How Will The Point Of Care Diagnostics Market Globally Expand In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s point of care diagnostics market report forecasts the point of care diagnostics market size to grow to $60.45 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
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Point Of Care Diagnostics Market Size Forecast
The global point of care diagnostics market is expected to grow from $40.89 billion in 2022 to $44.19 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global point of care diagnostics market size is expected to reach $60.45 billion in 2027 at a CAGR of 8.1%.
North America held the largest point of care diagnostics market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Point Of Care Diagnostics Market Driver – Increase In The Prevalence Of Chronic And Infectious Diseases
According to the International Diabetes Foundation, a Belgium-based umbrella organisation of over 230 national diabetes associations, there will be roughly 537 million adult diabetic patients worldwide in 2021. The population is predicted to grow to 643 million by 2030 and 783 million by 2045. Furthermore, according to the World Health Organisation, a United Nations specialised organisation based in Geneva, cancer was the leading cause of death in the world in 2020. In 2020, it was responsible for 10 million fatalities, or nearly one in every six million. As a result, the rising prevalence of chronic diseases is propelling the point of care diagnostics market.
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Key Point Of Care Diagnostics Market Trend – Product Innovations
To maintain their market position, major players in the point-of-care diagnostics sector are offering innovative products. PocDoc, a US-based diagnostics company, for example, launched the PocDoc Cardiovascular Diseases point-of-care test in January 2022. The test consists of five steps, which include taking the sample, testing it on the lateral flow test kit, and capturing the test on the phone to receive an instant diagnosis. The product’s distinguishing feature is that it is the world’s first smartphone-based test for cardiovascular disease testing.
Point Of Care Diagnostics Market Segment
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
Point Of Care Diagnostics Market Major Players and Strategies
Major players in the point of care diagnostics market are Abbott Laboratories, Siemens Healthineers AG, Beckman Coulter Inc., Becton, Dickinson and Company, Instrumentation Laboratory Company, Nova Biomedical Corporation, Qiagen Inc., F. Hoffmann-La Roche Ltd., Biomeriux SA, Quidel Corporation, Orasure Technologies Inc., Johnson and Johnson Inc., Zoetis Inc., Thermo Fisher Scientific Inc., Sysmex corporation, and Sinocare Inc.
Mesa Biotech Inc. was acquired for $550 million by Thermo Fisher Scientific Inc., a US-based scientific instrument and medical equipment firm, in February 2021. The acquisition gave Thermo Fisher an entrée into the point-of-care testing vertical and would help it strengthen Mesa Biotech’s products. Mesa Biotech is a point-of-care diagnostics kit producer established in the United States that offers diagnostic tools for a variety of disorders.
The Point Of Care Diagnostics Global Market Report 2023 covers regional data on point of care diagnostics market size, point of care diagnostics market trends and drivers, opportunities, strategies, and point of care diagnostics market competitor analysis. The countries covered in the point of care diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Point of care diagnostics (POC) refers to medical testing that can be done at or near the site of patient care. Its purpose is to produce quick and precise data that can be utilised to guide immediate patient care decisions.
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