Point of Care Diagnostics Market is Estimated to Cross $75.5 billion Globally - Exclusive Report by MarketsandMarkets™

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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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.

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 bioMérieux SA (France).

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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