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Point of Care Diagnostics Market size was over USD 45.15 billion in 2023 and is anticipated to exceed USD 98.69 billion by the end of 2036, witnessing over 6.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of point of care diagnostics is evaluated at USD 47.39 billion.
The demand for POC testing devices for COVID-19, such as glucometers, pulse oximeters, and rapid COVID-19 test kits among others, observed a forward surge in the year 2020, owing to the outbreak of COVID-19 pandemic, and the need amongst nations to diagnose the virus that has affected millions of people globally. According to the statistics by the World Health Organization (WHO), a total of 117,332,262 confirmed cases of COVID-19 has been reported till the 10th of March 2021. Alternatively, throughout the forecast period, the market is predicted to grow on account of the increasing prevalence of chronic diseases worldwide and the need amongst individuals for the diagnosis of these diseases. Additionally, the increasing accuracy of the analysis obtained from these devices, and the rapid advancements observed in these devices, are further anticipated to drive the market growth in the coming years.
Growth Drivers
Growing Prevalence of Infectious Diseases and the Need for Detection and Diagnosis of these Diseases to Drive the Market Growth
According to the statistics by the Centers for Disease Control and Prevention (CDC), the number of new tuberculosis cases in the year 2018 in the United States was registered as 9025 numbers. Additionally, in the same year, new salmonella cases were 60,999, new Lyme disease cases were 33,666, and new meningococcal disease cases were 327.
Access to quality and timely healthcare services in several under-developed and developing nations is a critical challenge as the healthcare infrastructure is highly sporadic. In such circumstances, POC testing plays a very important role as the contribution from several community pharmacies and retail clinics can greatly improve the management of infectious diseases. Additionally, favorable support of the government of several nations in terms of financial aid for making the diagnosis of infectious diseases affordable, and for the research and development of advanced diagnostic technologies for lowering the prevalence of such diseases, are further anticipated to drive the market growth in the coming years.
Stringent Regulatory Policies for the Approval of POC Testing Kits to Hamper the Market Growth
One of the major factors anticipated to hamper the growth of the market is the multi-layered regulations set by the FDA for the premarket approval of POC testing kits. Companies manufacturing POC diagnostic devices have to follow the stringent regulatory norms and submit performance data to these regulatory bodies to obtain clearance certificates for the marketing of these products, thereby raising the overall cost of operations, and further raising the end product cost. Such a factor is anticipated to hamper the market growth during the forecast period.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
6.2% |
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Base Year Market Size (2023) |
USD 45.15 billion |
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Forecast Year Market Size (2036) |
USD 98.69 billion |
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Regional Scope |
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The global point of care diagnostics market is thriving on account of the growing demand for pre-diagnosis of diseases at home environment, backed by the rising prevalence of target diseases and the need amongst individuals to diagnose and address common diseases at home. Additionally, the increasing focus of POC device manufacturers for commercializing portable diagnosis equipment for home healthcare settings is further anticipated to contribute to the market growth.
The market is segmented by end-user into home, clinics, hospitals, assisted living healthcare facilities, laboratories, and others. Among these segments, the clinics segment is anticipated to hold the largest market share by the end of 2021 and is majorly contributed by community pharmacies and retail clinics. The growth of the segment can be attributed to the improving healthcare coverage across several developing and developed nations around the globe, along with the increasing access to novel diagnostic technologies, and the growing affordability of these diagnosis devices for performing tests, such as glycosylated hemoglobin (A1C) and cholesterol among others. Consecutively, the home segment is projected to grow with the highest CAGR during the forecast period.
Our in-depth analysis of the global point of care diagnostics market includes the following segments
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By Technology |
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By Type |
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By Product Type
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By End-User
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North America Market Statistics
On the basis of regional analysis, the global point of care diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions. Among these regions, the market in North America is anticipated to hold the largest market share by the end of 2029. North America industry is poised to hold largest revenue share by 2036, attributed to increasing awareness amongst individuals for the availability of such testing kits, along with presence of the key companies operating in the market. Further, the presence of a strong healthcare network in the region, along with the favorable support of the government by means of funding initiatives to promote research and development, are some of the additional factors anticipated to drive the point of care diagnostics market growth.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
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