Point-of-care Diagnostics Market to be Worth $43.1 Billion by 2030

Meticulous Research®- a leading global market research company, published a research report titled - 'Point-of-Care Diagnostics Market by Application (Influenza, Pneumonia, HAI, Salmonellosis, Hepatitis, HIV, COVID, Pregnancy, Glucose Monitoring, Hematology, Tumor Marker, Urinalysis), Platform (LFA, Molecular), Sample, End User - Global Forecast to 2030.'

According to this latest publication from Meticulous Research®, the global point-of-care diagnostics market is expected to reach $43.1 billion by 2030, at a CAGR of 5.1% from 2023 to 2030. The growth of the PoC diagnostics market is mainly driven by the increasing prevalence of chronic diseases, innovations in PoC tests, the development of CLIA-waived PoC tests, and the lack of skilled technicians for performing lab tests. However, pricing pressure due to fluctuations in reimbursements restrains the growth of this market. Additionally, emerging markets and healthcare professionals' increasing preference for PoC tests over lab tests are expected to create growth opportunities for the stakeholders in this market. However, the lack of awareness regarding the use of PoC devices is a major challenge to market growth.

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Key Players

The key players operating in the global point-of-care diagnostics market are Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), QuidelOrtho Corporation (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), Chembio Diagnostics, Inc. (U.S.), EKF Diagnostics Holdings plc (U.K.), Trinity Biotech plc (Ireland), Werfen (Spain), Nova Biomedical (U.S.), Sekisui Diagnostics, LLC. (U.S.), Thermo Fisher Scientific Inc. (U.S.), and bioMérieux S.A. (France).

Point-of-Care Diagnostics Market: Future Outlook

The global point-of-care diagnostics market is segmented by offering (consumables, instruments, and software and services); platform (lateral flow assays, molecular diagnostics, and other platform); application (blood glucose monitoring, infectious disease testing [parasitic infections testing, blood-borne infections testing {Hepatitis, HIV, other blood-borne infections}, respiratory infections testing {Influenza, Pneumonia, other respiratory infections testing}, healthcare-associated infection (HAI) testing, gastrointestinal infections testing {salmonellosis, E. Coli infections, other GI infections} other infectious diseases testing], COVID-19 testing, tumor/cancer markers testing, pregnancy and fertility testing [pregnancy testing, fertility testing], cardiac marker/cardiac metabolism testing, cholesterol/lipid profile testing, coagulation testing [prothrombin time (PT/INR) testing, activated clotting time (ACT/APTT) testing, other coagulation testing], hematology, drugs of abuse testing, urinalysis, other POC testing); sample type (blood sample, nasopharyngeal swab, urine sample, saliva sample, other sample types); end user (home care/self-testing, hospitals, physician offices & ambulatory care settings, diagnostics laboratories, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.

Based on offering, in 2023, the consumables segment is expected to account for the largest share of the point-of-care diagnostics market. Recurrent use of consumables in the detection of various diseases through diagnostics, rise in product approvals, increased use of kits in healthcare settings, and technological advancements in ELISpot assay kits, direct-to-customer tests are contributing to the large market share of this segment.

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Based on platform, the molecular diagnostics segment is projected to register the highest CAGR during the forecast period. The growing need for advanced diagnostic techniques, the widening applications of molecular detection tests in various fields, and product launches are the major factors contributing to the market's growth.

Based on application, the blood glucose monitoring segment is expected to account for the largest share of the point-of-care diagnostics market. The rising prevalence of diabetes and the growing need for blood glucose monitoring is contributing to the largest market share of the segment. According to the International Diabetes Federation's (IDF) Diabetes Atlas, the prevalence of diabetes (type 1 and type 2 combined, both diagnosed and undiagnosed) in people aged 20-79 years rose from 415 million in 2015 to 463 million (9.3%) in 2019. This number is expected to reach 578 million (10.2% of the global population) by 2030 and 700 million (10.9% of the global population) by 2045, thus driving the market growth.

Based on sample type, the blood sample type segment is expected to account for the highest CAGR during the forecast period. The growth of this segment is attributed to the availability of a large variety of tests using blood samples, increasing prevalence of various chronic diseases, and increasing consumer awareness regarding the monitoring of chronic diseases.

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Based on end-user, the hospital segment is projected to account for the largest share of the market. As hospitals perform various tests to diagnose various medical conditions, the increasing healthcare expenditure worldwide is expected to boost the point-of-care diagnostics market. Point-of-care (PoC) devices are widely used in various areas of the hospital, including the emergency department (ED), intensive care unit (ICU), operating room/reanimation, delivery room/neonatal ward, CT scanning/invasive radiology, diabetic care ward, and dialysis unit. PoC testing is particularly prevalent in the ED, as it enables rapid confirmation of diagnoses, allowing for quick treatment initiation and reducing patient wait times.

Based on geography, North America is estimated to account for the largest share of the point-of-care diagnostics market in 2023. The large market share of North America can be attributed to the high number of laboratory tests performed annually in the region, the rising prevalence of chronic diseases coupled with growth in the aging population, and the rising number of inpatient hospitalizations drive the growth of the point-of-care diagnostics market in North America.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), Middle East & Africa

Quick Buy - Point-of-care Diagnostics Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/33595865

Key questions answered in the report-

Which are the high-growth market segments in terms of offering, platform, application, sample type, end user, and country/region?
What was the historical market for point-of-care diagnostics market across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, challenges, and opportunities in the global point-of-care diagnostics market?
Who are the major players in the global point-of-care diagnostics market?

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