Key Drivers and Opportunities in the Point of Care Diagnostics Market: Insights into Trends and Growth
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What Long-Term Growth Rate is Expected for the Point of Care Diagnostics Market Between 2025 and 2034?
Recent years have witnessed robust growth in the size of the point of care diagnostics market. The market is projected to expand from $48.06 billion in 2024 to $51.76 billion in 2025, signifying a compound annual growth rate (CAGR) of about 7.7%. The historical growth trend can be credited to several factors including the increasing incidence of chronic ailments, enhancements in diagnostic precision, changes in healthcare environments, escalating healthcare costs, and growing consumer preference for convenience.
The market size for point of care diagnostics is anticipated to witness robust expansion in the upcoming years, escalating to $74.15 billion in 2029 with a compound annual growth rate (CAGR) of 9.4%. The surge during the projected period can be associated with increased demand for remote healthcare, market proliferation in developing economies, individualized healthcare, emphasis on preventive healthcare, and investments in research and development. Major evolutionary tendencies during the predicted period encompass the ascent of individualized medicine, the downsizing of technology, the integration of telemedicine, the emergence of new biomarkers, and the empowerment of consumers.
Which Macro and Microeconomic Factors Are Accelerating the Growth of the point of care diagnostics Market?
The escalating occurrence of both chronic and infectious diseases is propelling the advancement of the point of care (POC) diagnostics market. Chronic ailments are typically slow progressing conditions that often last for three months or more. Point-of-care diagnostics has proven to be an effective strategy to manage chronic diseases, due to its simplicity and ease of use. For example, the Centers for Disease Control and Prevention (CDC) revealed in 2023 that 42% of US adults were living with two or more chronic health issues. This alarming trend signifies the increasing number of adults with multiple chronic diseases. Thus, the rising occurrence of chronic diseases is fuelling the growth of the point of care (POC) diagnostics market.
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What Are the Key Firms That Are Driving Transformation in the Point of Care Diagnostics Market?
Major companies operating in the point of care diagnostics market include:
• Abbott Laboratories_x000D_
• Siemens Healthineers AG_x000D_
• Beckman Coulter Inc._x000D_
• Becton_x000D_
• Dickinson and Company_x000D_
What Current Trends in the Point of Care Diagnostics Market Should Industry Players Pay Attention To?
The introduction of innovative products is a rising trend in the point of care (POC) diagnostics market, with industry leaders launching novel solutions to maintain their dominance. For example, PocDoc, a diagnostics firm based in the US, in January 2022, unveiled the PocDoc Cardiovascular Diseases point-of-care examination. This process encompasses five stages involving sample collection, transfer to a lateral flow test kit, and immediate smartphone-based diagnosis. The standout feature of this product is that it’s the first of its kind, being a smartphone-based test for cardiovascular disease.
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Which Key Segments Define the Structure of the Point of Care Diagnostics Market and Their Growth Potential?
The point of care diagnostics market covered in this report is segmented –
1) By Product: Glucose Monitoring Kits, Infectious Diseases Testing Kits, Pregnancy And Fertility Testing Kits, Hematology Testing Kits, Cardiometabolic Monitoring Kits, Urinalysis Testing Kits, Cholesterol Test Strips, Other Products
2) By Mode Of Prescription: Prescription Based Devices, OTC (Over-The-Counter) Based Devices
3) By End User: Professional Diagnostic Centers, Research Laboratories, Home Care, Other End-Users
Subsegments:
1) By Glucose Monitoring Kits: Blood Glucose Meters, Test Strips
2) By Infectious Diseases Testing Kits: Rapid Antigen Tests, PCR Testing Kits, Serology Tests
3) By Pregnancy And Fertility Testing Kits: Home Pregnancy Tests, Ovulation Predictor Kits
4) By Hematology Testing Kits: Complete Blood Count (CBC) Test Kits, Coagulation Test Kits
5) By Cardiometabolic Monitoring Kits: Lipid Profile Test Kits, Blood Pressure Monitors
6) By Urinalysis Testing Kits: Dipstick Test Kits, Urine Culture Kits
7) By Cholesterol Test Strips: Home Cholesterol Testing Kits
8) By Other Products: Customizable Test Kits, Point Of Care Testing Platforms
What Regions Are Driving Expansion in the Point of Care Diagnostics Market?
North America was the largest region in the point of care diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the point of care diagnostics market report during the forecast period. The regions covered in the point of care diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is the Point of Care Diagnostics Market Categorized and Defined in the Industry?
Point of care (POC) diagnostics refers to medical testing that can be performed at or near the site of patient care. It is used to provide fast and accurate results that can be used to guide immediate patient care decisions.
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