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The point of care diagnostics market size is forecast to increase by USD 16.42 billion at a CAGR of 10.87% between 2024 and 2028. The market's expansion hinges on several key factors: the rising geriatric population, heightened emphasis on personalized medicine, and increasing adoption of automated diagnostic devices within healthcare. Automated diagnostic tools are gaining traction for their ability to deliver quicker, more precise, and dependable results. This technology has transformed healthcare by boosting patient outcomes and patient engagement, cutting costs, and improving overall patient satisfaction. The accompanying market research and analysis report provides a comprehensive examination of drivers, trends, and challenges. Additionally, the report incorporates historical market data spanning from 2018 to 2022.
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The market is witnessing significant growth, driven by advancements in diagnostic devices and increasing demand for cost-effective solutions. With a focus on breast and ovarian cancers, influenza, HIV, and tuberculosis, there's a heightened need for accurate and timely testing. Pricing analysis and patent analysis further shape the market landscape, ensuring competitiveness and innovation. Organizations like the World Hepatitis Alliance and CDC play pivotal roles in advocating for improved healthcare decentralization and access to diagnostic tests. Emerging technologies like wearable technology and lab-on-a-chip platforms promise to revolutionize diagnostics, offering convenience and efficiency in healthcare delivery.
The market share growth by the hematology diagnostics segment will be significant during the forecast period. The hematology diagnostic segment includes products related to hematology diagnostics, blood glucose diagnostics, and HbA1c diagnostics. The high incidence of thalassemia and anemia are major factors driving the demand for hematology diagnostic products.
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The hematology diagnostics segment was valued at USD 4.12 billion in 2018. Blood-related diseases such as hemophilia, thalassemia, and leukemia are common among people in North American countries. Such disorders can be treated by prescribing blood transfusions and chelation therapy. The rising number of thalassemia cases has prompted various governments to take specific initiatives to raise public awareness of the disease. For example, the UK government has launched a National Health Service (NHS) sickle cell and thalassemia screening program to raise awareness and help speed recovery for those affected. Thus, increased demand for hematology testing kits products is expected to drive growth in the segment.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses a range of technologies and products designed for quick and accurate testing in various healthcare settings. These include Cholesterol testing products utilizing Immunoassays and Lateral flow assays, as well as Microfluidics, Dipsticks, and Molecular diagnostics. Home care settings and self-testing are increasingly popular, with Glucose monitoring kits, Urinalysis testing kits, and Hematology testing kits being common applications. Chronic diseases such as cardiometabolic conditions are major targets for PoC diagnostics, with the World Hepatitis Alliance advocating for improved access to diagnostic tools for viral hepatitis. Innovations like Lab-on-a-chip platforms, wearable technology, and smartphone-based technology are revolutionizing PoC diagnostics. Key players in the market include Creative Biolabs, Anavasi Diagnostics, and others. Nanotechnology is also playing a significant role, with potential applications in the detection of respiratory syncytial virus and other diseases. The IDF Diabetes Atlas reports that over 537 million people worldwide have diabetes, highlighting the need for accessible, accurate, and affordable PoC diagnostics.
The market thrives on innovation and accessibility, with a focus on cost-effectiveness and convenience. From glucose monitoring kits to pregnancy and fertility testing, a diverse array of diagnostics devices caters to various healthcare needs. Organizations like Unitaid and CDC drive initiatives to combat infectious diseases and tackle issues like congenital heart defects and birth defects through improved diagnostic tests and prenatal testing. Creative Biolabs contributes to advancements in genetic disorders diagnosis, while mobile diagnostic devices empower healthcare providers with on-the-go testing capabilities. Pricing analysis and patent analysis further refine market strategies, ensuring affordable and innovative solutions for conditions like influenza and HIV.
The growing geriatric population is notably driving the market growth. Due to a lack of physical activity and poor diet, people around the world suffer from health problems that lead to serious medical problems. These medical problems are more common in older people than in younger people. The elderly population is increasing significantly around the world. For example, the elderly populations of Japan, Italy, Germany, France, Sweden, and Spain are 29%, 24%, 22%, 21%, 20%, and 20%, respectively. The aging population has a higher prevalence of diseases such as lung disease, cancer, and stroke. In addition to immune system dysfunction, restricted organ function also increases the risk of infection. These infections can be detected with a POC diagnostic device.
Moreover, as the population ages, medical expenses for physical examinations, disease diagnosis, and treatment are increasing. Some of the most common health problems among older people include Alzheimer's disease, cardiovascular disease, bone and joint disease, and diabetes. Older people have a weakened immune system and metabolism, so they need regular diagnostic tests. These factors have increased the demand for POC diagnostic equipment as it helps in diagnosing diseases. Therefore, the aging population is expected to increase the demand for POC diagnostic equipment, thereby driving the growth of the market during the forecast period. This demand is further fueled by initiatives from government and private institutions, alongside organizations like Unitaid and CDC, aimed at enhancing testing availability and screening efforts. The prevalence of conditions such as genetic disorders, congenital heart defects, and birth defects underscores the importance of prenatal testing and rapid disease diagnosis. Thus, the geriatric population's expansion is projected to spur market growth, particularly in middle-income countries, driven by increased funding and the adoption of innovative diagnostic technologies.
