Point-of-Care Diagnostics Market

Market Overview 2023-2028:

The global point-of-care diagnostics market size reached US$ 45.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 75.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.96% during 2023-2028. The increasing demand for faster and more convenient diagnostic solutions, the rising prevalence of infectious diseases across the globe, and advancements in technology and miniaturization represent some of the key factors driving the market.

Point-of-care (POC) diagnostics refer to medical tests and devices that can be performed near or at the location of the patient, providing rapid results and immediate medical insights. These tests are designed to be simple, portable, and user-friendly, enabling healthcare professionals to obtain diagnostic information without the need for a centralized laboratory facility. POC diagnostics are typically used in various healthcare settings, including hospitals, clinics, physician offices, homes, and even remote or resource-limited areas. The primary goal of point-of-care diagnostics is to facilitate timely and accurate medical decision-making, especially in situations where quick test results are critical for patient management.

The global point-of-care (POC) diagnostics market has been experiencing robust growth in recent years, driven by the growing emphasis on efficient and timely medical interventions. POC diagnostics offer the advantage of delivering real-time results, enabling healthcare professionals to make informed decisions promptly. Moreover, the rise in the prevalence of infectious diseases, chronic conditions, and lifestyle-related disorders has further fueled the demand for POC diagnostics. These tests play a vital role in early detection and monitoring of diseases, leading to better disease management and improved patient care. Another significant factor driving the market is the increasing focus on decentralized healthcare services. Point-of-care diagnostics enable medical professionals to provide diagnostic services beyond traditional laboratory settings, reaching remote or underserved areas where access to healthcare facilities may be limited. Furthermore, advancements in technology have been instrumental in shaping the POC diagnostics market landscape. Innovations in portable and handheld diagnostic devices have made testing more convenient and user-friendly. Additionally, there has been a growing trend toward personalized medicine and patient-centric care. POC diagnostics cater to this trend by offering tailored diagnostic solutions that suit individual patient needs, enhancing treatment efficacy and patient satisfaction.

Point-of-Care Diagnostics Market Trends/Drivers:

The growing prevalence of chronic diseases

The global rise in chronic diseases is a significant driver of the POC diagnostics market. Chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders are increasingly prevalent, posing substantial challenges to healthcare systems worldwide. POC diagnostics offer a valuable tool for early detection and continuous monitoring of these conditions, enabling timely interventions and effective disease management. By providing quick and reliable test results, POC devices empower patients and healthcare professionals to make informed decisions, leading to better disease control and improved patient outcomes. The convenience and accessibility of POC testing further contribute to the management of chronic diseases, especially in remote or underserved areas where access to traditional laboratory facilities may be limited.

Various technological advancements

Technological innovations and integration play a crucial role in driving the adoption of POC diagnostics. Advancements in miniaturization, biosensors, and connectivity have led to the development of sophisticated and portable diagnostic devices. These innovative POC tools can perform a wide range of tests with high accuracy, rivaling traditional laboratory-based methods. The integration of smartphone applications and cloud-based systems further enhances the utility of POC diagnostics by enabling real-time data transmission and analysis. This seamless integration with electronic health records allows healthcare professionals to access patients' test results and medical histories instantaneously, facilitating better-informed decision-making. Additionally, the use of user-friendly interfaces and automated processes in POC devices has reduced the need for extensive training, making these diagnostics accessible to a broader range of healthcare providers. As technology continues to advance, POC diagnostics are poised to revolutionize healthcare delivery, providing faster, more convenient, and reliable diagnostic solutions.

The growing emphasis on personalized medicine

Another significant factor driving the market is the increasing demand for personalized medicine. As the healthcare industry shifts towards a more patient-centric approach, there is a growing recognition of the importance of tailoring medical treatments to individual patients' needs. POC diagnostics play a pivotal role in this trend by offering rapid and targeted diagnostic solutions that aid in precise disease identification and monitoring. These tests provide healthcare professionals with essential information about a patient's unique genetic makeup, biomarkers, and disease progression, enabling them to prescribe personalized treatment regimens. The ability of POC diagnostics to deliver tailored healthcare solutions enhances treatment efficacy and patient satisfaction, driving their adoption in clinical practice.

Point-of-care diagnostics Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global point-of-care diagnostics market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on product type, platform, prescription mode and end-user.

Breakup by Product Type:

• Blood-Glucose Monitoring Kit
• Cardio-Metabolic Monitoring Kit
• Pregnancy and Fertility Testing Kit
• Infectious Disease Testing Kit
• Cholesterol Test Strip
• Hematology Testing Kit
• Others
   

Blood-glucose monitoring kit represents the most popular product type

The report has provided a detailed breakup and analysis of the market based on product type. This includes blood-glucose monitoring kit, cardio-metabolic monitoring kit, pregnancy and fertility testing kit, infectious disease testing kit, cholesterol test strip, hematology testing kit, and others. According to the report, blood-glucose monitoring kit represented the largest segment.

Blood-glucose monitoring kits are designed to be user-friendly, allowing patients to perform tests themselves without the need for specialized medical training. The simplicity and convenience of these kits have contributed to their widespread adoption, making them accessible to a broad spectrum of patients, including those in remote or underserved areas. Moreover, blood-glucose monitoring kits are often compact and portable, enabling patients to carry them wherever they go. This portability facilitates on-the-go testing, allowing individuals to monitor their blood glucose levels at any time and adjust their treatment or dietary habits accordingly.

