The global point-of-care diagnostics market is expected to reach USD 77.8 billion by 2028 from an estimated USD 49.7 billion in 2023, at a CAGR of 9.4% from 2023 to 2028.
Market Size Introduction:
The point-of-care diagnostics market size refers to the total valuation of products and services related to rapid testing and diagnostic solutions that can be performed at or near the point of patient care. These diagnostics enable quick and convenient testing outside of traditional laboratory settings, providing timely results for immediate clinical decision-making. Understanding the market size is crucial as it offers insights into the demand for point-of-care testing, technological advancements, regulatory landscape, and emerging trends driving market growth. This information serves as a foundation for strategic decision-making, investment planning, and assessing the potential for future expansion within the point-of-care diagnostics market.
Key Factors:
- Current Valuation
- Historical Growth
- Projected Growth
- Key Drivers
- Segment-wise Analysis
To know about the assumptions considered for the study download the pdf brochure
Current Valuation:
As of the latest available data, the global point-of-care diagnostics market size stands at approximately 49.7 USD billion in 2023.
Historical Growth:
Over the past few years, the point-of-care diagnostics market has experienced robust growth, driven by factors such as increasing prevalence of infectious diseases, rising demand for rapid testing solutions, technological advancements in diagnostic devices, and expanding applications in primary care and emergency medicine.
Projected Growth:
Future growth projections for the point-of-care diagnostics market remain optimistic, with forecasts indicating a compound annual growth rate (CAGR) of 9.4% over the forecast period from 2023 to 2028.
Key Drivers:
Factors driving the growth of the point-of-care diagnostics market include the growing emphasis on early disease detection and prevention, increasing adoption of decentralized testing solutions, expanding access to healthcare in remote and underserved areas, and the emergence of novel infectious diseases and pandemics.
Segment-wise Analysis:
The point-of-care diagnostics market comprises various segments, including lateral flow assays, molecular diagnostics, immunoassay analyzers, glucose monitoring systems, and infectious disease testing kits. Each segment contributes to the overall market size, with different growth trajectories based on technological innovations, application areas, and end-user preferences.
Market Share Introduction:
Market share within the point-of-care diagnostics industry represents the proportion of total market sales or revenue held by individual companies, product categories, or geographical regions. It serves as a key performance indicator, reflecting the competitive position and relative strength of market players in capturing demand and generating revenues. Analyzing market share data enables stakeholders to assess competitive dynamics, identify market leaders, understand customer preferences, and evaluate the effectiveness of marketing and distribution strategies. Thus, understanding market share is essential for companies to refine their market strategies, optimize resource allocation, and capitalize on growth opportunities within the point-of-care diagnostics market.
Key Factors:
- Leading Players
- Product-wise Analysis
- Geographical Distribution
- Adoption by Healthcare Providers
- Consumer Preferences and Patient Demand
These factors collectively plays vital role in shaping the future of the global Point of Care Diagnostics Industry:
Leading Players:
Major players in the point-of-care diagnostics market include companies such as Abbott Laboratories (US), F. Hoffman-La Roche Ltd. (Switzerland), BD (US), Danaher Corporation (US), Siemens Healthineers (Germany), QuidelOrtho Corporation (US), Chembio Diagnostics, Inc. (US), EKF Diagnostics Holdings plc (UK), among others, which offer a diverse portfolio of rapid testing solutions, handheld analyzers, and diagnostic devices catering to hospitals, clinics, physician offices, and home healthcare settings globally.
Product-wise Analysis:
Within the point-of-care diagnostics market, different product categories hold varying market shares. For example, lateral flow assays for infectious disease testing and glucose monitoring systems for diabetes management each capture a significant portion of the market share, driven by their respective applications and end-user needs.
Geographical Distribution:
Geographically, North America, Europe, Asia-Pacific, and other regions represent key markets for point-of-care diagnostics. Market share varies across regions based on factors such as healthcare infrastructure, regulatory environment, prevalence of infectious diseases, and adoption of rapid testing technologies.
Adoption by Healthcare Providers:
Market share within the point-of-care diagnostics industry is influenced by the adoption rates among healthcare providers, including hospitals, clinics, urgent care centers, and community health centers. Companies offering reliable, easy-to-use, and cost-effective testing solutions are more likely to capture market share by addressing the diverse needs of healthcare providers and patients in decentralized testing settings.
Consumer Preferences and Patient Demand:
Market share in the point-of-care diagnostics market is also influenced by consumer preferences, patient demand, and healthcare-seeking behavior. Products that offer rapid results, convenience, and accuracy are more likely to gain market share by meeting the expectations of patients and healthcare consumers for timely and accessible diagnostic testing services.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
