimbursement cuts and lack of sufficient budgets affects the growth of the global POC diagnostics market. In 2013, the US government passed a healthcare reform bill, according to which manufacturers must pay a heavy 2.3% annual excise tax on medical devices. Similarly, France has focused on medical devices for cost containment to recover from the recession. The 2013 French budget included price cuts of a total of USD 157.6 million (EUR 115 million) in the medical sector, which comprises savings worth USD 102.8 million (EUR 75 million) from the ambulatory care sector and USD 54.8 million (EUR 40 million) from hospitals. In France, all the cost of patient care is rolled out into one prospective payment under the Diagnosis Related Group (DRG) system, making reimbursement a negligible factor. For instance, in the country, the reimbursement for diabetes technologies in outpatient settings is based on a tariff system. Reimbursable products and services, along with their respective tariffs, are added to the list of reimbursed products and services (LPPR). Blood glucose monitoring strips are reimbursed based on a single "generic" tariff, as French payers do not see the relevant difference in the various prices of BGM.

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Global Point of Care Diagnostics Market Segmentation

Product

• Glucose Monitoring
• Cardiometabolic testing
• Blood gas/electrolytes testing
• Infectious disease testing
• Pregnancy and fertility testing
• Tumor/Cancer marker testing
• Others

Technology

• Lateral Flow Assays
• Dipsticks
• Microfluidics
• Molecular Diagnostics
• Immunoassays

Major Players in the Global Point of Care Diagnostics Market

The key players in the market are Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland) and Instrumentation Laboratory (a Werfen Company) (US), among others.

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