According to Nova One Advisor, the global point of care diagnostics market size was accounted for USD 44.25 billion in 2023 and it will increase to around USD 80.75 billion by 2033 with a CAGR of 6.2% from 2024 to 2033.
According to Nova One Advisor, the global point of care diagnostics market size was accounted for USD 44.25 billion in 2023 and it will increase to around USD 80.75 billion by 2033 with a CAGR of 6.2% from 2024 to 2033.
The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth. Furthermore, the rise in the geriatric population and their need for accessible home-based care are anticipated to drive the market.
The adoption of POCT in emerging economies such as Africa and Latin America is anticipated to be a growth determinant of the global POCT market. The authorities are decentralizing the healthcare system and increasing their investments. For instance, the African regulations in Kenya allotted USD 346.7 to Managed Equipment Services project for the government’s initiative toward modernizing facilities by procuring new equipment. The Ministry of Health selected GE Health and Philips to offer equipment across 47 countries. Similarly, Latin America decentralized IVD testing, which encourages private players to take strategic initiatives to meet the region’s existing demand for affordable POCT, especially in the infectious diseases segment.
Currently developed POC devices and tests are employed across different medical diagnostic applications, including cancer, pregnancy, and infectious diseases. Patients and physicians employ POC tests to screen conditions, confirm diagnoses, and design suitable therapeutic approaches based on patient health. However, the enthusiasm displayed by different consumers, such as doctors, patients, and caregivers, varies widely. This dynamic consumption pattern of POC diagnostic products is also attributed to economic scalability, financial interests, and lack of a universal healthcare structure.
In the light of COVID-19, the lockdown imposed across the globe has necessitated virtual visits and rapid diagnostic tests that assist patients to avoid hospital visits. Post-lockdown, the eHealth strategy is the emerging area of priority and investment such as an automated patient appointment system, lab result transmission system, healthcare workers’ communication system, and medical products procurement system for the companies and governments. It is anticipated to continue to prioritize home-based healthcare delivery even after the pandemic, especially for patients with pre-existing conditions. For instance, NeuroMetrix, Inc. appointed a team to develop the business of DPNCheck, a POCT for peripheral neuropathies. The team is responsible for expanding the footprint in the healthcare market and focusing on the Medicare Advantage population.
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Point Of Care Diagnostics Market Report Highlights
- The Infectious disease led the market and accounted for 27.11% of global revenue share in 2023. Growth of the segment is attributed to increasing demand for rapid tests, which has encouraged industry players to deliver point of care solutions to decentralized regions and launch innovative solutions.
- Home sector is projected to witness the highest growth rate over the forecast period owing to the comfort level and cost-effectiveness of point of care diagnostics provided to patients at home. POCT devices are easy to use and do not, mandatorily, require any modern lab infrastructure for testing simpler target analytes in a patient’s sample
- North America dominated the market and accounted for a 42.9% share in 2023 owing to the increasing demand for new technologies, a large pool of key players, and advanced healthcare infrastructure
- The Asia Pacific is anticipated to witness significant growth in the market owing to the rising prevalence of cancer, diabetes, cardiovascular diseases, and infectious diseases. The increasing population with limited disposable income is the potential target market for the key players in the region
Diagnostic testing Market Blog https://www.biospace.com/article/releases/diagnostic-testing-market-size-to-reach-usd-449-78-billion-by-2033/
Product Insights
Infectious disease led the market and accounted for 27.11% of global revenue share in 2023. Growth of the segment is attributed to increasing demand for rapid tests, which has encouraged industry players to deliver point of care solutions to decentralized regions and launch innovative solutions. For instance, in May 2023, Sensible Diagnostics announced plans to launch a POC PCR instrument that can perform PCR in 10 minutes by 2024, with an initial focus on infectious diseases. Moreover, Abbott has announced the launch of ID NOW, the world’s fastest molecular POC test, which offers COVID-19 results in 13 minutes and can be used in a range of dispersed healthcare settings, such as doctor offices & urgent care clinics. Moreover, the implementation of government initiatives aimed at curbing healthcare expenditure by restricting the growth of the incidence of infectious diseases will serve this industry as a driver.
