Point of care diagnostics Market Expected to Deliver Dynamic Progression until 2029

Market Values:

The Point of Care Diagnostics market reached a valuation of US$ 30.68 Bn in 2022, with an anticipated Compound Annual Growth Rate (CAGR) of 6.5% throughout the forecast period.

Market Overview:

Point of Care Testing (POCT) is integral to medical diagnostic testing, providing immediate information about a patient's condition in various medical settings. The market growth is attributed to the increased prevalence of infectious diseases, product developments, and the rise in CLIA-deferred Point of Care (POC) tests. The report emphasizes the importance of new products aimed at providing affordable care in close proximity to patients.

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Report Scope:

The report offers a comprehensive analysis of the global Point of Care Diagnostics market, covering market dynamics, drivers, restraints, and regional insights. Additionally, it provides an overview of the market's size, scope, and the methodology employed in the research.

Research Methodology:

The research methodology used in this report ensures reliability, combining both primary and secondary research methods. Real numbers and outputs from key players, major players globally, and past trends from the last five years were considered in estimating the 2022 market size. Special attention is given to the exceptional circumstances of 2022, with the impact of lockdowns analyzed by region.

Market Dynamics:

Market Drivers:

The integration of digital technologies is expected to have a substantial impact on expanding POC solutions in limited resource settings. The increasing use of telehealth as a new norm is identified as a crucial go-to-market strategy for POCT players. The report highlights the significance of POC diagnostics in environmental monitoring and public health, driving the integration of technologies facilitating easy networking for healthcare professionals.

The growing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, is identified as a key driver. Technological advancements, specifically in microfabrication and microfluidics, have led to the development of cost-effective, user-friendly, and portable POC devices, contributing to market growth.

Market Restraints:

Regulatory approval processes pose a challenge, as rapid test kits require government approvals for commercialization and general use in healthcare facilities. Pricing pressure due to reimbursement cuts and limited budgets hinders the growth of the POC diagnostics market.

The report identifies potential issues in POC testing, including pre- and post-analytical errors, lack of proper alignment with central lab methods, and challenges in documentation during emergency situations, impacting the overall quality of care provided to patients.

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Regional Insights:

North America dominated the market in 2022, holding a 40.0% share. The region's continued dominance is expected due to the rising prevalence of infectious diseases and the presence of major participants.

The Asia-Pacific region is forecasted to witness significant growth at a CAGR of 4.7% through the forecast period. The report highlights the region's growth driven by an increasing number of local diagnostic units and reagents manufacturers.

Segment Analysis:

by Platform

1. Lateral Flow Assays
2. Dipsticks
3. Microfluidics
4. Molecular Diagnostics
4.1. Polymerase Chain Reaction(PCR)
4.2. Isothermal Nucleic Acid Amplification Technology (INAAT)
4.3. Other Molecular Diagnostic Technologies

5. Immunoassays

by Mode of Purchase

1. Prescription-based Products
2. OTC Products

by Sample

1. Blood
2. Urine
3. Nasal and Oropharyngeal Swabs
4. Other Samples

by Product

1. Glucose Testing
2. Hb1Ac Testing
3. Coagulation Testing
4. Infectious Disease

The point-of-care diagnostic market is divided into segments based on product, including infectious illness, coagulation, glucose, and Hb1Ac tests. With a revenue share of over 20.0%, the infectious disease segment was the largest. Better persistent consideration has resulted from the shift in infectious disease testing from concentrated to decentralized point-of-care testing. POC replies for decentralized locations are being conveyed by industry participants in response to the growing demand for quick examinations. For instance, Abbott has introduced ID NOW, the fastest sub-atomic POC test in the world. It provides COVID-19 results quickly and may be used in a variety of decentralized medical services settings, such as critical consideration centers and specialist offices.

The second-largest income share was attributed to the glucose testing category. The great prevalence of Diabetes and the requirement for ongoing glucose monitoring are contributing to the segment's development. Throughout the projection period, the growing prevalence of diabetes and the release of portable diabetes testing kits will support the segment's growth. For example, routine glucose data collection was anticipated in studies examining the rise in glucose levels in hospitalized patients with community-acquired pneumonia.POC capillary blood glucose testing was used by the analysts to measure the patients' blood sugar levels.

by End Use

1. Clinics
2. Hospitals
3. Homes
4. Labs

The point-of-care diagnostics market is divided into clinics, hospitals, homes, and labs based on the final application. The market was dominated by the clinic segment. The main sources of income generated by this segment are pharmacies and clinics. Growing acceptance of new symptomatic developments, advancements in medical care, and reasonableness are the main drivers of the growth in POC diagnostic usage.

In this vein, neighborhood pharmacies and retail establishments have emerged as viable clinical settings for carrying out these laboratory tests, especially in relation to testing for cholesterol and glycosylated hemoglobin (A1C). The aging population's improved access to healthcare, the rise in infectious diseases, and the growing strain on traditional healthcare facilities are all important factors driving market expansion. Administrative bodies have controlled the approval/check setting for POC devices as the use of POCT in emergency clinics rises. While a formal approval is not required for on-label POCT devices, it is necessary to verify the precision, exactness, and insightful estimating range in addition to other center boundaries as defined by CLIA.

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Key Players :

1. F. Hoffmann-La Roche Ltd. (Switzerland)
2. Danaher (USA)
3. BD (USA)
4. Qiagen (Germany)
5. Abbott (USA)
6. Siemens Healthcare AG (Germany)
7. bioMerieux SA (France)
8. Zoetis, Inc. (USA)
9. Instrumentation Laboratory (USA)
10. Nova Biomedical (USA)
11. Quidel Corp.(USA)
12. Trividia Health, Inc.(USA)
13. Sekisui Diagnostics (Japan)
14. Nipro Corp.(Japan)
15. Trinity Biotech (USA)
16. Orasure Technologies, Inc. (USA)
17. Spectral Medical, Inc. (USA)

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