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The Point of Care Diagnostics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Point of Care Diagnostics, 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..
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.
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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
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.
The point of care diagnostics market report table of contents includes:
1. Executive Summary
2. Point-of-Care Diagnostics Devices And Equipment Market Characteristics
3. Point-of-Care Diagnostics Devices And Equipment Market Trends And Strategies
4. Point-of-Care Diagnostics Devices And Equipment Market – Macro Economic Scenario
5. Global Point-of-Care Diagnostics Devices And Equipment Market Size and Growth
6. Point-of-Care Diagnostics Devices And Equipment Market Segmentation
7. Point-of-Care Diagnostics Devices And Equipment Market Regional And Country Analysis
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27. Point-of-Care Diagnostics Devices And Equipment Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Point-of-Care Diagnostics Devices And Equipment Market
29. Point-of-Care Diagnostics Devices And Equipment Market Future Outlook and Potential Analysis
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