June 6, 2024

Point of Care Diagnostics Market to Garner US$ 93.21 Billion by 2030

The point of care diagnostics market was estimated at US$ 36 billion last year and is projected to hit around US$ 93.21 billion by 2030, registering a CAGR of 11.1% between 2021 and 2030. The report contains 180+ pages with detailed analysis.

Point of Care Diagnostics Market Size 2020 to 2030

 

The COVID-19 pandemic’s worldwide impact has been unforeseen and devastating, with point of care diagnostics experiencing a positive demand across all around the world. Because of the global frequency of chronic and acute diseases, there is a growing demand for high quality point of care diagnostics kits. Furthermore, technical advancements in diagnostic kits have resulted in fewer manual errors, which have emerged as a key driver of the market. This is likely to increase the use of point of care diagnostics testing kits in emerging and low-income nations.

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Point of Care Diagnostics Market Growth Factors
  • Technological developments in POC devices
  • Rising infectious disease incidence
  • Increased expenditures by key companies
  • Rising occurrences of target disorders
Scope of the Point of Care Diagnostics Market
Report Coverage Details
Market Size in 2021 USD 36 Billion
Growth Rate From 2021 to 2030 CAGR of 11.1%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Point of Care Diagnostics Market Dynamics

Drivers: Growing geriatric population

The elderly or senior population is rapidly increasing. According to the World Health Organization (WHO), the number of people aged 65 and up is expected to increase by around 1.5 billion by 2050. In developing countries such as China, Japan, India, and South Korea, the figure is expected to rise. Cancer, diabetes, high blood pressure, and blood sugar levels are just a few of the health issues that the geriatric population faces. They need to be more cautious about their health. As a result, they require medications at regular intervals. Geriatric patients may purchase medications without a prescription. As a result, during the forecast period, the growing geriatric population will drive the growth of the point of care diagnostics market.

Restraints: Inadequate adoption of point of care diagnostics

The clinical professionals with less laboratory experience, such as nurses, perform the majority of point of care diagnostics tests. Because hospitals have a huge number of patients, these individuals focus on patient care and are constantly under pressure to give quick treatments. The sample collection and all other processes that clinical personnel do while performing point of care diagnostics tests are generally unfamiliar with the proper procedures. Furthermore, it has been noticed that in most situations, the opinion of lab experts or healthcare workers is not taken into consideration. Thus, the inadequate adoption of point of care diagnostics is hindering the market growth.

Read Also: Genetic Testing Market Size is Estimated to Cross US$ 15.8 Bn by 2030

Opportunities: Rising prevalence of chronic diseases

The rising prevalence of infectious and chronic diseases such as cancer, heart diseases, hepatitis, and other respiratory diseases is driving the global point of care diagnostics market growth. Furthermore, the change in consumer lifestyle patterns can lead to a variety of medical disorders, such as obesity, hypertension, blood sugar, and diabetes, which necessitate the use of point of care diagnostics for monitoring and diagnosis. As a result, the rising prevalence of chronic diseases is creating lucrative opportunities for the growth of point of care diagnostics market during the forecast period.

Challenges: Stringent regulatory framework

The regulatory policies have hampered the development of new point of care diagnostics test kits, despite the improved accuracy and capabilities of point of care diagnostics kits. The diagnostic test is regulated by the Food and Drug Administration (FDA) in the U.S., and it must go through a lengthy approval process. As a result, businesses must work hard to get strict laws passed. The regulatory authorities’ enforcement of regulations on certain point of care diagnostics testing kits threatens to halt the development of novel diagnostic kits. As a result, the stringent regulatory frameworks is biggest challenge for the growth of the point of care diagnostics market.

The key players profiled in the global point of care diagnostics market are
  • Cardinal Health Inc.
  • Trinity Biotech
  • Bio-Rad Laboratories Inc.
  • Thermo Fisher Scientific Inc.
  • Quest Diagnostics Incorporated
  • Quidel Corporation
  • Abbott Laboratories
  • Mesa Biotech
  • F. Hoffmann-La Roche Ltd
  • Cepheid

Market Segmentation

By Product

  • Blood Glucose Monitoring
  • Infectious Diseases
  • Cardiometabolic Diseases
  • Pregnancy & Infertility Testing
  • Hematology Testing
  • Others

By End User

  • Hospital Bedside
  • Physician’s Office Lab
  • Urgent Care & Retail Clinics
  • Homecare/Self-testing

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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