Point-of-care Diagnostics Market Expected to Reach $55.3 Billion by 2030

According to a new report published by Allied Market Research, titled, “POC Diagnostics Market Size," The point of care diagnostics market size was valued at $29,478.63 million in 2020, and is estimated to reach $55.3 Billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.

Point-of-care (POC) diagnostic devices defined in this report are medical devices, which imply in the POC diagnostic procedures, used primarily in the investigation of various diseases, such as cancer, diabetes, cardiac diseases, and others. They allow healthcare professionals to diagnose and treat these medical conditions by analyzing the causes of diseases. The adoption of these devices increases among the professionals because they provide immediate direction for accurate treatment by offering instant diagnosis results. In addition, technological advancements in the POC diagnostic devices, such as the launch of innovative and advanced glucose monitoring kits and pregnancy and fertility kits have attracted end-users to adopt the devices for the testing and diagnosis procedures.

The major factors that boost the growth of the global Point of Care Diagnostics Market Growth include, an increase in the prevalence of various infectious diseases and several initiatives implemented by government and non-government associations for rising health awareness globally. The technological advancements in POC diagnostic devices and introduction of home-based POC devices and the increase in healthcare expenditure support the growth of the global point-of-care diagnostic market. In addition, developing countries, such as China and India provide huge growth opportunities to the global point of care diagnostic market. However, stringent government regulations for the approval of POC diagnostic devices and reimbursement issues for the POC devices restrict the growth of the POC Diagnostics Market.

The Point-of-care Diagnostics Market is segmented on the basis of product, end-user,, mode of prescription, and region.

By product, the point-of-care diagnostic kit market is segmented into glucose monitoring kit, infectious diseases testing kit, pregnancy, and fertility testing kit, hematology testing kit, cardiometabolic monitoring kit, urinalysis testing kit, coagulation monitoring kit, tumor markers testing kit, cholesterol test strips, drug of abusee testing kit, fecal occult testing kit, and others. Glucose monitoring segments dominate the market owing to the rise in the diabetic patient population, especially in developing countries, and the growing demand for glucose testing.

On the basis of end-user, the global point-of-care diagnostic market is segmented into professional diagnostic centers, research laboratories, homes, and others, such as medical universities, not-for-profit organizations, and nursing homes. Among these end users, the professional diagnostic centers dominate in the global point-of-care diagnostic market due to the rise in frequency of chronic diseases requiring long-term care and regular monitoring in critical care units, as well as the fast-developing knowledge of the availability of cost-effective and highly creative POC diagnostic instruments.

By region, the Point of Care Diagnostics Industry is classified into North America, Europe, Asia Pacific, and LAMEA. North America garnered a major share of the point-of-care diagnostic market in 2020 and is expected to continue to dominate during the forecast period, owing to rise in cases of chronic diseases, such as diabetes and cancer, and a growing old age population is all expected to boost demand for point-of-care diagnostics in the region. However, Asia-Pacific is expected to register highest from 2021 to 2030.