point-of-care diagnostics devices and equipment market research
Medical Equipment

Point-of-Care Diagnostics Devices And Equipment Market Report 2024: Market Size, Drivers, And Trends

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The point-of-care diagnostics devices and equipment market have witnessed robust growth, with the market size surging from $32.81 billion in 2023 to an estimated $37.14 billion in 2024, showcasing a commendable compound annual growth rate (CAGR) of 13.2%. The historic growth can be attributed to various factors, including infectious disease outbreaks, the emphasis on patient convenience, utilization in remote and resource-limited areas, and the increasing focus on preventive care.

Projected Rapid Growth

The point-of-care diagnostics devices and equipment market are poised for rapid expansion, anticipating a remarkable growth trajectory to reach $59.54 billion in 2028, boasting a projected CAGR of 12.5%. This growth is fueled by factors such as improving healthcare accessibility, addressing global health threats, effective chronic disease management, and the integration of telehealth and remote monitoring solutions.

Driving Forces

  • Healthcare Accessibility: Bridging gaps in healthcare accessibility, particularly in underserved regions.
  • Global Health Threats: A response to evolving global health threats, necessitating rapid and on-site diagnostics.
  • Chronic Disease Management: The need for effective tools in managing chronic diseases, facilitating proactive and personalized care.
  • Telehealth and Remote Monitoring: Aligning with the growing trend of telehealth and remote monitoring for efficient healthcare delivery.

Major Trends

  • Multiplex Testing: Simultaneous testing for multiple health parameters.
  • Smartphone Integration: Seamless integration with smartphones for data management.
  • Personalized Medicine: Tailoring diagnostics to individual patient profiles.
  • Lab-on-a-Chip Technology: Miniaturized diagnostic devices for rapid and efficient testing.

Mobile Health Technologies Driving Growth

Significance of Mobile Health
The point-of-care diagnostics devices market is experiencing significant growth due to the increasing adoption of mobile health technologies. Mobile health, or mHealth, involves utilizing mobile devices such as smartphones, tablets, and wearables to deliver healthcare services, information, and monitor health-related data. This integration plays a crucial role in healthcare delivery, allowing for rapid testing and data collection at or near the patient’s location.

Market Impact

  • The Rock Health survey reports an 8% increase in telemedicine utilization, reaching 80% in 2022 compared to 72% in 2021.
  • Mobile health technologies enhance point-of-care diagnostics, ensuring immediate results and facilitating data management and transmission.

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Industry Leaders and Innovations

Key Players

Major companies operating in the point-of-care diagnostics devices and equipment market include Abbott Laboratories, F. Hoffmann-La Roche AG, Siemens Healthineers, Danaher, Beckman Coulter, and many others. These industry leaders play a pivotal role in shaping the market landscape.

Innovative Product: Cippoint

  • Cippoint Overview: Cippoint is a state-of-the-art point-of-care testing device for multiple health conditions.
  • Testing Parameters: It offers a comprehensive range of testing parameters, including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers.
  • Quick Results: Cippoint provides test results in 3 to 15 minutes, facilitating quick and efficient clinical decision-making.
  • Versatile Application: It is suitable for use in various settings, including hospitals, clinics, and mobile vans.

Strategic Launch

  • In January 2023, Cipla Limited, an India-based pharmaceutical company, launched Cippoint, contributing to the evolution of point-of-care diagnostics.

Market Segmentation

Comprehensive Segmentation
The point-of-care diagnostics devices and equipment market is segmented based on:

  1. Type:
    • Infectious disease testing kits
    • Cardio metabolic monitoring kits
    • Cholesterol testing kits
    • Pregnancy and fertility tests kits
    • Tumor/cancer markers
    • Urinalysis testing kits
    • Hematology testing kits
    • Drugs of abuse testing kits
    • Fecal occult testing kits
    • Other Types
  2. Prescription Mode:
    • Prescription-based Testing Devices
    • Over-The-Counter (OTC) Testing Devices
  3. End User:
    • Professional diagnostic centers
    • Hospitals/critical care centers
    • Outpatient healthcare Setting
    • Ambulatory care settings
    • Research laboratories
    • Home

Regional Dominance: North America Leading the Way
North America has emerged as the largest region in the point-of-care diagnostic devices and equipment market in 2023, reflecting its pivotal role in steering market dynamics.

In conclusion, the point-of-care diagnostics devices market is on an upward trajectory, driven by technological advancements, the increasing prevalence of mobile health technologies, and a commitment to enhancing healthcare accessibility. Innovations like Cippoint underscore the industry’s dedication to delivering rapid, efficient, and personalized diagnostic solutions, promising a future where point-of-care diagnostics play a central role in transforming healthcare delivery.

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