The shift from conventional testing methods to rapid diagnostics is the key trend shaping the market. Rapid diagnosis tests (RTDs) are ideal for initial or emergency medical examinations and can be performed in medical facilities with limited resources. Several POC tests that were previously confined to laboratories are now being performed in primary care. These POC tests provide results within 2 hours. Therefore, RDT has gained great popularity all over the world.
Further, malaria poses a diagnostic challenge for laboratories in most countries, increasing the need for tests that can detect malaria even in asymptomatic populations with low levels of infection. The development of a rapid diagnostic test for diagnosing malaria has proven to be an ideal solution for laboratories and treating physicians. Prompt availability of blood test results from patients with suspected acute malaria is critical to determining appropriate treatment strategies. Moreover, the use of rapid tests is one of the strategies to combat malaria, leading to its implementation in countries. As POC diagnostic equipment supports rapid diagnosis, its demand is expected to increase further in the coming years, leading to market growth during the forecast period.
Limited access to POC diagnostics in developing nations may impede the growth of the market. Several high-quality diagnostic tests for various diseases such as malaria are readily available in most developed countries such as India and China. However, they are neither affordable nor available in developing countries where the burden of disease is high. Diagnosis of the disease is necessary and therefore necessary. Efficient disease management and therapeutic development, therefore, require evidence-based treatment and appropriate diagnostic tests.
Moreover, outsourcing and local production of diagnostic devices and systems are seen as strategies to address several challenges affecting the global market in developing countries. However, barriers to the implementation of these practices have far-reaching implications and are expected to affect the overall health and well-being of people in these countries. This is expected to impede the growth of the global market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories: The company offers Point of Care diagnostics such as the D NOW platform for in-home Covid testing and the Afinion 2 analyzer.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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The market is witnessing significant growth driven by factors such as Changing lifestyles and increased awareness about Prevention. With Mobile diagnostic devices and Advanced diagnostic technologies, testing is now more accessible, particularly in Middle-income countries where Testing availability has been a focus of Government & private institutions and organizations like Unitaid. These developments aid in the early detection of conditions like Genetic disorders, Congenital heart defects, and Breast cancer, supported by initiatives such as those by the Breast Cancer Research Foundation and Government initiatives. Portable RT-PCR machines and PCR instruments enable rapid disease diagnosis, especially in Decentralized regions and Primary care settings. The market thrives on Innovation and Technological advancements, introducing Novel products like those by Huwel Lifesciences and Sensible Diagnostics to address diverse healthcare needs efficiently.
Further, the market is witnessing rapid expansion fueled by advancements in technology and increased demand for convenient and efficient healthcare solutions. Innovations such as RT-PCR machines and microfluidics enable rapid and accurate testing, while companies like Werfen drive progress in this field. Cost-effectiveness and regulatory approval processes are crucial factors, especially with reimbursement cuts looming. From glucose monitoring to Infectious diseases testing kits a wide range of diagnostics devices cater to diverse healthcare needs, including cardiometabolic monitoring kits ,urinalysis testing kits and cancer marker testing. With the rise of emerging markets and home care settings, self-testing and smartphone-based technology are becoming increasingly prevalent, revolutionizing the healthcare system and improving patient outcomes.
Moreover, the market is experiencing remarkable growth due to several factors. There is increased attention on point of care (POC) diagnostic tests driven by rising funding for healthcare initiatives and intensified screening efforts for various conditions such as birth defects and prenatal testing. The prevalence of chronic diseases like obesity, cardiovascular diseases, and neurological disorders has propelled the demand for suitable treatment options, leading to advancements in environmental factors impacting health. A recent UN report highlighted the significance of addressing the incidence of genetic diseases through efficient diagnostic methods. Market concentration is evident in segments like cancer markers and glucose testing, particularly in European countries where the home healthcare sector and clinic end-use segment are witnessing notable growth. The market encompasses various characteristics, including its focus on viruses and cancer segments such as HER2 low metastatic breast cancer, alongside coagulation testing, particularly within the home sector.
Industry Scope |
|
Report Coverage |
Details |
Page number |
186 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 16.42 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Germany, UK, Canada, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, altona Diagnostics GmbH, Becton Dickinson and Co., bioMerieux SA, Chembio Diagnostics Inc., Danaher Corp., DiaSorin SpA, EKF Diagnostics Holdings Plc, F. Hoffmann La Roche Ltd., Johnson and Johnson Services Inc., Meridian Bioscience Inc., Nova Biomedical Corp., Perkin Elmer Inc., QIAGEN NV, Sekisui Chemical Co. Ltd., Siemens AG, Sinocare Inc., Trinity Biotech Plc, Trivida Health Inc., and Zoetis Inc. |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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