Point of Care Diagnostics Market to Grow with a CAGR of 9.18% through 2029
Rising prevalence of chronic diseases is expected to drive
the Global Point of Care Diagnostics Market in the forecast period 2025-2029.
According
to TechSci Research report, “Point of Care Diagnostics Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2019-2029F”,
the Global Point of Care Diagnostics Market stood at USD 43.12 billion in 2023
and is anticipated to grow with a CAGR of 9.18% in the forecast period,
2025-2029. Point of care diagnostics refers to medical testing performed near
or at the site of patient care, providing quick and actionable results without
the need for centralized laboratories. The primary drivers fueling the growth of the Global Point
of Care Diagnostics Market is the escalating prevalence of chronic diseases
worldwide. Conditions such as diabetes, cardiovascular diseases, and
respiratory disorders are on the rise, necessitating efficient and timely
diagnostic solutions. Point-of-care testing allows for the immediate detection
of biomarkers associated with these chronic illnesses, enabling early
intervention and better management of patient outcomes.
Browse over XX market data Figures spread through XX
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of Care Diagnostics Market”
Biosensor
technology is at the forefront of innovation in point-of-care diagnostics.
These devices, capable of detecting specific biomarkers with high sensitivity,
are revolutionizing the speed and accuracy of diagnostic testing. Miniaturized
biosensors integrated into point-of-care devices allow for the rapid
identification of various analytes, ranging from infectious agents to specific
biomolecules indicative of chronic conditions. The continuous advancement of
biosensor technology is expanding the diagnostic capabilities of point-of-care
devices, making them invaluable tools for quick and reliable medical testing.
The Global Point of Care Diagnostics Market is segmented
into product, platform, mode of purchase, end user, regional distribution, and company.
Based on mode of purchase, OTC products emerged as the
dominant segment in the global market for Global Point of Care Diagnostics in
2023. This is due to its convenience and accessibility, allowing consumers
to self-diagnose and monitor their health without the need for professional
intervention. The expanding availability of OTC diagnostic tests in pharmacies
and retail outlets enhances their widespread adoption. Advancements in
technology have led to the development of user-friendly and reliable OTC
diagnostic devices, further driving market growth. Combined, these factors
contribute to the dominance of OTC products in the global Point of Care
Diagnostics market.
Based on end user, Hospitals &
Clinics emerged as the dominant segment in the global market for Global Point
of Care Diagnostics in 2023. This is due to the increasing prevalence of
chronic diseases necessitates efficient diagnostic solutions within healthcare
facilities. Secondly, hospitals and clinics have the infrastructure and trained
medical professionals to perform diagnostic tests accurately and promptly. Advancements
in technology have led to the development of more sophisticated point-of-care
diagnostic devices, further enhancing their utility in clinical settings. The
rising demand for rapid and accurate diagnosis, particularly during
emergencies, drives the adoption of point-of-care diagnostics in hospitals and
clinics, solidifying their dominance in the market.
Based on region, North America
emerged as the dominant player in the Global Point of Care
Diagnostics Market in 2023, holding the largest market share. the region boasts a highly
developed healthcare infrastructure and advanced medical technology,
facilitating widespread adoption of point-of-care diagnostic solutions.
Secondly, a large patient population, coupled with increasing healthcare
expenditure, drives demand for rapid and efficient diagnostic tools. The favourable
government initiatives and policies support the integration of point-of-care
diagnostics into healthcare systems. The presence of leading market players and
continuous innovation further solidify North America's position as a
frontrunner in the global Point of Care Diagnostics Market.
Major companies operating in Global Point of Care
Diagnostics Market are:
- EKF
Diagnostics
- Abbott
Laboratories Inc.
- Siemens
Healthineers Ag
- F.
Hoffmann-La Roche Ltd
- Quidel
Corporation
- Danaher
Corporation
- Becton,
Dickinson and Company
- Thermo
Fisher Scientific Inc
- Biomérieux
S.A.
- Chembio
Diagnostics, Inc
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“The Global Point of Care Diagnostics market is anticipated to experience
significant growth in the coming years. Anticipated technological advancements, including the
integration of artificial intelligence and continuous innovation in diagnostic
platforms, are expected to enhance the speed, accuracy, and versatility of
point-of-care testing. The rising prevalence of chronic diseases, coupled with
an aging global population, will further drive demand for immediate and
decentralized diagnostic solutions. The increasing awareness of preventive
healthcare and the lessons learned from the COVID-19 pandemic underscore the pivotal
role of rapid diagnostics in public health. As healthcare systems worldwide
continue to prioritize accessibility, efficiency, and patient-centric care, the
Global Point of Care Diagnostics Market is well-positioned to be a cornerstone
in this transformative journey, offering solutions that empower both healthcare
providers and individuals in managing health proactively” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Point
of Care Diagnostics Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented By Product (Glucose Monitoring Products,
Cardiometabolic Monitoring Products, infectious Disease Testing Products,
Coagulation Monitoring products, Covid-19 Test Products, Others), By Platform
(Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics,
Immunoassays), By Mode Of Purchase (Prescription Based Products, OTC Products),
By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Others)
Region and Competition 2019-2029F”, has evaluated the future growth potential of Global
Point of Care Diagnostics Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Point of
Care Diagnostics Market.
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