Point of Care Diagnostics Market is Expected to Reach $77.8 billion

Chicago, March 22, 2024 (GLOBE NEWSWIRE) — Point of Care Diagnostics market in terms of revenue was estimated to be worth $49.7 billion in 2023 and is poised to reach $77.8 billion by 2028, growing at a CAGR of 9.4% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growth of point of care diagnostics markets is attributed to the growing prevalence of infectious disease, cardiovascular diseases, increasing cases of metabolic disorders such as diabetes, technological advancements of rapid tests, approvals of CLIA-waved PoC tests, growing trend towards healthcare decentralization and the growing emphasis of manufacturers on development affordable and user friendly home-based rapid tests for various conditions.

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Point of Care Diagnostics Market Scope:

However, stringent regulatory approval process of new PoC devices and increase pricing pressure on PoC device manufactures are anticipated to negatively impact the growth of point of care diagnostics market

On the basis of products, the point-of-care diagnostics market is segmented into COVID-19 PoC testing products, infectious disease PoC testing products, coagulation monitoring products, pregnancy & fertility PoC testing products, haematology PoC testing products, drug-of-abuse PoC testing products, glucose monitoring products, , thyroid stimulating hormone PoC testing products, cancer marker PoC testing products, cardiometabolic monitoring products, fecal occult PoC testing products, urinalysis PoC testing products, cholesterol PoC testing products, and other PoC testing products.  The infectious disease testing PoC products segment is expected to register the significant growth rate during the forecast period owing to the global rise in the prevalence of various infectious disease like influenza, COVID-19, and sexually transmitted infection and growing demand for  rapid test kits among  healthcare authorities to identify and monitor the infectious diseases outbreak

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Based on the sample, the point-of-care diagnostics market is segmented into urine sample, blood sample, nasal sample and other samples. The blood sample segment dominated the market in 2022. Increasing availability of blood based  point of care test and widespread usage of blood sample for the diagnosis of various conditions including blood disorders such as anemia, hemophilia,  infectious diseases, monitoring blood glucose level, cardiac biomarkers, are expected to maintain its dominance in market during the forecast period.

On the basis of region, the Point- of- care diagnostics market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East and Africa. The point of care diagnostics market in Asia Pacific is expected to register the significant growth rate in the coming years attributed to the expansion of healthcare facilities, services, emergence of domestic PoC manufacturers, increase in patient population with diabetes, cardiovascular disease, growing awareness, coupled with rising healthcare expenditure and driving the demand for affordable and accessible diagnostics solutions, including rapid/point of care testing in the region.

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Point of Care Diagnostics market major players covered in the report, such as:

• Abbott Laboratories (US)

• F. Hoffmann-La Roche Ltd. (Switzerland)

• Danaher Corporation (US)

• Siemens Healthineers (Germany)

• Chembio Diagnostics, Inc. (US)

• bioMérieux (France)

• Becton, Dickinson and Company (US)

• Trinity Biotech plc (Ireland)

• EKF Diagnostics Holdings plc (UK)

• Thermo Fisher Scientific Inc. (US)

• QuidelOrtho Corporation (US)

• Werfen, S.A. (US)

• Nova Biomedical (US)

• PTS Diagnostics (US)

• Sekisui Diagnostics (US)

• and Among Others

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