Point of Care (POC) Diagnostics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast 2023-2027

Point Of Care (POC) Diagnostics Market Forecast 2023-2027

Point Of Care Diagnostics Market size is estimated to grow by USD 14.65 billion between 2022 and 2027, accelerating at a CAGR of 10.65% during the forecast period. The growth of the market depends on several factors, including the growing geriatric population, increased focus on personalized medicine, and the growing adoption of automated diagnostic devices in the healthcare industry. These automated diagnostic devices are becoming increasingly popular in the healthcare industry as they offer faster, more accurate, and reliable diagnostic results. This technology has revolutionized the healthcare industry by improving patient outcomes, reducing healthcare costs, and enhancing the overall patient experience. This market research and analysis report also includes an in-depth analysis of drivers, trends, and challenges. 

What will be the Size of the Point of Care Diagnostics Market During the Forecast Period?

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Market Segmentation

 

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.

By Product

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 3.80 billion in 2017 and continued to grow until 2021. 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.

Regional Analysis

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North America is estimated to contribute 40% 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 rising prevalence of chronic diseases, rising incidence of infectious diseases such as COVID-19, rising healthcare costs, increasing adoption of advanced technology, and the presence of well-known companies are driving the growth of the market in North America.

There has been a significant increase in the prevalence and incidence of chronic diseases across North America. For example, as of February 2020, approximately 34.2 million people of all ages in the US had diabetes, according to data released by the CDC. POC diagnostics are primarily used in hospitals and home care facilities for easy and instant monitoring of blood sugar/glucose levels in diabetic patients. The increasing prevalence of such chronic diseases has increased the demand for POC diagnosis across North America, thereby driving regional market growth.

Market Dynamics and Customer Landscape

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.Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Drivers

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.

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.

Significant Market Trends

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.

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. 

Major Market Challenges

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.

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.

Customer Landscape

The market 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 report also includes key purchase criteria, and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Point of Care Diagnostics Market Customer Landscape

Who are the Major Market companies?

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.

This market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• 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.
• Zoetis Inc.

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.

Market Analyst Overview

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.

 

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.

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.

Segment Overview

This market growth and trends report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook
  • Hematology diagnostics
  • Infectious disease diagnostics
  • Rapid cardiovascular diagnostics
  • Rapid coagulation diagnostics
  • Others

• End-user Outlook
  • Hospitals and clinics
  • Homecare settings
  • Clinical diagnostic laboratories

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Argentina
    • Brazil
    • Chile

 

Market Scope
Report Coverage	Details
Page number	177
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 10.65%
Market growth 2023-2027	USD 14.65 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	9.37
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 40%
Key countries	US, Canada, Germany, UK, 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	Market trends and analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Market growth analysis across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Market forecasting of factors that will challenge the growth of market companies

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