Point of Care Diagnostics Market in terms of revenue was estimated to be worth $49.7 billion in 2023 and is poised to reach $77.8 billion by 2028, growing at a CAGR of 9.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. Globally, the growing burden of chronic diseases like diabetes, cardiovascular diseases, cancer is accelerating the demand for rapid and effective diagnostic testing. Moreover, the rising advancements in microfluidic technology, and miniaturization are enabling manufacturers to develop portable and smaller PoC diagnostics device. Moreover, the shift towards healthcare decentralization and increasing investments for product development is anticipated to bolster the growth opportunity for point of care diagnostics market.
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Point of Care Diagnostics Market Dynamics:
Drivers:
1. Rising incidence of infectious diseases
2. Increasing prevalence of target conditions
3. Favorable government initiatives for POC testing
4. Rising number of CLIA-waived POC tests
Restraints:
1. Pricing pressure on POC manufacturers
2. Stringent regulatory approval process for product commercialization
Opportunities:
1. High growth potential of emerging markets
2. Decentralization of healthcare
3. Innovative product development
Challenge:
1. Inadequate standardization with centralized lab methods
2. Limited awareness in emerging markets
3. Premium pricing of novel platforms
Key Market Players of Point of Care Diagnostics Industry:
Abbott, F. Hoffmann-La Roche Ltd, Siemens Healthineers, Danaher Corporation and Becton Dickenson
North America to account for the largest share of point of care diagnostics industry during the forecast period.
North America is the expected to be the largest regional market for point of care diagnostics during the forecast period. The presence of a well-established healthcare system, rapid adoption of advanced point of care testing products, increase in the availability of medical reimbursement, favourable government support for the novel product development, and higher user awareness about the presence of point of care testing products are anticipated to support the market growth in the region
Recent Developments of Point of Care Diagnostics Industry:
· In May 2023, bioMérieux received the US FDA CLIA-waiver for the BIOFIRE SPOTFIRE Respiratory (R) Panel Mini,a second multiplex PCR-based test cleared for use on the BIOFIRE SPOTFIRE System
· In August 2023, BD received the US FDA approval for its BD Respiratory Viral Panel (RVP) for BD MAX System, a single molecular diagnostic combination test that identifies & distinguishes SARS-CoV-2, influenza A, influenza B, and Respiratory Syncytial Virus (RSV) in ~ 2 hours.
· In December 2023, Thermo Fisher Scientific Inc. and Project HOPE, a leading global health and humanitarian organization, partnered to expand the accessibility of HIV testing services offered by Thermo Fisher among HIV Positive Youth in Sub-Saharan Africa.
