IMARC Group has recently released a new research study titled “Point-of-Care Diagnostics Market Report by Product Type (Blood-Glucose Monitoring Kit, Cardio-Metabolic Monitoring Kit, Pregnancy and Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Hematology Testing Kit, and Others), Platform (Lateral Flow Assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays), Prescription Mode (Prescription-Based Testing, OTC Testing), End-User (Professional Diagnostic Centers, Home Care, Research Laboratories, and Others), and Region 2024-2032: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global point-of-care diagnostics market size reached US$ 49.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 99.5 Billion by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032.
Global Point-of-Care Diagnostics Market Trends:
The burgeoning integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) to enhance the accuracy and speed of diagnostic tests, thereby allowing for real-time data analysis and personalized medicine approaches, is catalyzing the market growth. Besides this, the growing adoption of wearable devices that can monitor various health parameters, providing critical data for early disease detection and management, is fueling the market growth. Apart from this, the development of microfluidics and lab-on-a-chip technologies that enable the miniaturization of diagnostic equipment, making it more portable and accessible, is fostering the market growth.
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Factors Affecting the Growth of the Point-of-Care Diagnostics Industry:
- Rapid Technological Advancements in Point-of-Care Diagnostics:
The rising innovations in microfluidics, biosensors, and portable diagnostic devices that enable rapid and accurate testing at the patient's location while reducing the need for centralized laboratory testing are some of the major factors bolstering the market growth. Moreover, the burgeoning integration of digital technologies, such as smartphone-based diagnostic tools and cloud computing, that enhance the efficiency and accessibility of point-of-care diagnostics is catalyzing the market growth. They allow for real-time data analysis and remote monitoring, which are beneficial in managing chronic diseases and monitoring infectious diseases. Besides this, the development of lab-on-a-chip technology that enables multiple tests to be conducted simultaneously on a single and small device is propelling the market growth.
- Growing Prevalence of Chronic and Infectious Diseases:
The increasing prevalence of chronic and infectious diseases is another major factor boosting the market growth. Chronic diseases such as diabetes, cardiovascular diseases, and respiratory conditions require continuous monitoring and management, which is facilitated by point-of-care diagnostic devices. They enable timely detection and monitoring of disease markers, thereby aiding in the effective management of these conditions. Moreover, the rising demand for point-of-care diagnostics due to the rising prevalence of infectious diseases, such as coronavirus, influenza, and human immunodeficiency virus (HIV), is fueling the market growth. Along with this, the growing ability of point-of-care diagnostics to rapidly diagnose and monitor infectious diseases, that is crucial in controlling outbreaks and preventing the spread of infections, is favoring the market growth.
- Increasing Demand for Home-Based Healthcare:
The growing preference for home-based healthcare is positively impacting the market growth. Along with this, the rising geriatric population and the heightened incidence of chronic diseases, boosting the need for convenient and accessible healthcare solutions, are contributing to the market growth. Moreover, the increasing adoption of point-of-care diagnostic devices, as they are used at home to provide patients with the ability to monitor their health conditions without the need for frequent hospital visits, is strengthening the market growth. Home-based point-of-care diagnostics offer several advantages, including reduced healthcare costs, increased patient comfort, and improved adherence to treatment protocols. Furthermore, the rising convenience and ease of use of these devices, coupled with advancements in telehealth and remote patient monitoring, is stimulating the market growth.
Top Companies Operating in Global Point-of-Care Diagnostics Industry:
- Abbott Laboratories
- Beckman Coulter, Inc.
- Becton Dickinson and Company
- F. Hoffmann-La Roche AG
- Instrumentation Laboratory
- Johnson Johnson
- Nova Biomedical Corporation
- Pts Diagnostics
- Qiagen
- Siemens
- Trinity Biotech
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Point-of-Care Diagnostics Market Report Segmentation:
By Product Type:
- Blood-Glucose Monitoring Kit
- Cardio-Metabolic Monitoring Kit
- Pregnancy and Fertility Testing Kit
- Infectious Disease Testing Kit
- Cholesterol Test Strip
- Hematology Testing Kit
- Others
Blood-glucose monitoring kit represented the largest segment due to the high prevalence of diabetes and the necessity for regular blood sugar monitoring.
By Platform:
- Lateral Flow Assays
- Dipsticks
- Microfluidics
- Molecular Diagnostics
- Immunoassays
Lateral flow assays accounted for the largest market share due to their simplicity, rapid results, and widespread application in various diagnostic tests.
By Prescription Mode:
- Prescription-Based Testing
- OTC Testing
Prescription-based testing represented the largest segment due to the accuracy and reliability required for medical diagnosis and treatment.
By End-User:
- Professional Diagnostic Centers
- Home Care
- Research Laboratories
- Others
Professional diagnostic centers constituted the largest segment owing to the expertise and comprehensive diagnostic services they offer.
Regional Insights:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
North America's dominance in the point-of-care diagnostics market is attributed to advanced healthcare infrastructure, high healthcare expenditure, and widespread adoption of innovative diagnostic technologies.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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