Point-of-Care Diagnostics Market Size
The Global Point-of-Care Diagnostics Market reached US$ 49.73 billion in 2023 and is expected to reach US$ 115.75 billion by 2031, growing at a CAGR of 11.5% during the forecast period 2024-2031.
POC diagnostic tests provide speedy findings, which improves patient care. Applications of point-of-care diagnostics include diagnosing and detecting glucose levels, infectious diseases, cardiac tests, and among others. These devices are utilized in hospitals, clinics, and patient's homes to respond quickly to various medical tests.
Point-of-Care diagnostics market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Point-of-Care diagnostics market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. The Point-of-Care diagnostics market in the United States and Canada produces the utmost share. Whereas the European Point-of-Care diagnostics market is projected to continue its presence globally during the period of 2023-2030.
Point-of-Care Diagnostics Market Dynamics
The boom in the adoption of the latest technology and growing cognizance are expected to drive market growth.
Rising technological advancements is one of the critical component enhancing the marketplace rise, additionally growing POC exams with multiplexing abilities, increasing focus through conferences and events, healthcare decentralization, and rising markets will create new possibilities for the point-of-care diagnostics for the course during the forecasting period.
Recall of Point of Care diagnostic devices is expected to hamper the market growth.
In October 2021, The US Food and Drug Administration (FDA) warned that certain batches of the Ellume COVID-19 Home Test provided false positive findings due to a manufacturing fault. The company voluntarily recalled specified quantities of its Covid-19 antigen test, which received Emergency Use Authorization (EUA) in December 2020. Nearly 200,000 test kits Ellume has been subject to recall make up approximately 5.6% of the 3.5 million test kits Ellume has shipped to the US, with about 427,000 test kits affected by the problem overall. Thus, from the above factors, the market is expected to be hampered in the forecast period.
Industry Analysis
The point-of-care diagnostics market provides an in-depth analysis of the market based on various industry factors such as porter five forces, regulatory approvals, supply chain analysis, pricing analysis etc.
COVID-19 Impact on the global Point-of-Care Diagnostics Market:
The COVID-19 pandemic has positively impacted healthcare systems and the market. One of the most effective public health measures to stop the spread of SARS-CoV-2 and to effectively manage COVID-19 infections is early detection and isolation of affected people. The diagnosis of SARS-CoV-2 infection is based on clinical symptoms and verified by employing reverse transcription polymerase chain reaction to find the viral RNA in respiratory samples (RT-PCR). Standard RT-PCR procedures are time-consuming, expensive, and technically challenging, making them a poor choice for point-of-care and mass screening in situations with limited resources. It is affordable to scale COVID-19 testing kits at the point-of-care (POC), antigen, and serological tests that have recently been developed, as well as for surveillance operations. Moreover, the global diagnostics alliance Foundation for Innovative New Diagnostics (FIND) announced in April 2021 that it would invest USD 21 million in Biomeme, Bioneer, Qlife, and SD Biosensor to speed up the development, production, and introduction of cost-effective point-of-care molecular diagnostic platforms that can identify multiple disease-causing pathogens, including COVID-19. Thus, from the above factors, the market is expected to boost in the forecast period.
Point-of-Care Diagnostics Market Segment Analysis
Lateral Flow Assays segment is expected to hold the largest market share in point-of-care diagnostics market
The lateral flow assays segment is accounted for the largest market share in 2021. The segment benefits because these are widely used due to their low cost, ease of use, and speed. Lateral flow tests are also simple without special equipment, skills, or experience. Traditional lateral flow tests produce qualitative or semi-quantitative results, whereas quantitative detection requires specialist equipment. For instance, Cytodiagnostics, a biotechnology company based in Burlington, Ontario, Canada, provides the Human IgG Fc Lateral Flow Assay Kit, a 20-minute assay to detect Human IgG Fc in cell culture media and purified protein samples. Its common applications include monitoring expression levels of recombinant antibodies and tracking human Fc-tagged proteins during purification.
Moreover, companies are increasingly focusing on developing innovative lateral flow assay-based point-of-care (POC) devices. For instance, Abbott Laboratories (US) introduced the ARCHITECT STAT Troponin I Blood Test in 2019, while Siemens AG introduced the CLINITEK Microalbumin 2 strips for clinical diagnostics. Thus, from the above factors, the market segment accounted for the largest market share in the forecast period.
Point-of-Care Diagnostics Market Geographical Share
North America region holds the largest market share in the global point-of-care diagnostics market
North America accounted for the largest market share in 2021. The increasing prevalence of diabetes, technological advancement in the point of care devices, the rising presence of corroborating government bodies that elevate point-of-care diagnostics or testing in the region and the launch of the product by the key market players in the region are some of the factors the market is expected to boost in the forecast period. For instance, according to the International Diabetes Federation (IDF), the North America and Caribbean region will have 48 million adults with diabetes in 2021, ranging in age from 20 to 79. This amounts to roughly 13% of the local population in this age bracket. Besides, diabetes contributed to at least USD 966 billion in medical costs, or 9% of all adult spending. Therefore, it has increased the demand for glucose monitoring products. PoC testing is widely used to measure glucose levels in hospitalized patients and quickly decide on a course of therapy in response to changes in blood sugar. POC glucose testing is to be accurate, various parameters must be considered before, during, and after the tests.
Moreover, Bond Digital Health, a MedTech company, started a crowdfunding campaign on May 18, 2022, to finish an EU 1.5 million investment round. The business is convinced that digitized PoC diagnostics have the potential to revolutionize healthcare and increase accessibility on a global scale. Thus, from the above factors, the North America region is expected to hold the largest market share in the forecast period.
Point-of-Care Diagnostics Market Companies
Major key players in the point-of-care diagnostics market are F. Hoffmann La-Roche Ltd., Abbott, Siemens Healthcare GmbH, Quidel Corporation, Cepheid, BD, Thermo Fisher Scientific, Biomerieux, Chembio Diagnostics, Inc., EKF diagnostics.
F. Hoffmann La-Roche Ltd:
Overview:
Hoffmann-La Roche Ltd is one of the key market leaders in research-focused healthcare with combined portfolio in pharmaceuticals and diagnostics. It is one of the largest biotech companies, with truly differentiated medicines in immunology, infectious diseases, oncology, ophthalmology, and neuroscience. It is a global leader in in-vitro and tissue-based cancer diagnostics and a frontrunner in diabetes management. Its personalized healthcare strategy aims to provide medicines and diagnostics that enable tangible improvements in patients' health, quality of life and survival. Moreover, Roche Molecular, is one of four customer-focused areas of Roche Diagnostics Solutions, develops, manufactures and supplies a wide array of innovative molecular diagnostic products, tests, platforms and technologies used to identify and quantify DNA and RNA from different organisms.
Product Portfolio:
cobas h 232 POC system: cobas h 232 POC system is a portable POC system that supports the optimized treatment of patients with symptoms of chest pain and dyspnea because it provides on-the-spot diagnosis and assessment of the patient’s condition based on objective results.
The global point-of-care diagnostics market report would provide an access to an approx. 45+market data table, 40+figures and 180pages