Point of Care (POC) Diagnostics Devices Market Size

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 10^th 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.

Frequently Asked Questions (FAQ)

Increasing prevalence of chronic diseases worldwide and the need amongst individuals for the diagnosis of these diseases, are some of the major factors driving the market growth.

The market is anticipated to grow with a moderate CAGR over the forecast period, i.e., 2021-2029.

Stringent regulatory policies for the approval of POC testing kits is one of the major factors estimated to act as barriers to the growth of the market.

The major companies in the market are Abbott Point of Care Inc., QIAGEN GmbH, Nexus Dx, Inc., Siemens Healthcare GmbH, Becton, Dickinson and Company, Danaher Corp., and others.

Point of Care (POC) Diagnostics Devices Market Size