Point of Care Diagnostics Market to be Worth $68.59 Billion by 2030: Grand View Research, Inc.

06 Jun 2022
www.prnewswire.com
SAN FRANCISCO, June 6, 2022 /PRNewswire/ --
The global point of care diagnostics market size is expected to reach USD 68.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2022 to 2030. 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.
Key industry Insights & Findings from the report:
The glucose testing product segment held the second-largest revenue share in 2021. The high prevalence of diabetes, coupled with the requirement of constant monitoring of blood sugar levels, is contributing to the segment growth,
The home end-use segment is expected to grow lucratively over the forecast period attributed to significant traction of at-home or self-testing for COVID-19. 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 global market in 2021 owing to the increasing demand for new technologies, a large pool of key players, and advanced healthcare infrastructure,
The Asia Pacific is expected to grow considerably in the future 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.
Get More Latest Insights from 295-page market research report, "
Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Infectious Diseases, Glucose Testing, Cardiac Markers), By End-use (Clinics, Home, Hospitals), By Region, And Segment Forecasts, 2022 - 2030
", published by Grand View Research.
Point of Care Diagnostics Market Growth & Trends
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.
Point of Care Diagnostics Market Segmentation
Grand View Research has segmented the global point of care diagnostics market based on product, end-use, and region:
Product Outlook (Revenue, USD Million, 2018 - 2030)
Glucose Testing
Hb1Ac Testing
Fertility/Pregnancy
HIV POC
Clostridium Difficile POC
HBV POC
HPV POC
HCV POC
MRSA POC
TB and Drug-resistant TB POC
HSV POC
Thyroid Stimulating Hormone
Hematology
Primary Care Systems
Decentralized Clinical Chemistry
Feces
Lipid Testing
Blood Gas/Electrolytes
Ambulatory Chemistry
Drug of Abuse (DOA) Testing
Urinalysis/Nephrology
End-use Outlook (Revenue, USD Million, 2018 - 2030)
Clinics
Physician Office
Non-practice Clinics
Hospitals
Home
Assisted Living Healthcare Facilities
Laboratory
Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Russia
Japan
China
India
South Korea
Australia
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
Saudi Arabia
List of Key Players of Point of Care Diagnostics Market
Qiagen
Siemens Healthcare AG
Check out more related studies published by Grand View Research:
Point of Care Infectious Disease Testing Market
- The global point-of-care infectious disease testing market size is expected to reach USD 1.90 billion by 2025, according to a new report by Grand View Research, Inc. The emerging trend of patient-centric services coupled with escalating incidence rates of complicated infectious disorders is expected to upsurge the demand for portable and accurate detection devices, thus resulting in market growth. The potential in these devices to enable rapid detection of infectious diseases is attributive for the estimated market.
Point-of-Care Molecular Diagnostics Market - The global point-of-care molecular diagnostics market size is anticipated to reach USD 3.86 billion by 2024 expanding at a CAGR of 14.4%, according to a new report by Grand View Research, Inc. Ongoing research & development to miniaturize molecular diagnostics testing that provides enhanced near patient testing with high accuracy and lesser turnaround times are major factors expected to reinforce the high growth potential for POC MDx products.
Veterinary Point Of Care Diagnostics Market - The global veterinary point of care diagnostics market size is anticipated to reach USD 3.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 10.6% from 2021 to 2030. Factors driving the market growth comprise increasing demand for easy-to-use and rapid diagnostic products, increasing incidence of zoonotic diseases among companion and livestock animals, strategic initiatives by market players, and growing animal health concerns.
Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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