Point-of-Care Diagnostics Market Worth $82.74 Billion by 2029 - Exclusive Report by Meticulous Research®

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


Redding, California, Nov. 22, 2022 (GLOBE NEWSWIRE) -- According to a new market 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,published by Meticulous Research®, the point-of-care diagnostics market is expected to reach $82.74 billion by 2029, at a CAGR of 7.4% from 2022 to 2029.

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Point-of-care (POC) testing is medical diagnostic testing performed outside the clinical laboratory in close proximity to where the patient is receiving care. Point-of-care testing offers clinical, operational, and economic benefits to patients and healthcare providers by providing immediate results, lowering wait time compared to laboratories, and reducing medical expenditure.

POC testing reduces the turnaround time of diagnosis and significantly improves treatments. This user-friendly testing method allows patients/non-technical/non-laboratory staff to operate the testing instruments. It also reduces pre- and post-analytical errors by eliminating multiple preparation steps involving multiple people and eliminating sample transportation or degradation. Furthermore, POC testing requires only a small volume of sample, which minimizes or eliminates the risk of hospital-acquired anemia due to frequent sampling. In addition, the increasing prevalence of chronic diseases that need long-term care and frequent monitoring and the rapidly growing demand for cost-effective and innovative POC diagnostic products drive the growth of the point-of-care diagnostics market.

Impact of COVID-19 on the Point-of-Care Diagnostics Market

The surge in COVID-19 cases and the high transmission rate of the virus significantly increased the demand for testing. The COVID-19 outbreak compelled companies worldwide to focus on developing and manufacturing diagnostic tools for diagnosing the disease. Quick and immediate diagnosis became crucial during the pandemic, and point-of-care testing played an important role in curbing the spread of the disease. Thus, the outbreak of the COVID-19 pandemic increased the demand for point-of-care diagnostics kits, positively impacting the point-of-care testing market.

Major market players and government organizations focused on developing products that could reduce the burden on primary diagnostic techniques. Furthermore, infectious diseases testing shifted to decentralized POC testing from centralized testing since it enabled better patient care.

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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 Test, Tumor/Cancer Markers Testing, Drugs of Abuse Test, Urinalysis Test, 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.

Based on application, in 2022, the infectious diseases testing segment is expected to account for the largest share of the point-of-care testing market. The COVID-19 pandemic contributed significantly to the growth of this segment. According to the WHO, as of September 2022, there have been nearly 612,236,677 confirmed cases of COVID-19, along with 6,514,397 deaths. In addition to COVID-19, the risk of other infectious diseases also rose to an all-time high. According to the Australian Institute of Health and Welfare, between 2020 and 2021, there were more than 324,000 hospitalizations in Australia due to infectious diseases, of which 94% were for non-notifiable diseases. Non-notifiable diseases include gastrointestinal infections, upper respiratory tract infections, lower respiratory tract infections, meningitis and encephalitis, trachoma, abscess-causing pneumonia, otitis media, and unspecified viral hepatitis.

Based on platform, in 2022, the lateral flow assays 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 benefits offered by lateral flow assays, including accessibility, user-friendliness, and low cost. Lateral flow assays are basic diagnostic tools used to confirm the presence or absence of a target analyte, such as infections or biomarkers. These benefits increase the adoption of lateral flow assays across hospitals and home care settings. Furthermore, the affordability and clinical utility of lateral flow assays in POC applications contribute to the growth of this segment.

Based on mode of purchase, the over-the-counter tests segment is slated to register the highest CAGR during the forecast period. The rise in sedentary lifestyles has increased the risk of cardiovascular diseases, diabetes, obesity, colon cancer, hypertension, osteoporosis, lipid disorders, depression, and anxiety. Thus, the increasing health awareness due to lifestyle changes and the growing awareness of routine testing is expected to drive the adoption of over-the-counter point-of-care diagnostics tests.

Based on end user, the home care segment is slated to register the highest CAGR during the forecast period. The growing awareness of routine monitoring and the availability of cost-effective point-of-care tests is expected to drive this segment’s growth. People are increasingly adopting precautionary or preventive POC testing devices for regularly monitoring conditions. Furthermore, technological advancements and the entry of new market players have increased the adoption of point-of-care testing devices.

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Based on Geography, 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. However, the market in Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth in this regional market is driven by the rising number of local producers of point-of-care diagnostic products, the growing investments by major market players, the rising geriatric population in countries such as India and China, and the rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases.

The report also includes an extensive assessment of the key growth strategies adopted by leading market participants between 2019 and 2022. In the last couple of years, the point-of-care diagnostics market has witnessed several product launches, collaborations, agreements, and expansions.

Some of 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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Scope of the Report:

 Point-of-care Diagnostics Market, by Application

  • Infectious Diseases Testing
    • Respiratory Infections Testing
      • Influenza
      • Tuberculosis (TB)
      • Pneumonia
      • Other Respiratory Infections
    • Healthcare-Associated Infection (HAI) Testing
    • Parasitic Infections
    • Gastrointestinal (GI) Infections
      • Salmonellosis
      • E. coli Infections
      • Other GI Infections
    • Blood-borne Infections Testing
      • Hepatitis
      • HIV
      • Other Blood-borne Infections
    • Other Infectious Disease Testing
  • Blood Glucose Monitoring
    • Test Strips
    • Glucometers
    • Lancets
    • Hemoglobin A1c Test Kits
  • Cardiac Marker/Cardiac Metabolism Testing
  • COVID-19 Testing
  • Coagulation Tests
    • Prothrombin Time (PT/INR) Tests
    • Activated Clotting Time (ACT/aPTT) Tests
    • Other Coagulation Tests
  • Pregnancy and Fertility Testing
    • Pregnancy Tests
    • Fertility Tests
  • Fecal Occult Testing
  • Hematology
  • Tumor/Cancer Markers Testing
  • Drugs of Abuse Test
  • Urinalysis
  • Cholesterol/Lipid Profile Testing
  • Other PoC Tests

Point-of-care Diagnostics Market, by Platform

  • Lateral Flow Assays
  • Molecular Diagnostics
  • Other Platforms

Point-of-care Market, by Mode of Purchase

  • Prescription-based Tests
  • Over-the-Counter (OTC) Tests

Point-of-care Market, by End User

  • Home Care/Self Testing
  • Hospitals
  • Physician offices & Ambulatory Care Settings
  • Diagnostics Labs
  • Other End Users

Point-of-care Diagnostics Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Rest of Latin America (RoLATAM)
  • Middle East & Africa

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Content Source: https://www.meticulousresearch.com/pressrelease/299/point-of-care-diagnostics-market-2029


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