The global point-of-care diagnostics market, valued at $49.7 billion in 2023, is projected to reach $77.8 billion by 2028, growing at a CAGR of 9.4%. Key drivers include the rising prevalence of infectious diseases like influenza, HIV, and tuberculosis, supportive government policies, and the shift towards healthcare decentralization. Challenges include pricing pressures due to reimbursement cuts and stringent regulatory approvals. Significant growth opportunities exist in emerging markets like China, India, Brazil, and Mexico. In 2022, glucose monitoring products held a significant market share, with lateral flow assays leading by platform. Major players include Abbott Laboratories, F. Hoffman-La Roche Ltd., BD, Danaher Corporation, and Siemens Healthineers. Recent developments feature FDA approvals for new diagnostic panels by bioMérieux and BD, and a partnership between Thermo Fisher Scientific and Project HOPE to expand HIV testing in Sub-Saharan Africa.
Download an Illustrative overview:
Browse in-depth TOC on "Point of Care Diagnostics Market"
191 - Tables
51 - Figures
322 – Pages
The Lateral Flow Assays segment, by platform, is expected to register the largest market share of the global point of care diagnostics industry in 2022.
Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment dominated this market with a share of in 2022.Lateral flow assays are simple in usage, relatively inexpensive, making it more accessible for patients and healthcare provider, LFA technology does not require trained person to operate, allowing them to be used in various healthcare settings, from clinics and pharmacies to remote arears, promoting healthcare decentralization. All these factors are contributing towards the dominance of lateral flow technology in point of care diagnostics market.
The OTC testing product segment, by mode of purchase, to dominate the global point of care diagnostics industry in 2022.
On the basis of mode of purchase OTC testing products segment accounted the largest market share in 2022 attributed to the increasing adoption of OTC products owing to its ease of usage and convenience. The presence of diverse range of OTC point of care devices for diseases screening, personal health monitoring and various other conditions further contribute to the rising demand for OTC PoC testing devices among consumers.
North America to account for the largest share of point of care diagnostics industry during the forecast period.
North America is the expected to be the largest regional market for point of care diagnostics during the forecast period. The presence of a well-established healthcare system, rapid adoption of advanced point of care testing products, increase in the availability of medical reimbursement, favourable government support for the novel product development, and higher user awareness about the presence of point of care testing products are anticipated to support the market growth in the region
Request Sample Pages:
Point of Care Diagnostics Market Dynamics:
Drivers:
Rising incidence of infectious diseases
Increasing prevalence of target conditions
Favorable government initiatives for POC testing
Rising number of CLIA-waived POC tests
Restraints:
Pricing pressure on POC manufacturers
Stringent regulatory approval process for product commercialization
Opportunities:
High growth potential of emerging markets
Decentralization of healthcare
Innovative product development
Challenge:
Inadequate standardization with centralized lab methods
Limited awareness in emerging markets
Premium pricing of novel platforms
Key Market Players of Point of Care Diagnostics Industry:
As of 2022, the point of care diagnostics market was dominated by Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), and Becton, Dickinson and Company (US)
Point of Care Diagnostics Market - Key Benefits of Buying the Report:
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.
This report provides insights on the following pointers:
Analysis of Key divers (rising prevalence of infectious and chronic disease, growing adoption of self-testing kits, helathacre decentralization, rising number of CLIA-wavier Poc Tests), restraints (rising pricing pressure on PoC manufactures, stringent regulatory approval procedures for new PoC devices), Opportunities (emerging markets, emerging technologies, such s microfluidics) , Challenge (Training & education in low resource countries)
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the point-of-care diagnostics market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the point-of-care diagnostics market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the point-of-care diagnostics market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Links:
Comments