Asia Pacific Point of care Diagnostics Market Size | 2031

Report Description

The Asia Pacific Point of Care Diagnostics Market size was valued at USD 7.40 Billion in 2022 and likely reach to USD 22.59 Billion by 2031, expanding at a CAGR of 13.2% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing geriatric population base in emerging countries such as Japan and China, along with launching new products using advanced technology.

Point of care (PoC) diagnosis is a type of test conducted near the site of patient care. Increasing occurrence of targeted diseases and rising demand for home healthcare are major factors responsible for the growth of the market. The prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases are key aspects for the market expansion.

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Cardiovascular disease is one of the most incurable disorders and has caused high mortality rate worldwide. Furthermore, the case related to diabetes is constantly rising in the region, which prompts to increase the demand for several diagnostic solutions such as PoC glucose testing. Moreover, increasing demand for home healthcare because of several government initiatives and growing patient awareness has resulted to reducing hospital stays and healthcare expenses related to it.

The point of care diagnostic solutions are required in divisions such as ICU, neonatal intensive care units, emergency room, cath labs, and operating room for implementation of effective and quick patient care. Roche Diagnostics and Abbott Laboratories are major manufacturers of PoC diagnostic kits and equipment.

With the rising demand for home setting healthcare systems, these manufacturers have launched some user-friendly portable products, which are likely to benefit patients across the globe. The COVID-19 situation has boost the market due to rising demand for several testing solutions to help early detection of the virus and curb the disease spread.

Rising number of cases of COVID-19 and increasing pressure on government for the improvement in patient management have resulted to boost the demand for antigen testing kits, which are widely used in PoC diagnosis.

Asia Pacific Point of Care Diagnostics Market Trends, Drivers, Restraints, and Opportunities

• Growing prevalence of infectious diseases and chronic illness worldwide along with the rising number of the aging population who are at the risks of exposing to diseases are expected to fuel the market growth during the forecast period.

• Rising awareness among patients regarding the advantages of early detection of diseases and high incidence of unmet medical needs to undergo treatment of diseases present key factors for driving the market growth in the region.

• Introduction of advanced testing kits and improvement in patient care centric technology including home setting care systems are anticipated to propel the market growth.

• Stringent regulatory policies that delay the approval of diagnostic devices and lack of skilled technicians handling various screening procedures are anticipated to impede the market growth.

• Ongoing R&D to improve healthcare decentralization and technological advancement of diagnostic devices are projected to create immense opportunities for the market players.

Scope of Asia Pacific Point of Care Diagnostics Market Report

The report on the Asia Pacific Point of Care Diagnostics Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Asia Pacific Point of Care Diagnostics Market Segment Insights

Glucose testing segment is projected to hold a key market share

On the basis of products, the Asia Pacific Point of Care Diagnostics Market is segregated into blood gas & electrolytes, infectious disease testing, glucose testing, cardiac markers, hematology, coagulation, primary care systems, decentralized clinical chemistry, urinalysis, drug abuse testing, fertility, OTC & rapid diagnostics, and feces.

The glucose testing segment is expected to hold a key share of the market during the forecast period owing to rising occurrence of diabetes and need of continuous monitoring of blood sugar level. The International Diabetes Federation published a report stating that the worldwide presence of diabetes are expected to rise from 382 million in 2013 to 592 million by 2035.

Moreover, the segment is also driven by increase sales of diabetes rapid diagnostics kits as these kits are available over the counter as well as allow patients for self-testing and monitoring glucose level. Meanwhile, the OTC & rapid diagnostic segment is expected to constitute a major revenue share of the market in the coming years. The segment growth can be attributed to rising demand for home healthcare setting in countries such as China, Vietnam, India, and Malaysia.

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Home healthcare segment is anticipated to dominate the market

Based on applications, the market is divided into hospitals, laboratory, assisted living healthcare facilities, home healthcare, clinics, and others. The home healthcare segment is projected to dominate the market in the coming years owing to increasing adoption of advanced technologies and growing investment by public and private sector in the development of innovative home healthcare settings.

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China is expected to dominate the market

On the basis of geography, the Asia Pacific Point of Care Diagnostics Market is classified as India, China, South Korea, Japan, and Rest of Asia Pacific. China is expected to dominate the market by accounting a major market share during the forecast period owing to rising disposable income of a large number of the population and growing awareness of several advanced PoC diagnostic facilities.

Moreover, the presence of a large number of consumer-base in the country along with favorable healthcare policies encouraging the adoption of home setting of healthcare systems are key drivers for the market growth in China.