Point of Care Diagnostics Market worth $77.8 billion by 2028
Point of Care Diagnostics Market in terms of revenue was estimated to be worth $49.7 billion in 2023 and is poised to reach $77.8 billion by 2028, growing at a CAGR of 9.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Globally, the growing burden of chronic diseases like diabetes, cardiovascular diseases, cancer is accelerating the demand for rapid and effective diagnostic testing. Moreover, the rising advancements in microfluidic technology, and miniaturization are enabling manufacturers to develop portable and smaller PoC diagnostics device. Moreover, the shift towards healthcare decentralization and increasing investments for product development is anticipated to bolster the growth opportunity for point of care diagnostics market.
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Pricing pressure due to reimbursement cuts and limited budgets along with strict regulatory approval process for new point of care product commercialization are factors expected to restrain market growth during the forecast period.
The Lateral Flow Assays segment, by platform, is expected to register the largest market share of the global point of care diagnostics market in 2022.
Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment dominated this market with a share of in 2022.Lateral flow assays are simple in usage, relatively inexpensive, making it more accessible for patients and healthcare provider, LFA technology does not require trained person to operate, allowing them to be used in various healthcare settings, from clinics and pharmacies to remote arears, promoting healthcare decentralization. All these factors are contributing towards the dominance of lateral flow technology in point of care diagnostics market.
The OTC testing product segment, by mode of purchase, to dominate the global point of care diagnostics market in 2022.
On the basis of mode of purchase OTC testing products segment accounted the largest market share in 2022 attributed to the increasing adoption of OTC products owing to its ease of usage and convenience. The presence of diverse range of OTC point of care devices for diseases screening, personal health monitoring and various other conditions further contribute to the rising demand for OTC PoC testing devices among consumers.
“The APAC market, by region, to register highest growth rate in the forecast period.”
On the basis of region, the radiotherapy market is segmented into North America, Europe, Asia Pacific, and the Latin America, Middle East & Africa. The Asia-Pacific market is likely to witness significant growth owing to increase in cardiac diseases, diabetes, and infectious diseases patient pool, moreover, improving healthcare infrastructure and the implementation of supportive government initiatives to increase the accessibility of effective diagnostic tools in several APAC countries such as India and China. The growing adoption of self-testing kits, expansion of geographical footprints of key players, and emergence of many local players in the region are likely to support growth of point of care diagnostics market in Asia Pacific
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Point of Care Diagnostics Market Dynamics:
Drivers:
1. Rising incidence of infectious diseases
2. Increasing prevalence of target conditions
3. Favorable government initiatives for POC testing
4. Rising number of CLIA-waived POC tests
Restraints:
1. Pricing pressure on POC manufacturers
2. Stringent regulatory approval process for product commercialization
Opportunities:
1. High growth potential of emerging markets
2. Decentralization of healthcare
3. Innovative product development
Challenge:
1. Inadequate standardization with centralized lab methods
2. Limited awareness in emerging markets
3. Premium pricing of novel platforms
Key Market Players of Point of Care Diagnostics Industry:
As of 2022, the point of care diagnostics market was dominated by Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), and Becton, Dickinson and Company (US)
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
- By Designation: C-level–10%, Director-level–14%, and Others–76%
- By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%
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