Breakup by Platform:

• Lateral Flow Assays
• Dipsticks
• Microfluidics
• Molecular Diagnostics
• Immunoassays
   

Lateral flow assays represent the leading platform

A detailed breakup and analysis of the market based on the platform has also been provided in the report. This includes lateral flow assays, dipsticks, microfluidics, molecular diagnostics, and immunoassays. According to the report, lateral flow assays hold the largest market share.

Lateral flow assays are known for their simplicity and user-friendly design. They are easy to use, requiring minimal training for both healthcare professionals and patients. The test procedure typically involves adding a sample (e.g., blood, saliva, urine) to a test strip, and the results are visually interpreted through the appearance of colored lines, eliminating the need for complex laboratory equipment. Moreover, they are highly portable and do not require extensive infrastructure, allowing them to be used in various settings, including remote or resource-limited areas. They are well-suited for point-of-care applications, enabling on-site testing and immediate diagnosis, which is especially valuable in underserved regions and community healthcare settings.

Breakup by Prescription Mode:

• Prescription-Based Testing
• OTC Testing
   

Prescription-based testing currently dominates the market

The report has provided a detailed breakup and analysis of the market based on prescription mode. This includes prescription-based testing and OTC testing. According to the report, prescription-based testing represented the largest segment.

Prescription-based testing involves diagnostic tests that require a healthcare professional's order or prescription before they can be performed. These tests often undergo rigorous regulatory approval processes to ensure their safety, efficacy, and accuracy. The involvement of healthcare professionals in prescribing these tests ensures appropriate medical supervision and interpretation of the results, leading to better patient care and treatment decisions. Many diagnostic tests, especially those for complex or serious medical conditions, require proper diagnosis and ongoing monitoring by qualified healthcare providers. Prescription-based testing is essential for the accurate detection, staging, and monitoring of diseases such as cancer, infectious diseases, cardiovascular disorders, and autoimmune conditions.

Breakup by End-User:

• Professional Diagnostic Centers
• Home Care
• Research Laboratories
• Others
   

Professional diagnostic centers account for the majority of the market share

A detailed breakup and analysis of the market based on the end user has also been provided in the report. This includes professional diagnostic centers, home care, research laboratories, and others. According to the report, professional diagnostic centers accounted for the largest market share.

Professional diagnostic centers offer a wide range of POC diagnostic tests, catering to various medical specialties and healthcare needs. These centers often have advanced equipment and well-trained personnel, allowing them to perform a diverse set of tests, including blood tests, rapid infectious disease testing, urinalysis, pregnancy tests, and more. The availability of comprehensive testing services makes professional diagnostic centers a preferred choice for both patients and healthcare providers. Moreover, professional diagnostic centers are staffed by qualified healthcare professionals, including medical technologists, clinical laboratory scientists, and physicians. Their expertise ensures accurate sample collection, proper test administration, and reliable result interpretation. Having skilled healthcare personnel on-site enhances the credibility and trustworthiness of the diagnostic results, especially for complex or critical medical conditions.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (United States, Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others); Latin America (Brazil, Mexico, Others); and the Middle East and Africa. According to the report, North America was the largest market for point-of-care diagnostics.

North America boasts a highly developed healthcare infrastructure with well-established medical facilities, laboratories, and diagnostic centers. The region's robust healthcare system enables widespread adoption and integration of POC diagnostics into routine medical practice, contributing to their market dominance. Besides, it has a relatively high prevalence of chronic diseases, such as diabetes, cardiovascular disorders, and respiratory conditions. POC diagnostics play a crucial role in the early detection, monitoring, and management of these chronic conditions. The demand for timely and accessible diagnostic solutions has led to the widespread use of POC testing devices and platforms.

Competitive Landscape:

The competitive landscape of the market is dynamic and characterized by the presence of numerous players, including established companies, emerging startups, and specialized firms. Nowadays, Major players are heavily investing in research and development to innovate and develop cutting-edge POC diagnostic solutions. They are focusing on improving the accuracy, sensitivity, and speed of their tests, as well as expanding the range of analytes and diseases that can be detected using POC devices. R&D efforts also involve exploring new technologies, such as biosensors, microfluidics, and lab-on-a-chip systems, to enhance the performance of POC diagnostics. They are also tailoring their products and marketing strategies to meet the specific healthcare needs and regulatory requirements of different countries.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Abbott Laboratories
• Beckman Coulter, Inc.
• Becton Dickinson and Company
• F. Hoffmann-La Roche AG
• Instrumentation Laboratory
• Johnson & Johnson
• Nova Biomedical Corporation
• Pts Diagnostics
• Qiagen
• Siemens
• Trinity Biotech

Recent Developments:

• Abbott Laboratories launched a rapid antigen test for the detection of SARS-CoV-2, the virus causing COVID-19. The test received Emergency Use Authorization (EUA) from various regulatory authorities and provided results in as little as 15 minutes.
• Becton Dickinson and Company launched the BD Veritor System for Rapid Detection of SARS-CoV-2, expanding its portfolio of point-of-care COVID-19 testing solutions. The system utilized lateral flow antigen technology for rapid testing.
• Nova Biomedical launched the Stat EMS Basic System, a portable blood gas and electrolyte analyzer designed for use in pre-hospital and emergency medical services settings. The system provided critical patient care information at the point of care.

Point-of-care Diagnostics Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the point-of-care diagnostics market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global point-of-care diagnostics market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the point-of-care diagnostics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.