Market Size of Global Point Of Care Diagnostics Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 48.92 Billion |
Market Size (2029) | USD 77.47 Billion |
CAGR (2024 - 2029) | 9.63 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Point of care (POC) Diagnostics Market Analysis
The Global Point Of Care Diagnostics Market size is estimated at USD 48.92 billion in 2024, and is expected to reach USD 77.47 billion by 2029, growing at a CAGR of 9.63% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the growth of the POC diagnostics market. For instance, an article published by the journal Cureus in August 2022 reported that with the emergence of COVID-19, testing became essential for containment and mitigation purposes, and this led to the development of rapid COVID-19 testing. Thus, the COVID-19 pandemic surged the demand for POC diagnostics. However, in the current scenario, due to the ease, affordability, reduced incidence of complications, and faster turn-around times of POC diagnostics, the demand for POC diagnostics is expected to witness significant growth over the forecast period.
The factors that are driving the growth of the studied market are the rising prevalence of chronic and infectious diseases, the increasing number of regulatory approvals for novel immunoassay techniques and technological advancements, and the rising usage of home-based POC devices.
The prevalence of chronic and infectious diseases, such as diabetes, rheumatism, and malaria, is increasing globally, which is propelling the demand for POC diagnostics. For instance, in December 2022, World Health Organization (WHO) reported that malaria is a life-threatening disease, and in the year 2021, there were an estimated 247 million cases of malaria worldwide. Similarly, an article published by NCBI in May 2021, reported that the global prevalence of rheumatoid arthritis (RA) was 460 per 100,000 population during 2020-2021. Thus, a high number of chronic and infectious diseases recorded globally is increasing the demand for rapid diagnostics, thereby increasing the demand for POC diagnostics and thus driving the growth of the studied market.
Moreover, the increasing number of regulatory approvals for novel immunoassay techniques, technological advancements, and the rising usage of home-based POC devices is expected to complement the growth of the studied market over the forecast period. For instance, in July 2022, BioGX launched CE-marked, three-gene multiplex POC COVID-19 test. These tests make use of BioGX's incredibly effective Xfree direct sample testing chemistry, which is present in their Xfree COVID-19 Direct RT-PCR assay, which has been cleared for emergency use by the United States Food and Drug Administration (USFDA). Thus, regulatory approvals for new product launches are contributing to the growth of the studied market.
Furthermore, an article published by Mylab Discovery Solutions in March 2022 reported that POC diagnostics, which are often characterized by being independent of laboratory infrastructure and being highly affordable, can greatly improve the accessibility of diagnostics. The article also quoted that for the people living in low and middle income countries where the healthcare distribution is quite uneven, the use of POC tests is growing as an important tool to increase diagnostic coverage of the population, and thus demand for POC is constantly increasing, thereby driving the growth of the studied market.
Thus, due to the rising prevalence of chronic and infectious diseases, the increasing number of regulatory approvals for novel immunoassay techniques and technological advancements, and the rising usage of home-based POC devices. However, factors such as product recall incidence by the major players in the market, stringent regulatory policies by the governments, and reimbursement issues will impede the growth of the POC diagnostics market during the forecast period.
Point of care (POC) Diagnostics Industry Segmentation
As per the scope of the report, point of care (POC) diagnostics have many advantages over traditional methods as it allows patient diagnosis at different places other than only hospitals and clinics, including remote areas, such as in the physician's office, an ambulance, the home, the field, or in the hospital.
The Point of care Diagnostics Market is segmented by Product (Glucose Monitoring Kit, Cardio-metabolic Monitoring Kit, Pregnancy and Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Hematology Testing Kit, and Other Products), End-User (Hospital and Critical Care Setting, Ambulatory Care Setting, Research Laboratory, and Others) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Product | |
Glucose Monitoring Kit | |
Cardio-metabolic Monitoring Kit | |
Pregnancy and Fertility Testing Kit | |
Infectious Disease Testing Kit | |
Cholesterol Test Strip | |
Hematology Testing Kit | |
Other Products |
By End User | |
Hospital and Critical Care Setting | |
Ambulatory Care Setting | |
Research Laboratory | |
Other End Users |
Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Global Point Of Care Diagnostics Market Size Summary
The point-of-care (POC) diagnostics market is poised for substantial growth, driven by the increasing prevalence of chronic and infectious diseases, technological advancements, and the rising adoption of home-based diagnostic devices. The COVID-19 pandemic significantly accelerated the demand for POC diagnostics, highlighting the need for rapid testing solutions. This surge in demand is expected to continue as POC diagnostics offer ease, affordability, and faster turnaround times. The market is further bolstered by the growing number of regulatory approvals for novel immunoassay techniques, which enhance the capabilities and accessibility of POC diagnostics. These advancements are particularly beneficial in low and middle-income countries, where they help improve diagnostic coverage and healthcare access.
The market's expansion is also supported by the introduction of portable diagnostic equipment and new product launches, which cater to the rising cases of diabetes and other chronic conditions. North America is anticipated to witness significant growth due to the presence of key market players and the increasing incidence of diseases such as diabetes and cancer. The region's growth is further fueled by strategic acquisitions and regulatory approvals for new POC diagnostics. Major players in the market, including Abbott Laboratories, Siemens Healthineers AG, and F. Hoffmann-La Roche Ltd, continue to innovate and expand their product offerings, maintaining a competitive edge. Despite challenges such as product recalls and stringent regulatory policies, the POC diagnostics market is expected to thrive, driven by its critical role in enhancing healthcare delivery and disease management.
Global Point Of Care Diagnostics Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Rising Prevalence of Chronic and Infectious Diseases
-
1.2.2 Increasing Number of Regulatory Approvals for Novel Immunoassay Techniques
-
1.2.3 Technological Advancements and Rising Usage of Home-based POC Devices
-
-
1.3 Market Restraints
-
1.3.1 Product Recalls
-
1.3.2 Stringent Regulatory Policies and Reimbursement Issues
-
-
1.4 Porter Five Forces
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Product
-
2.1.1 Glucose Monitoring Kit
-
2.1.2 Cardio-metabolic Monitoring Kit
-
2.1.3 Pregnancy and Fertility Testing Kit
-
2.1.4 Infectious Disease Testing Kit
-
2.1.5 Cholesterol Test Strip
-
2.1.6 Hematology Testing Kit
-
2.1.7 Other Products
-
-
2.2 By End User
-
2.2.1 Hospital and Critical Care Setting
-
2.2.2 Ambulatory Care Setting
-
2.2.3 Research Laboratory
-
2.2.4 Other End Users
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Spain
-
2.3.2.6 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 South Korea
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Middle East and Africa
-
2.3.4.1 GCC
-
2.3.4.2 South Africa
-
2.3.4.3 Rest of Middle East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Rest of South America
-
-
-
Global Point Of Care Diagnostics Market Size FAQs
How big is the Global Point Of Care Diagnostics Market?
The Global Point Of Care Diagnostics Market size is expected to reach USD 48.92 billion in 2024 and grow at a CAGR of 9.63% to reach USD 77.47 billion by 2029.
What is the current Global Point Of Care Diagnostics Market size?
In 2024, the Global Point Of Care Diagnostics Market size is expected to reach USD 48.92 billion.