North America Point of Care Diagnostics Market Outlook 2031
The North America point of care diagnostics market size was USD 17.53 Billion and is expected to reach USD 30.12 Billion by 2031 expand CAGR of 6.2% during the forecast period, 2023-2031. the increasing awareness of home healthcare and cost-effective along with providing an effective and swift results offered by the point of care diagnostics. Moreover, the presence of a large number of health-conscious population in the region presents a major aspect for the market expansion.
Point of care (POC) testing refers to a testing method primarily designed to offer extreme convenience to patient treatment and care. These testing methods are distinguished from the normal ones since the former testing reduces the long procedures of sending report from laboratory to physicians handling the patient.
Since the testing offers to reduce the overall time taken for the specimen’s result, it is widely used in many applications such as gas of blood & electrolytes analysis, rapid cardiac maker diagnostics, urine strips testing, fecal occult blood analysis, hemoglobin diagnostics, cholesterol screening, blood glucose testing, rapid coagulation testing, drugs of abuse screening, pregnancy testing, food pathogens screening, and infectious disease testing.
According to a survey conducted by World Health Organization (WHO), the number of adopting diagnostics devices and POC products for several diseases treatment is growing rapidly over the recent years in North America. Moreover, the outbreak of COVID-19 pandemic has impacted the regional market since the demand for Rapid Antigen Test (RAT) has been increased significantly.
The rapid diagnostic test is widely used for the detection of SARS-CoV-2; the virus responsible for the COVID-19 pandemic. The successful testing of several RAT diagnostic devices in a global scale and consecutively in North America became an imperative for the expansion of POC diagnostics market.
North America Point of Care Diagnostics Market Trends, Drivers, Restraints, and Opportunities
- Increasing occurrences of infectious disease and chronic illness due to inactive lifestyle is projected to boost the market growth during the forecast period.
- Rapid development of innovative diagnostic products used for efficacy and automation are major factors driving the market expansion in the coming years.
- High cost of POCT devices and treatment and complex regulations regarding medical insurance are estimated to impede the market expansion.
- Lack of skilled labor handling the POC diagnostic devices present a main challenge that can restrict the market expansion in the coming years.
- R&D investment and technological advancement that can aid in the production of RAT and other diagnostic equipment are expected to offer significant opportunities for the market players.
Scope of Point of Care Diagnostics Market Report
The report on the North America 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.
Point of Care Diagnostics Market – North America Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Glucose Testing, Hb1ac Testing, Coagulation, Fertility, Cardiac Makers, Infectious Diseases, Primary Acre Systems, Hematology, and Ambulatory Chemistry) and End-Users (Hospital, Home, Assisted Living Healthcare Facilities, Laboratory, Emergency Rooms, and Clinics)
The US and Canada
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players Covered in the Report
Spectral Diagnostics; Abbott Laboratories; Nova Biomedical; Abaci’s Inc; Siemens Healthcare; Danaher Corporation; Instrumentation Laboratory; Trinity Biotech; Qiagen NV; BioMerieux; Johnson & Johnson; Roche Diagnostics; Alere Inc; Qualcomm Life Inc; and Nipro Diagnostics
North America Point of Care Diagnostics Market Segment Insights
Glucose testing segment is projected to represent a large market share
Based on products, the North America point of care diagnostics market is segmented into glucose testing, Hb1ac testing, coagulation, fertility, cardiac makers, infectious diseases, primary acre systems, Hematology, and Ambulatory Chemistry. The glucose testing segment is expected to constitute a major share of the market during the forecast years.
This segment dominance is mainly attributed due to the regular occurrences of obesity & diabetes, along with the presence of major players in the market offering innovative products in this segment. On the other hand, the Hb1ac testing segment is anticipated to grow at a rapid pace during the forecast period owing to the increasing presence of product portfolio and cost effectiveness to the huge patient base for obesity and diabetes management.
Clinics segment to constitute a major market share
On the basis of end-users, the market is divided into hospital, home, assisted living healthcare facilities, laboratory, emergency rooms, and clinics. The clinics segment is expected to constitute a major share of the market during the forecast years owing to the cumulative government regulations for more accurate tests in the fields of meta-analysis.
Technological innovations present in the product lines, which enable precise & accurate diagnosis and effective monitoring of patients’ health conditions in clinics present key drivers for the segment growth. However, the home segment is expected to grow at a swift rate during the forecast period due to the rising usage of portable devices for health monitoring in home care settings.
US is anticipated to dominate the market
In terms of geography, the North America point of care diagnostics market is classified as the US and Canada. The US market held a major share of the global market revenue in 2020 and is expected to grow significantly during the forecast period. This regional market growth can be attributed to the presence of major global players based in the US.
The market of Canada, however, is anticipating to account for a high growth rate during the forecast period due to the wide research and development activities, which are taking place in prominent research centres and universities.
The North America point of care diagnostics market has been segmented in terms of
- Glucose Testing
- Hb1ac Testing
- Cardiac Makers
- Infectious Diseases
- Primary Acre Systems
- Ambulatory Chemistry
- Assisted Living Healthcare Facilities
- Emergency Rooms
- Spectral Diagnostics
- Abbott Laboratories
- Nova Biomedical
- Abaci’s Inc
- Siemens Healthcare
- Danaher Corporation
- Instrumentation Laboratory
- Trinity Biotech
- Qiagen NV
- Johnson & Johnson
- Roche Diagnostics
- Alere Inc
- Qualcomm Life Inc
- Nipro Diagnostics
Major players competing in the North America point of care diagnostics market are Spectral Diagnostics; Abbott Laboratories; Nova Biomedical; Abaci’s Inc; Siemens Healthcare; Danaher Corporation; Instrumentation Laboratory; Trinity Biotech; Qiagen NV; BioMerieux; Johnson & Johnson; Roche Diagnostics; Alere Inc; Qualcomm Life Inc; and Nipro Diagnostics.
These players are also involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance, Qualcomm Inc. collaborated with Roche Diagnostics for several projects to develop techniques for effective patient monitoring solutions.