The cancer segment is expected to register the fastest CAGR during the forecast period. The growing use of markers in cancer diagnostics is the primary factor likely to boost the cancer markers segment during the forecast period. The rising global prevalence of cancer is driving the need for early disease detection, and is also expected to propel the market. For instance, according to Cancer.org, approximately 1.9 million new cases of cancer were diagnosed in the U.S. in 2021, with 608,570 cancer deaths. Moreover, key players in the market are introducing novel products to meet untapped opportunities in the market. For instance, in October 2022, F. Hoffman-La Roche Ltd., was approved for the first companion diagnostic by the U.S. FDA to detect patients with HER2 low metastatic breast cancer eligible for ENHERTU.
End-use Insights
The clinic end-use segment led the market and accounted for the highest revenue share in 2023. Point of care diagnostics in primary care settings ranges from simple glucose testing to complex coagulation testing. In several clinics, professionals are switching to point of care diagnostics from conventional lab testing, and this helps shorten the time taken to decide whether further tests are required by avoiding delays during specimen preparation and transport. Other advantages of point of care diagnostics are rapid availability of results, lower costs, and better outcomes. The market has grown rapidly in the past few years, especially in the U.S. and European countries, owing to increased awareness regarding various issues such as medical & organizational concerns and economic advantages of point of care diagnostics.
Home sector is projected to witness the highest growth rate over the forecast period owing to the comfort level and cost-effectiveness of point of care diagnostics provided to patients at home. POC in the home healthcare sector also allows patients to address healthcare challenges at home and make decisions instantly. Moreover, with the rise in the aging population, which is more susceptible to chronic diseases, the demand for healthcare services is likely to show steady growth in the coming years. This will boost the home healthcare sector, which can improve the overall access and reach to medical care while helping avoid unnecessary visits, hospital admissions, and readmissions, as well as time & costs associated with traveling to meet healthcare providers.
Regional Insights
North America dominated the market and accounted for a 43.0% share in 2023. The growing geriatric population and the presence of higher healthcare expenditure are some key trends contributing to its largest share. Furthermore, technological advancements such as the launch of miniaturized diagnostic equipment offering accurate and rapid results and increasing market penetration of Picture Archiving and Communication Systems (PACS) and Electronic Medical Records (EMRs) are anticipated to propel market growth during the forecast period. Moreover, the presence of key players such as Abbott, BIOMERIEUX, BD, Siemens Healthineers AG, QIAGEN, Quidel Corporation, and Quest Diagnostics is positively influencing market growth. For instance, in April 2023, Abbott announced that the U.S. FDA cleared reader for FreeStyle Libre 3 integrated continuous glucose monitoring system.
Asia Pacific is anticipated to witness significant growth in point of care diagnostics market. Development of healthcare infrastructure coupled with a higher prevalence of chronic and targeted diseases, such as diabetes and cancer along with infectious conditions including HIV, syphilis, and RSV, are expected to drive market in Asia Pacific countries. Adoption of POC diagnostics in operating rooms, emergency rooms, intensive care units, path labs, and hospitals is expected to rise owing to early and efficient results. Moreover, presence of a strong product pipeline pertaining to infectious and cardiac markers segment is estimated to enhance market through to 2033.
Furthermore, rise in adoption of miniaturized models and measures adopted for reducing stays in hospitals and clinics especially in India are expected to fuel the demand for India point of care diagnostic industry.Moreover, rapid technological advancements, high prevalence of chronic & infectious diseases, and continuous efforts by local companies as well as organizations are driving the market in India. For instance, in January 2023, Cipla Limited, based in India, launched Cippoint, a POC testing device that offers a wide array of testing parameters, such as diabetes, cardiac markers, fertility, infectious diseases, inflammation, thyroid function, coagulation markers, and metabolic markers.
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Point of care Diagnostics Market Dynamics
Driver: Increasing prevalence of infectious diseases globally
POC tests can primarily improve the management of infectious diseases, especially in emerging markets and resource limited settings. According to UNAIDS, approximately 39 million people were suffering from HIV-AIDS globally as of 2022, and an estimated 1.3 million individuals acquired HIV.
In 2022, Tuberculosis ranked as the second leading cause of death globally among single infectious agents following COVID-19. Globally, the newly diagnosed tuberculosis cases reached 7.5 million in 2022 (Source: WHO Global Tuberculosis Report 2023). Point-of-care tests with high sensitivity and specificity enable the rapid diagnosis of infectious diseases, initiating prompt treatment further enhancing patient outcome. The global rise in prevalence of infectious diseases such as malaria, tuberculosis, HIV are likely to boost the demand for point-of-care diagnostics
Restraint: Pricing pressure on PoC Manufacturers
Intense competition in the POC testing market can lead to pricing pressure, Moreover, decrease in reimbursement rates for POC tests from government payers, private insurers, or healthcare reimbursement programs are driving down profit margins for manufacturer significantly impacting the growth of point of care diagnostics market. Healthcare facilities, especially those in areas with limited resources or financial constraints, may have constrained budgets for investing in point-of-care testing equipment and materials, limiting the adoption of point of care testing.
