Healthcare Medical Devices Biotechnology

Point of Care Diagnostics Market is Expected to Reach USD 98.46 Billion by 2031

Apr 2024

Healthcare Medical Devices Biotechnology

As per the report published by Kings Research, the global Point of Care Diagnostics Market was valued at USD 47.64 billion in 2023 and is projected to reach USD 98.46 billion by 2031, growing at a CAGR of 9.53% from 2024 to 2031.

The global point of care diagnostics market is experiencing considerable expansion driven by several factors such as technological advancements, product innovation, increasing prevalence of chronic diseases, and an expanding geriatric population. Technological innovations are revolutionizing diagnostic capabilities with the development of highly sensitive and portable devices. These advancements are playing a pivotal role in combating the rising prevalence of infectious diseases globally by enabling rapid and accurate diagnoses directly at the point of care. Moreover, the aging population and the rising prevalence of chronic diseases emphasize the imperative for accessible and timely diagnostic solutions. Regulatory bodies' streamlined approval processes and focus on ensuring device quality enhance market prospects, thereby fostering a conducive environment for innovation and growth. Furthermore, substantial investments in healthcare infrastructure by governments and healthcare organizations are directed toward enhancing diagnostic accessibility, particularly in remote and underserved regions. With these growth driving factors, the global point-of-care diagnostics market is poised to witness notable expansion, thereby driving advancements in healthcare delivery and improving patient outcomes worldwide.

Key Insights

  • Based on product type, the glucose segment generated the highest revenue of USD 15.18 billion in 2023
  • Based on sample, the blood segment held the largest market share of 52.29% in 2023
  • Based on end-user, the home care segment is anticipated to generate a value of USD 20.55 billion by 2031
  • On the basis of region, Europe is projected to reach USD 24.86 billion by 2031

Rising Demand for Home Healthcare Solutions to Aid  Point of Care Diagnostics Market Growth

The increasing preference for home healthcare solutions is emerging as a significant factor supporting the growth of the point-of-care diagnostics market. According to the World Health Organization (WHO), the global population aged 60 years and older is expected to reach 2 billion by 2050, thereby driving the demand for convenient and accessible diagnostic tools for chronic disease management. Point-of-care diagnostics enable patients to monitor their health conditions conveniently at home, thus reducing the need for frequent visits to healthcare facilities. This trend is further fueled by the COVID-19 pandemic, which has underscored the importance of decentralized testing to minimize disease transmission. Companies such as Roche Diagnostics offer home-based testing solutions tailored for conditions including diabetes and cardiovascular diseases, thereby contributing to market growth.

Surging Adoption of Telemedicine Services to Propel Market Growth

The growing adoption of telemedicine is a significant factor driving the growth of the point-of-care diagnostics market. Telemedicine enables remote consultations and healthcare delivery, allowing patients to access diagnostic services from the comfort of their homes. Integration of point of care diagnostic devices with telemedicine platforms facilitates virtual consultations and real-time monitoring of patient health parameters. This integration enhances patient access to diagnostic testing, particularly in rural and underserved areas where healthcare facilities are limited. Furthermore, telemedicine offers convenience and flexibility, reducing the need for in-person visits and minimizing healthcare-associated costs. As telemedicine continues to gain traction globally, there is a burgeoning demand for point of care diagnostic solutions that support remote healthcare delivery, thereby presenting a lucrative growth opportunity for market players.

Expansion into Emerging Market to Offer Opportunities

Emerging economies are witnessing rapid urbanization, improving healthcare infrastructure, and increasing healthcare spending, which is driving the demand for diagnostic services. Point-of-care diagnostics offer cost-effective and accessible testing solutions, particularly in environments with limited resources, where centralized laboratory facilities are lacking. Moreover, the rising prevalence of infectious diseases and the growing burden of chronic conditions in emerging markets bolster the demand for rapid and accurate diagnostic tools. By tapping into these burgeoning markets, industry players are capitalizing on untapped opportunities for growth. Strategic partnerships, localization strategies, and innovative pricing models tailored to the needs of emerging markets are facilitating market penetration, thereby bolstering market growth.

Europe to Witness Significant Growth at a CAGR of 8.51% over 2024-2031

Based on region, the global point of care diagnostics market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Europe experienced prominent growth in recent years and is projected to maintain its growth rate over the forecast period. Europe boasts a well-established healthcare infrastructure, comprising advanced healthcare systems, extensive laboratory networks, and robust regulatory frameworks, thereby fueling regional market growth. This infrastructure facilitates the adoption and integration of point-of-care diagnostics into routine clinical practice across various healthcare settings. Furthermore, Europe's strong commitment to healthcare innovation and research is driving advancements in diagnostic technologies and methodologies. This commitment fosters a conducive environment for the development and commercialization of innovative point-of-care diagnostic devices, catering to diverse healthcare needs and applications.

Moreover, the prevalence of chronic diseases such as diabetes, cardiovascular diseases, and infectious illnesses in Europe underscores the importance of timely and accurate diagnostic testing. Point-of-care diagnostics offer rapid results, enabling prompt diagnosis, treatment, and management of these conditions, thereby improving patient outcomes and reducing healthcare costs. Additionally, Europe's aging population presents opportunities for the adoption of home-based healthcare solutions, including point-of-care diagnostics. As the elderly population grows, there is a surge in demand for convenient and accessible diagnostic tools that enable remote monitoring and self-testing, thereby enhancing healthcare accessibility and patient empowerment.

Major Industry Players Ink Lucrative Deals to Strengthen Market Foothold

The global point of care diagnostics market is fragmented with key players such as Abbott, F. Hoffmann-La Roche Ltd., HemoCue, Siemens Healthineers AG, Johnson & Johnson Services, Inc., BD, Bio-Rad Laboratories, Inc., Werfen, Thermo Fisher Scientific Inc., Sysmex Europe SE, and others. Companies are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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