Meticulous Research®—a leading global market research company, published a research report titled, ‘Point-of-care Diagnostics Market by Application (Influenza, Pneumonia, COVID-19, TB, HAI, Hepatitis, HIV, Glucose, Coagulation, Hematology, Cancer, Cardiac), Platform, Purchase Mode (Prescription, OTC), End User (Home Care, Hospital)—Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the point-of-care diagnostics market is expected to reach $82.74 billion by 2029, at a CAGR of 7.4%. The growth of this market is driven by the increasing prevalence of chronic diseases and the rapidly growing demand for cost-effective and innovative POC diagnostic products.
Point-of-care Diagnostics Market: Future Outlook
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 application, in 2022, the infectious diseases testing segment is expected to account for the largest share of the point-of-care diagnostics market. The large market share of this segment is attributed to the COVID-19 outbreak, the high prevalence of other infectious diseases, and the increase in accessibility to rapid disease diagnosis.
Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, molecular diagnostics, and other platforms. In 2022, the lateral flow assays segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the affordability, accessibility, ease of use, and clinical utility of lateral flow assays in POC applications.
Based on mode of purchase, in 2022, the prescription-based tests segment is expected to account for the largest share of the point-of-care diagnostics market. Prescription-based point-of-care diagnostics products are used for critical care, infectious disease, cardiac markers, coagulation, hematology and other health conditions. The increase in prescriptions for these devices has contributed to the large market share of this segment.
Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the high demand for point-of-care diagnostics in emergency departments of hospitals. Rapid diagnosis has become crucial in emergency departments to reduce overcrowding due to increased primary care referrals. Connecting point-of-care devices to hospital information systems linked with electronic medical records offers several benefits, including faster access to clinical information, the ability to communicate test results more quickly, and eliminating challenges associated with reading errors. Point-of-care diagnostics products help hospitals improve overall efficiency by enabling quick monitoring, prognosis, and operational decision-making, driving their adoption in hospital settings.
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This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America, and Middle East & Africa. In 2022, North America is expected to account for the largest share of the point-of-care diagnostics market. North America’s major market share is attributed to the strong penetration of point-of-care diagnostics products, advanced healthcare infrastructure, high healthcare expenditure, and the presence of key market players in the U.S. and Canada.
The key players operating in the 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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