The global Point Of Care Diagnostics market was surpassed at USD 37.1 billion in 2021 and is expected to hit around USD 68.62 billion by 2030, growing at a CAGR of 7.07% from 2022 to 2030.
The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth. Furthermore, the rise in the geriatric population and their need for accessible home-based care are anticipated to drive the market.
The adoption of POCT in emerging economies such as Africa and Latin America is anticipated to be a growth determinant of the global POCT market. The authorities are decentralizing the healthcare system and increasing their investments. For instance, the African regulations in Kenya allotted USD 346.7 to Managed Equipment Services project for the government's initiative toward modernizing facilities by procuring new equipment. The Ministry of Health selected GE Health and Philips to offer equipment across 47 countries. Similarly, Latin America decentralized IVD testing, which encourages private players to take strategic initiatives to meet the region’s existing demand for affordable POCT, especially in the infectious diseases segment.
Currently developed POC devices and tests are employed across different medical diagnostic applications, including cancer, pregnancy, and infectious diseases. Patients and physicians employ POC tests to screen conditions, confirm diagnoses, and design suitable therapeutic approaches based on patient health. However, the enthusiasm displayed by different consumers, such as doctors, patients, and caregivers, varies widely. This dynamic consumption pattern of POC diagnostic products is also attributed to economic scalability, financial interests, and lack of a universal healthcare structure.
In the light of COVID-19, the lockdown imposed across the globe has necessitated virtual visits and rapid diagnostic tests that assist patients to avoid hospital visits. Post-lockdown, the eHealth strategy is the emerging area of priority and investment such as an automated patient appointment system, lab result transmission system, healthcare workers' communication system, and medical products procurement system for the companies and governments. It is anticipated to continue to prioritize home-based healthcare delivery even after the pandemic, especially for patients with pre-existing conditions. For instance, NeuroMetrix, Inc. appointed a team to develop the business of DPNCheck, a POCT for peripheral neuropathies. The team is responsible for expanding the footprint in the healthcare market and focusing on the Medicare Advantage population.
Scope of The Report
|Market Size in 2021||USD 37.1 billion|
|Revenue Forecast by 2030||USD 68.62 billion|
|Growth rate from 2022 to 2030||CAGR of 7.07%|
|Forecast Period||2022 to 2030|
|Companies Covered||F. Hoffmann-La Roche Ltd.; Danaher; BD; Qiagen; Abbott; Siemens Healthcare AG; bioMerieux SA; Zoetis, Inc.; Instrumentation Laboratory; Nova Biomedical; Quidel Corp.; Trividia Health, Inc.; Sekisui Diagnostics; Nipro Corp.; Trinity Biotech;Orasure Technologies, Inc.; Spectral Medical, Inc.|
The infectious diseases segment held the largest revenue share of over 20.1% in 2021. Infectious disease testing has shifted from centralized to decentralized POC testing, resulting in better patient care. The market is being driven by increased demand for quick tests, which has prompted industry players to deliver POC solutions to decentralized regions. For instance, Abbott has introduced ID NOW, the world's quickest molecular POC test, which provides COVID-19 findings in 13 minutes and is usable in a variety of decentralized healthcare settings such as doctors' offices and urgent care clinics.
The glucose testing segment captured the second-largest revenue share in 2021. The high prevalence of diabetes, coupled with the requirement of constant monitoring of blood sugar levels, is contributing to the segment growth. According to statistics published by the International Diabetes Federation, the global prevalence of diabetes will increase from 382 million in 2013 to 592 million in 2035.
The growing prevalence of diabetes and the introduction of portable diagnostic equipment are expected to boost the segment growth from 2022 to 2030. For instance, in March 2022, research on the assessment of glucose levels in hospitalized patients with community-acquired pneumonia required recording everyday glucose data from February to June 2021. The researchers employed POC capillary blood glucose testing for monitoring the glucose in patients.
The cardiac markers segment is expected to witness significant growth during the forecast period. Annually, millions of patients report to the emergency room with symptoms of a heart attack. Approximately, 31% of all deaths are due to cardiovascular disease. Players are assessing the upcoming demand and initiating product development strategies accordingly. For instance, in April 2021, Siemens Healthineers obtained CE marking for Atellica VTLi Patient-Side Immunoassay Analyzer. It is one of the first technologies in the industry that aims to enhance the patient care paradigm and offers hs-cTnI results that assist in the diagnosis and treatment of heart attacks.
High accuracy rates associated with these markers and the growing prevalence of target diseases are some primary drivers of this segment. Moreover, the segment is expected to witness a rapid rise in the penetration rates in the developed markets of North America and Europe. The growing geriatric population and the prevalence of disease-inducing lifestyle habits in these countries are expected to fuel market growth over the forecast years.
The clinics segment accounted for the largest revenue share of over 35.06% in 2021. Pharmacy and retail clinics are the major contributors to the revenue generated by this segment. Growing access to novel diagnostic technologies, improving healthcare coverage, and affordability are the key factors that are expanding the applications of POC diagnostics.
Thus, community pharmacies and retail clinics have emerged as potential medical setups that perform such lab tests, especially regarding cholesterol and glycosylated hemoglobin (A1C) testing. Improved healthcare accessibility for the older population, increased prevalence of communicable diseases, and growing strain on traditional clinics are key factors contributing to global market growth.
As the adoption of POCT increases in the hospitals, regulatory bodies have toughened the validation/verification setting for POC devices. For instance, in January 2022, the article published in Clinical Laboratory News stated that the employment of hospital POC glucose meters needs to be verified and validated by the institutions. For on-label POCT devices, a formal validation is not required, however, needs to verify the precision, accuracy, and analytical measurement range, among other core parameters defined under CLIA.
The home end-use segment is expected to register the fastest growth rate of 7.65% from 2022 to 2030. Home care is a lucrative segment owing to the cost-effectiveness and comfort level of POCT provided to patients at home. POC in the home healthcare sector also empowers patients to address healthcare challenges at home and take decisions instantly. As the emphasis of healthcare is shifting toward early detection and prevention of diseases, the POC diagnostics-based home healthcare market is expected to witness lucrative growth during the forecast period.
North America held the largest revenue share of over 40.0% in 2021. The region will maintain its dominant position throughout the forecast years on account of the rapidly increasing COVID-19 cases along with the presence of key players in the U.S. and Canada. For instance, in March 2022, Canada-based Company, bioLytical Laboratories Inc. received CE marking for the iStatis COVID-19 Antigen Home Test. This will enable the company to enter the European market.
The Asia Pacific is estimated to be the fastest-growing regional market from 2022 to 2030. The point-of-care market in the Asia Pacific is expected to be driven by a rising pool of local diagnostic kits and reagents manufacturers in this region to offer a wide range of testing solutions for the diagnosis of coronavirus infection. The countries are constantly ramping up their capacities to boost COVID-19 testing. For instance, in April 2020, the Ministry of Health of Malaysia approved the usage of antigen rapid testing kits exported from South Korea to increase the country’s COVID-19 testing to reach the capacity of 16,500 tests per day.
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