Point of Care Diagnostics Market Global Opportunities, Analysis, Industry Growth And Forecast 2024-2033

The point of care diagnostics market size has grown strongly in recent years. It will grow from $44.19 billion in 2023 to $47.75 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to rise of chronic diseases, diagnostic accuracy improvements, shift in healthcare setting, healthcare cost pressures, consumer demand for convenience.

The point of care diagnostics market size is expected to see strong growth in the next few years. It will grow to $66.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to remote healthcare needs, market expansion in emerging economies, personalized healthcare, focus on preventive healthcare, investment in research & development. Major trends in the forecast period include rise of personalized medicine, technological miniaturization, telemedicine integration, emergence of novel biomarkers, consumer empowerment.

Market Overview -
Point of care (POC) diagnostics refers to medical testing that can be performed at or near the site of patient care. It is used to provide fast and accurate results that can be used to guide immediate patient care decisions.

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Rising Disease Prevalence Propels Growth In Point-Of-Care (POC) Diagnostics Market
The increasing prevalence of chronic and infectious diseases is driving the point of care (POC) diagnostics market forward. Chronic diseases are diseases that progress slowly over time and usually last 3 months or longer. Point-of-care diagnostics is very useful in the easy management of chronic diseases and is widely used because of the convenience factor. For instance, in 2021, according to the International Diabetes Foundation, a Belgium-based umbrella organization of more than 230 national diabetes associations, there were approximately 537 million adult diabetic patients in the world. The number is expected to reach 643 million in 2030 and 783 million in 2045. Therefore, the increasing prevalence of chronic diseases is driving the point of care (POC) diagnostics market.

Competitive Landscape -
Major companies operating in the point of care diagnostics market report are Abbott Laboratories, Siemens Healthineers AG, Beckman Coulter Inc., Becton, Dickinson and Company, Instrumentation Laboratory Company, Nova Biomedical Corporation, Qiagen NV, F. Hoffmann-La Roche Ltd., Biomeriux SA, Quidel Corporation, Orasure Technologies Inc., Johnson and Johnson, Zoetis Inc., Thermo Fisher Scientific Inc., Sysmex corporation, Sinocare Inc., Arkray Inc., Danaher Corporation, Chembio Diagnostics Inc., EKF Diagnostics Holdings plc, Trinity Biotech plc, Fluxergy Inc., LumiraDx UK Ltd., Meridian Bioscience Inc., Nipro Europe Group Companies, AccuBioTech Co. Ltd., Atlas Genetics Ltd., Atlas Link Biotech Co. Ltd., Biomeme Inc., Cepheid Inc., Churc*h & Dwigh*t Co. Inc., Bioptix Inc. .

Revolutionizing Point-Of-Care Diagnostics
Product innovations are a key trend gaining popularity in the point of care (POC) diagnostics market. Major companies in the point-of-care diagnostics market are introducing innovative products to sustain their position in the market. For instance, in January 2022, PocDoc, a US-based diagnostics company, launched the PocDoc Cardiovascular Diseases point-of-care test. The test includes five steps that include taking the sample and testing the sample onto the lateral flow test kit and capturing the test on the phone to receive an instant diagnosis on the phone. The uniqueness of the product is that it is the world's first smartphone-based test for cardiovascular disease testing.

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Key Segments -
The point of care diagnostics market covered in this report is segmented -
1) By Product: Glucose Monitoring Kits, Infectious Diseases Testing Kits, Pregnancy And Fertility Testing Kits, Hematology Testing Kits, Cardiometabolic Monitoring Kits, Urinalysis Testing Kits, Cholesterol Test Strips, Other Products
2) By Mode Of Prescription: Prescription Based Devices, OTC (Over-The-Counter) Based Devices
3) By End User: Professional Diagnostic Centers, Research Laboratories, Home Care, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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