Point-of-care testing (POCT) are tests that are performed outside laboratories. These tests offer real-time, reliable results, which is a major advantage over conventional laboratory procedures involving long waiting hours or days. These reduce the overall turnaround time by enabling immediate decision-making, follow-up testing and access to care.
POCT significantly aids in managing and identifying acute infections and chronic ailments, providing an edge over other conventional diagnostic methods. This testing method has been proven a boon, particularly in patients who live far from hospitals and laboratories. It saves patients’ time, improves clinical output, and reduces extra costs associated with onsite testing. Additionally, POCT results in faster therapeutic intervention and reduced pre and post-analytical errors, thereby improving patient satisfaction.
In its latest publication on point-of-care diagnostics, Meticulous Research® states that the global point-of-care diagnostics market is projected to reach $82.74 Billion by 2029, at a CAGR of 7.4% from 2022 to 2029.
The point-of-care diagnostics market is segmented based on Application (Infectious Disease Testing {Respiratory Infections Testing [Influenza, Tuberculosis, Pneumonia, Other Respiratory Infections], Healthcare-Associated Infection (HAI) Testing, Parasitic Infections, Gastrointestinal infections [Salmonellosis, E. coli Infections, Other GI infections], Blood-borne Infections Testing [Hepatitis, HIV, Other Blood-borne infections], Other Infectious Diseases testing}, Blood Glucose Monitoring {Test Strips, Glucometers, Lancets, Hemoglobin A1c Test Kits}, Cardiac Marker/Cardiac Metabolism, COVID-19 Testing, Coagulation Test {Prothrombin Time (PT/INR) Test, Activated Clotting Time (ACT/aPTT) Test, Other Tests}, Pregnancy and Fertility Testing {Pregnancy Test, Fertility Test}, Fecal Occult Testing, Hematology, Tumor/Cancer Markers Testing, Drugs of Abuse Test, Urinalysis, Cholesterol/lipid profile Testing, Other PoC Tests), Platform (Lateral Flow Assays, Molecular Diagnostics, Other Platforms), Mode of Purchase (Prescription-based Tests, Over-the-counter Tests), End User (Home Care/Self Testing, Hospitals, Physician offices & Ambulatory Care Settings, Diagnostics Labs, Other End Users), and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.
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Based on geography, the point-of-care diagnostics market in Asia-Pacific is expected to register the highest CAGR during the forecast period. Key factors such as the increasing awareness of POC testing, the increasing population living with several infectious diseases, lower regulatory hurdles, and rising accessibility to POC products are driving the growth of this market.
Based on application, the blood glucose monitoring segment is expected to register the highest CAGR during the forecast period. The growing patient awareness about POC testing for blood glucose monitoring, the increasing prevalence of diabetes, and the growing technological advancements in blood glucose self-monitoring devices are contributing to the large market share of this segment. According to the Centers for Disease Control and Prevention (CDC) report released in 2022, it is estimated that more than 130 million adults are living with diabetes or prediabetes in the U.S.
Based on platform, the market is segmented into lateral flow assays, molecular diagnostics, and other platforms. The lateral flow assays segment is expected to register the highest CAGR during the forecast period. Factors attributed to the increasing demand for lateral flow assay include its benefits, such as accessibility, user-friendliness, and low cost. The lateral flow assay is a well-established method for point-of-care testing that identifies a wide range of analytes, including proteins, toxins, nucleic acids, and bacterial and viral infections. Owing to this, lateral flow assay tests are widely used in hospitals and home care settings.
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Based on mode of purchase, the market is segmented into prescription-based and over-the-counter (OTC) testing products. The over-the-counter segment is expected to register the highest CAGR during the forecast period. The rising awareness of regular health monitoring and increased penetration of OTC point-of-care diagnostics products are the key factors contributing to the growth of this segment.
Based on end user, the home care or self-testing segment is expected to register the highest CAGR over the forecast period. The increasing prevalence of infectious and chronic diseases which need long-term care and the growing awareness and accessibility to POC test kits contribute to the growth of this segment.
Key players:
The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in the global point-of-care diagnostics market are Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), Quidel Corporation (U.S.), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (U.S.), Becton, Dickinson and Company (U.S.), CHEMBIO DIAGNOSTICS, INC. (U.S.), EKF Diagnostics (U.K.), Trinity Biotech plc (Ireland), Werfen, S.A. (Spain), Nova Biomedical (U.S.), Sekisui Diagnostics (U.S.), Thermo Fisher Scientific (U.S.), and bioMérieux S.A. (France).
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Key questions answered in the report:
- Which are the high-growth market segments in terms of application, platform, mode of purchase, end user, and region/country?
- What was the historical market size for point-of-care diagnostics across the globe?
- What are the market forecasts and estimates for the period 2022–2029?
- What are the major drivers, restraints, opportunities, challenges, and trends in the point-of-care diagnostics market?
- Who are the major players in the point-of-care diagnostics market?
- How is the competitive landscape, and who are the market leaders in the point-of-care diagnostics market?
- What are the recent developments in the point-of-care diagnostics market?
- What are the different strategies adopted by the major players in the point-of-care diagnostics market?
- What are the geographical trends and high growth regions/countries?
Author:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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