Analysis of Point of Care Diagnostics market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Shipments of point of care test (POCT) kits are projected to surge at a CAGR of around 7% from 2021 to 2028, as per this new analysis. In 2020, the global point of care diagnostics market stood at US$ 34.1 Bn, and is anticipated to surge to a valuation of US$ 66 Bn by the end of 2028.
Increasing popularity of rapid testing kits across the world will drive revenue generation from point of care diagnostics over the coming years.
Point of Care Diagnostics Market Size (2020)
US$ 34.1 Bn
Projected Year Value (2028F)
US$ 66 Bn
Global Market Growth Rate (2021-2028)
North America Market Value (2020)
US$ 14 Bn
Key Companies Profiled
Since the world has witnessed a substantial increase in the incidence of chronic diseases, demand for rapid testing kits has increased as they enable faster diagnosis and improve the chances of successful treatment for patients.
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Increasing incidence of chronic diseases and rising demand for rapid testing have majorly propelled the market for point of care diagnostics, and this trend is expected to be prominent over the forecast period as well.
Focus on healthcare has bolstered across the world and demand for near-patient testing has also increased subsequently. Advancements in the healthcare industry have made medical tests more rapid and efficient than before.
Use of advanced technologies, increasing spending on research and development activity, increasing focus on patient-centric care solutions, increasing burden on healthcare institutions, and shortage of skilled staff in medical testing institutions are some of the major factors that will drive the growth of the point of care diagnostics market over the years to come.
However, adoption of point of care test kits (POCT) is expected to be hindered by lengthy and time-consuming regulatory approval processes.
Overall, sales of point of care diagnostic kits are anticipated to increase at a CAGR of 7% from 2021 to 2028.
In the past few years, instances of chronic and rare diseases have increased rapidly and this has also fostered a new focus on diagnostics and testing services in healthcare infrastructure across the world.
Increasing demand for rapid diagnosis and rising prevalence of chronic diseases will majorly favor demand for point of care testing solutions such as dipstick POC, lateral flow assay-based POC tests, microfluidic point-of-care testing, etc.
Rising demand for rapid testing kits for diseases such as HIV, tuberculosis, etc. is also expected to boost shipments of point of care systems and solutions through 2028.
Even though rapid testing kits are highly efficient and accurate they have to attain regulatory approval for commercialization and general use in healthcare facilities.
These regulatory bodies have stringent norms and this is why it takes longer for companies to get approval for their products and hence hampers the overall point of care diagnostics market potential.
The market for point of care diagnostics in North America holds a major market share and is projected to maintain a dominant stance over the forecast period. High adoption of point of care diagnostics and the presence of advanced healthcare infrastructure are prime factors that favor point of care diagnostics market growth in this region.
Presence of key healthcare companies is also expected to favor the consumption of point of care test (POCT) kits in this region. The North America point of care diagnostics market was worth US$ 14 Bn in 2020.
The Europe point of care diagnostics market is also anticipated to hold a significant market share in the global industry landscape and will be driven by the increasing prevalence of chronic diseases in this region.
The market for point of care diagnostics in the Asian region is expected to see good growth over the forecast period owing to the rising focus on healthcare. Increasing penetration of point of care testing services to benefit from the untapped potential in this region will also boost market growth throughout the forecast period.
India and China are expected to be prominent markets in this region owing to the developing nature of healthcare infrastructure in these economies.
The U.S. has a highly advanced healthcare infrastructure and has always been a lucrative market for multiple healthcare products.
The nation has witnessed a sharp increase in demand for rapid testing and diagnostic services which have propelled the demand for point of care diagnostic equipment, and this trend is expected to be prominent over the forecast period.
Diabetes has become a health issue that is prevalent across the world and this has substantially increased the demand for hematology point of care devices that provide continuous monitoring of blood sugar and glucose levels for patients.
Prevalence of blood cancer and other blood-related disorders will also propel the consumption of hematology point of care devices. Glucose monitoring products are anticipated to see the most demand owing to the rising incidence of diabetes as they are specifically used by most diabetic patients.
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In 2020, the world was faced with an unprecedented outbreak of coronavirus infections and this led to a substantial increase in demand for rapid testing kits to rapidly detect infections and take steps to curb the spread.
While the outbreak of a pandemic led to a sudden drop in routine medical tests this was quickly compensated by the increasing use of rapid polymerase chain reaction (PCR) technique testing for the detection of coronavirus infections.
Rapid diagnostic tests (RDTs) played a crucial role in the management of pandemic and hence the point of care diagnostics market saw robust growth in the year 2020 during the pandemic’s peak time.
Immunoassay technology was also used extensively in point of care tests (POCTs) to ensure proper detection of the rapid spreading coronavirus. Point of care testing providers also launched new solutions to benefit from the high demand in the COVID-19 pandemic.
Demand for point of care diagnostics is expected to see a slight drop in the post-pandemic era as the testing required for coronavirus infections decreases owing to a decline in cases and successful vaccination programs across the world.
The point of care diagnostics market is expected to see steady growth through 2028 owing to increasing demand for rapid testing in light of chronic diseases.
Key point of care diagnostic solution providers are focusing on mergers and acquisitions to increase their market presence on a global scale and are also aiming to fast track product development and research with these efforts.
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The point of care diagnostics market is estimated to account for a valuation of US$ 66 Bn by the end of 2028.
North America is the largest regional market for point of care diagnostics and held a net value of US$ 14 Bn in 2020.
From 2021 to 2028, the global market for point of care diagnostics is anticipated to progress at a CAGR of 7%.
Long time for regulatory approvals will be a major factor that will hinder point of care diagnostics market potential over the coming years.
In 2020, the global point of care diagnostics market stood at a net worth of US$ 34.1 Bn.
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