Opportunity: High growth potential of emerging markets
Emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities for players operating in the POC diagnostics market. This is primarily due to the high and growing prevalence of infectious and lifestyle diseases in these countries. To meet the increasing demand for POC diagnostics in emerging markets, manufacturers focus on acquiring or entering into agreements and partnerships with regional/domestic players for product distribution and manufacturing. Regulatory policies in the Asia Pacific region are flexible and have less stringent regulations than established markets in North America and Europe. The saturation of mature markets will further compel manufacturers and leading POC testing companies to shift their focus to emerging markets
Challenge: Inadequate standardization with centralized lab methods
POC test results lack alignment with central lab methods due to many pre- and post-analytical errors. Pre-analytical errors for POC testing include unsuitable indications for the performance of the test, inappropriate sampling times and techniques, lack of information about patient conditions, and other factors such as fasting before functional tests or variations in posture/position during similar tests. On the other hand, post-analytical errors include inadequate technical validation, false assignment of results, and errors in data storage.
POC testing is often conducted in emergencies to facilitate clinical decision-making. In several cases, these tests are conducted by nurses or clinical team members, not physicians. These issues can potentially lead to erroneous diagnoses and affect the quality of patient care. Considering such issues, patients & doctors can decide not to opt for POC testing. This is one of the critical challenges to the higher acceptance of POC testing.
Recent Developments
- In October 2023, QIAGEN gained CE certification for IVD kit and automated testing platform, NeuMoDx. This initiative positively impacted the company’s revenue and share in the market
- In May 2023, Danaher Corporation, introduced Dxl 9000 Access Immunoassay Analyzer, which can run up to 215 test per hour. This initiative expanded the company’s point of care diagnostics offering
- In May 2023, BD announced 510k clearance for the BD Kiestra Methicillin-resistant Staphylococcus aureus (MRSA) imaging application that uses AI software. This launch would increase the turnaround time of tests results as the software eliminates the time-intensive task of determining bacterial growth using petri dishes
- In March 2023, Trinity Biotech, TrinScreen HIV was included in the New Kenyan HIV Testing Algorithm. This initiative was aimed at increasing access to the product for HIV patients
- In March 2023, F. Hoffman-La Roche Ltd entered into a strategic partnership with Eli Lilly to develop former’s Elecsys Amyloid Plasma Panel (EAPP). This collaboration would benefit both the companies and would target an important area of unmet medical need as this panel has the potential to streamline patients journey from diagnosis to treatment and treatment management
Some of the prominent players in the point-of-care diagnostics market include:
- F. Hoffmann-La Roche Ltd.
- Qiagen
- Danaher Corporation
- Becton Dickinson (BD)
- bioMérieux
- Abbott
- Siemens Healthcare GmbH
- Werfen
- Nova Biomedical
- Trividia Health, Inc.
- QuidelOrtho Corporation
- Trinity Biotech
- Sekisui Diagnostics
- Orasure Technologies, Inc.
- Spectral Medical, Inc.
- EKF Diagnostics Holdings plc.
- Anbio Biotechnology Co., Ltd.
- AccuBioTech Co., Ltd
- ALPHA LABORATORIES.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global point of care diagnostics market.
Product
- Glucose Testing
- Hb1Ac Testing
- Coagulation Testing
- Fertility/Pregnancy
- Infectious Disease
-
- HIV POC
- Clostridium Difficile POC
- HBV POC
- Pneumonia or Streptococcus Associated Infections
- Respiratory Syncytial Virus (RSV) POC
- HPV POC
- Influenza/Flu POC
- HCV POC
- MRSA POC
- TB and Drug-resistant TB POC
- HSV POC
- COVID-19
- Other Infectious Diseases
- Cardiac Markers
- Thyroid Stimulating Hormone
- Hematology
- Primary Care Systems
- Decentralized Clinical Chemistry
- Feces
- Lipid Testing
- Cancer Marker
- Blood Gas/Electrolytes
- Ambulatory Chemistry
- Drug of Abuse (DOA) Testing
- Autoimmune Diseases
- Urinalysis/Nephrology
End-use
- Clinics
- Hospitals
- Home
- Assisted Living Healthcare Facilities
- Laboratory
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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