Point of Care Diagnostics Market Outlook 2032
The global point of care diagnostics market size was USD 45.7 Billion in 2023 and is likely to reach USD 88.4 Billion by 2032, expanding at a CAGR of 7.6% during 2024–2032. The market growth is attributed to the rising demand for faster diagnostics.
Point-of-care (POC) diagnostics, also known as near-patient testing, are medical diagnostic tests performed right at the time and place where a patient is receiving care. This contrasts with traditional lab testing, where samples are sent to a central lab for analysis, often leading to delays in getting results.
Point-of-care (POC) diagnostics have been a game-changer in the fight against COVID-19, transforming the entire patient journey. Traditional lab testing for COVID-19 could take hours or even days. POC tests, however, deliver results in minutes, allowing for quicker diagnoses. This rapid turnaround time enables healthcare professionals to identify infected individuals faster and prioritize treatment.
Point-of-care tests have transformed COVID-19 patient management by delivering swift results. This empowers doctors to make quicker decisions about treatment (isolation or hospitalization), reduces patient anxiety by eliminating long waits for traditional testing, and allows for more streamlined care by enabling testing in various settings. This not only reduces hospital strain but also facilitates better resource allocation. For instance,
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In 2020, Roche's diagnostics annual report, accounted for over a fifth (23%) of the company's total sales, which grew by over 6% from 2019. This positive trend continued in 2021 with overall company revenue reaching $68.7 billion, a 7.7% increase year-over-year. The diagnostics division's star performer was the Molecular Diagnostics segment, which saw a massive 90% growth due to the high demand for their cobas SARS-CoV-2 PCR test.
Impact of Artificial Intelligence (AI) in Point of Care Diagnostics Market
Artificial intelligence (AI) is rapidly transforming the point-of-care (POC) diagnostics market, acting as a powerful tool to improve the accuracy, efficiency, and accessibility of diagnostic tools. This innovative technology is making significant waves in several key areas.
One of the most impactful ways AI is influencing POC diagnostics is by enhancing accuracy and streamlining workflows. AI algorithms excel at analyzing massive amounts of medical data. This data includes patient information, test results, and even medical images captured from POC tests. By analyzing this data, AI assists healthcare professionals in several ways. AI identifies subtle patterns in test results that might be missed by the human eye. This leads to more precise and earlier diagnoses, potentially leading to better patient outcomes.
AI automates tasks like image analysis in POC tests. This minimizes the risk of errors that occur with manual interpretation, leading to more reliable results. Finally, AI automates data analysis and flag abnormal results, allowing for quicker diagnoses and treatment initiation. This frees up valuable time for healthcare workers, allowing them to focus on other critical patient care tasks.
Point Of Care Diagnostics Market Dynamics
Major Drivers
Rising demand for faster diagnostics among patients and healthcare professionals is driving the market. Traditional laboratory testing often involves delays in receiving results. Patients and healthcare professionals increasingly value faster turnaround times for diagnoses. POC tests deliver results in minutes, compared to hours or even days for traditional tests. This allows for quicker treatment decisions and improved patient outcomes.
Existing Restraints
Limited test complexities and higher costs per test is expected to restrain the global market. While POC tests offer speed and convenience, they may not always match the level of complexity and accuracy offered by traditional laboratory tests. Some complex diagnostic procedures might still require sending samples to a lab for analysis. While POC tests lead to cost savings in the long run by enabling earlier intervention and potentially reducing hospital stays, the upfront cost per POC test is higher compared to traditional lab tests.
Emerging Opportunities
Multiplex testing offering a more comprehensive picture of a patient’s health during a single test is expected to evolve healthcare. Moreover, the home-based testing and integration with wearable devices is expected to boost the market during the forecast period. The rise of wearable health trackers and other connected devices opens doors for integrating them with POC diagnostics. There's a growing emphasis on empowering patients to manage their health at home. User-friendly and reliable POC tests suitable for home use are being developed for various conditions.
Scope of the Point of Care Diagnostics Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Point of Care Diagnostics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2023
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Historic Data
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2017–2022
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Forecast Period
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2024–2032
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Segmentation
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Product (Glucose Monitoring, Infectious Disease, Cardiometabolic Monitoring, Coagulation Monitoring, Pregnancy & Fertility Testing, Hematology Testing, Blood Gas/Electrolyte Testing, Urinalysis Testing, Tumor/Cancer Marker Testing, Drugs-Of-Abuse Testing, and Fecal Occult Testing) and End-user (Hospitals & Critical Care Settings, Ambulatory Care Settings, Home Healthcare Settings, and Research Laboratories)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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Abbott; Becton Dickinson (BD); bioMérieux; Danaher Corporation; F. Hoffmann-La Roche Ltd.; Nova Biomedical; Qiagen; Siemens Healthcare GmbH; Trividia Health, Inc.; and Werfen
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Point Of Care Diagnostics Market Segment Insights
Product Segment Analysis
Based on product, the point of care diagnostics market is divided into glucose monitoring, infectious disease, cardiometabolic monitoring, coagulation monitoring, pregnancy & fertility testing, hematology testing, blood gas/electrolyte testing, urinalysis testing, tumor/cancer marker testing, drugs-of-abuse testing, and fecal occult testing. The glucose monitoring segment held the largest share in the global market in 2023 owing to rising prevalence of chronic conditions such as diabetes, particularly type 2 diabetes. Diabetics require regular blood sugar monitoring to manage their condition effectively. POC glucose testing provide a convenient and accessible way for patients to monitor their blood sugar levels at home or on-the-go, without needing to visit a healthcare facility for every test.
