Point Of Care Diagnostics Market Size & Trend Report, 2024-2033
The global point-of-care diagnostics market size was exhibited at USD 44.25 billion in 2023 and is projected to hit around USD 80.75 billion by 2033, growing at a CAGR of 6.2% during the forecast period of 2024 to 2033.
Key Takeaways:
Point Of Care Diagnostics Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 44.25 Billion |
| Market Size by 2033 | USD 80.75 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 6.2% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Product, End-use, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | 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. |
The increasing geriatric population and the ability of point of care (POC) diagnostic tests to provide immediate results is expected to fuel market demand. Furthermore, the increasing adaptability of mobile diagnostic devices in middle-income countries is also one of the key factors for the growth of point of care testing. In addition, a rise in funding from government & private institutions is a key trend driving the growth of this market. For instance, in September 2022, Unitaid announced that it would invest USD 30 million to accelerate the introduction of advanced diagnostic technologies, which would further enhance screening efforts and expand testing availability at lower tiers of the healthcare system.
The increasing prevalence of genetic disorders is likely to drive the PoC diagnostics market in the coming years. According to a report published by the CDC, congenital heart defects were the most common birth defects in the U.S., affecting approximately 1% of births every year. Early detection of genetic variations via prenatal testing can help in rapid disease diagnosis, prevention, and selection of suitable treatment. Changing lifestyles and environmental factors are increasing the incidence of genetic diseases. The incidence of breast and ovarian cancers is increasing in many regions. For instance, according to the Breast Cancer Research Foundation, in 2023, approximately 300,590 people are expected to be diagnosed with breast cancer in the U.S. Thus, the growing incidence of various diseases is likely to boost the market over the forecast period.
Moreover, the geriatric population is rapidly increasing across the globe. According to a UN report, in 2020, there were about 727 million people aged 65 & above globally. In addition, the number of individuals aged 80 and above is projected to double by 2050, which is over 1.5 billion. Aging has become a substantial risk factor for numerous diseases, including obesity and diabetes, which, in turn, significantly increase the risk of infectious diseases. The geriatric population is susceptible to numerous diseases such as cancer, cardiovascular diseases, obesity, neurological disorders, and diabetes. Thus, the growing geriatric population globally is anticipated to be a high-impact rendering driver of the market.
Market Concentration & Characteristics
Market growth stage is high, and the pace of market growth is accelerating. The market is characterized by a high degree of innovation owing to rapid technological advancements and the launch of novel products by key players in the market. For instance, in February 2023, Huwel Lifesciences designed a portable RT-PCR machine to test types of viruses. The company claimed that the test takes around 30 minutes and can be used to detect respiratory and other infections using blood and gastrointestinal samples.
The market is also characterized by a high level of strategic initiatives such as collaborations, partnerships, and merger & acquisition (M&A) by leading players. For instance, in March 2023, Werfen acquired Immucor, Inc. to establish a strong presence in Specialized Diagnostics. The deal was valued at USD 2 billion. Similarly, in May 2023, Siemens Healthcare GmbH partnered with Unilabs, with an agreed value exceeding USD 200 million. Within the partnership, Unilabs will purchase 400 laboratory analyzers to improve patient care infrastructure. Operating players in the market leverage these strategies to increase their product capabilities and promote the reach of their offerings.
End-user concentration is a significant factor in the point of care diagnostics industry. Since there are several end-user that are driving demand for point of care diagnostic solutions. The concentration of demand in clinics and hospitals creates opportunities for companies that focus on developing point of care diagnostics. Moreover, point of care diagnostic products for home care are anticipated to witness widespread adoption due to the cost-effectiveness and comfort they offer in conducting diagnostic tests at home for patients.
Segments Insights:
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.
Recent Developments
Some of the prominent players in the point-of-care diagnostics market include:
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
End-use
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers