Point of Care Diagnostics Market Size to Surpass USD 78.11 Billion by 2030, exhibiting a CAGR of 7.9%

As per the report by Fortune Business Insights, the global point of care diagnostics market size is projected to reach USD 78.11 Billion in 2030, at a CAGR of 7.9% during the forecast period, 2023-2030

Pune, India, July 17, 2023 (GLOBE NEWSWIRE) — The point of care diagnostics market size was valued at USD 43.93 billion in 2022 and is projected to reach a valuation of USD 45.85 billion in 2023. The market is expected to reach USD 78.11 billion by 2030 with a CAGR of 7.9% during the forecast period. Point-to-care diagnostics is used to carry out the using a kit or device and the sample is sent to the laboratory for the analysis. The products are glucose monitoring kits, pregnancy and fertility testing kits, infectious diseases testing kits, urinalysis testing kits, hematology testing kits, cardiometabolic monitoring kits, and other such testing devices. Fortune Business Insights™ shares this information in its report titled “Point of Care Diagnostics Market, 2023-2030.”

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Key Industry Development

• October 2022 – F. Hoffmann-La Roche Ltd announced the launch of SARS-CoV-2 Rapid Antibody Test 2.0 for point-of-care settings which has the sensitivity of 95.83%.

Key Takeaways:

• The demand for point of care diagnostics is likely to increase in the forthcoming years, thus boosting the market growth from 2023-2030
• North America generated a revenue of USD 15.14 billion in 2022 and is projected to dominate the market during the forecast period.
• The segments is expected to grow at a significant CAGR due to the increasing prevalence of disorders related to kidney functions is responsible.

Discover the Leading Players Featured in the Report:

“Companies leading the global point of care diagnostics market are F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Quest Diagnostics Incorporated (U.S.), BD (U.S.), bioMérieux SA (France), Cardinal Health, Inc. (U.S.), Cepheid (U.S.), Trinity Biotech (Ireland), Quidel Corporation (U.S.), Bio-Rad Laboratories Inc. (U.S.)”

Report Scope & Segmentation

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Segmentation

Blood Glucose Monitoring Segment Led In 2022 Due To Higher Sales Of Diabetes Rapid Diagnostics Kits

On the basis of product, the market is divided into blood glucose monitoring, infectious disease testing, cardiometabolic disease testing, pregnancy & fertility testing, and hematology testing. The blood glucose monitoring segment held the largest share in 2022 owing to due to higher sales of diabetes rapid diagnostics kits.

Blood Segment Held Dominant Share Due to Effective Diagnosis Of Various Diseases

On the basis of sample, the market is classified into blood, nasal and oropharyngeal swabs, urine, and others. The blood segment dominated the segment in the year 2022 as blood tests can help doctors effectively diagnose the patient for various diseases, including HIV/AIDS, coronary artery disease, and the functioning of organs such as the kidney, liver, and thyroid.

Hospital Bedside Segment Held a Dominant Share Due To Due To Adoption Of Advanced Instruments

On the basis of end-user, the market is classified into hospital bedside, urgent care & retail clinics, physician’s office lab, and homecare/self-testing. The hospital bedside segment dominated the segment in the year 2022 due to the adoption of advanced instruments in these settings. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

By Product

• Blood Glucose Monitoring
• Infectious Disease Testing
• Cardiometabolic Disease Testing
• Pregnancy & Fertility Testing
• Hematology Testing
• Others

By Sample

• Blood
• Nasal and Oropharyngeal Swabs
• Urine
• Others

By End-User

• Hospital Bedside
• Physician’s Office Lab
• Urgent Care & Retail Clinics
• Home & Self testing

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
• Rest of Middle East & Africa

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Drivers and Restraints

Increasing Cases Of Chronic And Infectious Diseases To Drive Market Growth

Increasing cases of chronic and infectious diseases are anticipated to drive the point-of-care diagnostics market growth. An increase in the occurrence of cardiovascular disorders, diabetes, and various infectious diseases is one of the factors which is boosting the market growth. The surge in the cases of diabetes and various chronic diseases has created a demand for point of care diagnostics.
However, high costs of the POC diagnostics are expected to hamper the point of care diagnostics market growth.

Regional Insights

North America To Lead For Detecting Various Chronic And Infectious Diseases

North America led point of care diagnostics market share in the year 2022 due to penetration of advanced point-of-care diagnostics for detecting various chronic and infectious diseases. The market reached the valuation of USD 15.14 billion in 2022 due to increasing number of investments.  

Europe is set to have highest CAGR due to focus on the launch of new diagnostics in the region by the key market players. The government is also investing in the R&D activities for strengthening of the diagnostics sector which is set to drive the regional market growth.

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Competitive Landscape

Investments In The R&D Activities And Strong Product Portfolio By Key Market Players To Drive Market Growth

The market is dominated by Abbott, F. Hoffman-La Roche AG, and Danaher (Cepheid Inc.). Investments in the R&D activities and strong product portfolio are some of the factors supporting the market growth. New market players have been entering the industry and is set to witness intense competition during the forecast period. Other market players include bioMérieux and Becton Dickinson and Company (BD).

FAQ’s

How big is the point of care diagnostics market?

The point of care diagnostics market size was USD 43.93 billion in 2022. It is expected to reach USD 78.11 billion by 2030.

What is the global market for point of care diagnostics?

The point of care diagnostics market will exhibit a CAGR of 7.9% during the forecast period, 2023-2030.

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