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In June 2020, Abbott Diabetes Care and Tandem Diabetes Care announced to finalize an agreement for developing integrated diabetes solutions at commercial level. The contract combined Abbott's world-leading1 continuous glucose monitoring (CGM) technology with Tandem's innovative insulin delivery systems. The joint acquisition aimed to provide multiple options for people to manage their diabetes, develop integration of technical devices, and associated commercial support activities.
The infectious disease testing segment is anticipated to grow at a substantial CAGR during the forecast period owing to rising prevalence of infectious diseases. Moreover, the increasing need for rapid diagnostics and technological advancements is expected to boost the segment during the forecast period. the current developments in consumer-centric services, high demand for portable and rapid testing products, and rapid increase in the number of cases of infectious diseases is expected to rise the demand for point of care infectious disease testing. Additionally, the increasing collaborations among key players is expected to propel the segment significantly during the forecast period. For instance,
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In December 2022, Roche and Pfizer partnered to rapid test the COVID-19 in patients showing positive results to navigate risks, symptoms and their assist the patients for their treatment choices with early treatment.
End-user Segment Analysis
On the basis of end-user, the global market is segregated into hospitals & critical care settings, ambulatory care settings, home healthcare settings, and research laboratories. The hospitals & critical care setting segment is anticipated to register a considerable CAGR in over the predicted period due to complex medical needs. The hospitals & critical care settings deal with patients experiencing critical illnesses or injuries, often requiring a wider range of diagnostic tests for rapid decision-making. POC tests provide faster results compared to traditional lab testing, allowing for quicker treatment initiation, which are crucial in critical situations. Moreover, the availability of resources and demand for specialized tests is expected to drive the segment during the forecast period.
The ambulatory care settings segment is projected to register a robust growth rate during the assessment years owing to the increasing focus on efficiency and convenience. The wider range of application of ambulatory care settings makes it suitable for various health conditions such as chronic disease, infectious disease, and basic urinalysis. Moreover, the rising adoption for chronic disease management is expected to propel the segment during the forecast period. For instance,
- In May 2023, Sensible Diagnostics launched the plan for the POC PCR diagnostic instrument to perform PCR within 10 mins, in 2024. This is expected to be an ideal testing technique for infectious disease.
Regional Analysis
In terms of region, the global point of care diagnostics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the global market in 2023 owing to increasing demand for new technologies. The strong focus on research and development in North America, leading to high adoption rate of new and innovative point of care device, is boosting the regional market. Moreover, the large pool of key players is propelling the market in North America. Additionally, the advanced healthcare infrastructure and high prevalence of chronic diseases is expected to drive the regional market during the forecast period.
The market in Adia Pacific is projected to grow at a significant pace in the years to come owing to growing focus on decentralized healthcare. Increasing government initiatives to promote the POC testing in various healthcare setting is creating a strong demand for the market. The trend towards decentralized healthcare models, where care is delivered outside traditional hospitals, creates a strong demand for POC diagnostics that are used in clinics, pharmacies, and even at home. Furthermore, the technological advancements for making more sophisticated, accurate, and user friendly is fueling the regional market. For instance,
- In January 2023, Cipla Limited, India, launched a POC testing device Cippoint, offering a wide array of testing parameters. It monitors diabetes, infectious diseases, cardiac markers, fertility, inflammation, coagulation markers, thyroid function, and metabolic markers.
Segments
The point of care diagnostics market has been segmented on the basis of
Product
- Glucose Monitoring
- Infectious Disease
- Cardiometabolic Monitoring
- Coagulation Monitoring
- Pregnancy & Fertility Testing
- Hematology Testing
- Blood Gas/Electrolyte Testing
- Urinalysis Testing
- Tumor/Cancer Marker Testing
- Drugs-Of-Abuse Testing
- Fecal Occult Testing
End-user
- Hospitals & Critical Care Settings
- Ambulatory Care Settings
- Home Healthcare Settings
- Research Laboratories
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Abbott
- Becton Dickinson (BD)
- bioMérieux
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- Nova Biomedical
- Qiagen
- Siemens Healthcare GmbH
- Trividia Health, Inc.
- Werfen
Competitive Landscape
Key players competing in the global point of care diagnostics market are Abbott, Becton Dickinson (BD), bioMérieux, Danaher Corporation, F. Hoffmann-La Roche Ltd., Nova Biomedical, Qiagen, Siemens Healthcare GmbH, Trividia Health, Inc., Werfen.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
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In October 2023, QIAGEN's decision to get CE certification for their NeuMoDx platform and its accompanying IVD kit proved to be a successful move, boosting both their sales and market share.
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In May 2023, Danaher Corporation made a significant stride in the point-of-care diagnostics market by launching the Dxl 9000 Access Immunoassay Analyzer. This powerful machine boasts a capacity of 215 tests per hour.
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In May 2023, BD received FDA approval (510k clearance) for their innovative BD Kiestra MRSA imaging application. This AI-powered tool streamlines testing by eliminating the need for manual analysis of petri dishes, leading to faster turnaround times for MRSA diagnosis.
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