Point of Care Diagnostics Market to Hit USD 22.63 Billion by 2029 with 8.5% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 28, 2025 /PRNewswire/ -- The global point of care diagnostics market valued at US$ 14.26 billion in 2023, is forecasted to grow at a robust CAGR of 8.5%, reaching US$ 15.05 billion in 2024 and an impressive US$ 22.63 billion by 2029. The growing prevalence of chronic diseases, such as diabetes has necessitated a need for routine monitoring with early and timely detection. Since these conditions need to be constantly monitored, the demand for quick, effective, and appropriate testing methods have expanded. For instance, increasing demand for POC diagnostics like glucose monitoring products is because of the easy, quick results, which patients get, helping them to take care of the disease and make an early intervention. Government initiatives promoting POC testing, including investments in health care innovation are also contributing to increased market growth.
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Advances such as miniaturized, transportable diagnostic devices, which present laboratory-quality findings outside of health care settings, represent a leading technological shift within the point of care diagnostics market. These small devices, largely based on new, advanced forms of biosensors, will deliver testing in real-time with higher degrees of accuracy at a faster cost and are sure to revolutionize health care. These will affect health care primarily in areas related to conditions whose management requires routine monitoring, which includes diabetes and infectious diseases. As these devices continue to become increasingly accessible and affordable, they are going to create new business opportunities in home healthcare, telemedicine, and emergency care, and accelerating adoption across all patient populations.
Based on mode of purchase, the point of care diagnostics market is segmented into OTC testing products and prescription-based testing products. The prescription-based testing products segment is expected to be the fastest-growing segment in the market. Stricter regulatory standards, focus on quality, and healthcare providers' recommendation for the test are among the key factors that contribute to the high growth rate of prescription-based testing products. These products need to be subjected to very strict quality and safety measures, which improves the credibility and reliability of these products. Healthcare providers actively engage in using these tests in a way that they produce the best clinical results. With the focus on early detection, prescription-based testing continues to experience strong market growth, which is driving its high growth rate.
Categorized by technology, the point of care diagnostics market is segmented into immunoassays, molecular diagnostics, and biochemistry. The biochemistry segment is the dominant technology segment because these tests can quickly, reliably, and cost-effectively provide the results for conditions such as diabetes and pregnancy & fertility testing. Real-time results offered by biochemistry-based tests, like glucose meters are easy to use and well-suited both for homecare and emergency applications. Such technologies assure on-site diagnosis without the complexity of expensive laboratory infrastructure in a point of care environment. With such convenience, accessibility, and ability to cater to increasing demands for rapid and efficient testing, biochemistry technology continues to lead the market.
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The key players in this market are Abbott (US), Siemens Healthineers AG (Germany), F. Hoffmann-La Roche Ltd (Switzerland), Danaher (US), QuidelOrtho Corporation (US), BD (US), Thermo Fisher Scientific Inc. (US), bioMérieux (France), BIOSYNEX SA (France), EKF Diagnostics Holdings plc (UK), Trinity Biotech (Ireland), Werfen (US), Nova Biomedical (US), SEKISUI Diagnostics (US), and Boditech Med Inc. (South Korea). The market players have adopted various strategies such as development of advanced products, partnerships, expansions, and acquisitions to strengthen their position in the point of care diagnostics market. The organic and inorganic strategies have helped the market players expand globally by providing advanced point of care tests.
Abbott is a key player in the point of care diagnostics market, offering a comprehensive range of diagnostic solutions such as blood screening, immunoassays, and clinical chemistry systems. The company's strong global presence allows it to expand its reach in both established and emerging markets. Abbott stays ahead of the competition through continuous innovation and a focus on research and development. By introducing new products and securing important regulatory approvals, Abbott has solidified its leadership. For example, in April 2024, the company's i-STAT TBI cartridge received FDA clearance to be used with whole blood, further strengthening its position in the POC diagnostics market.
F. Hoffmann-La Roche Ltd is a major player in the global point of care diagnostics market, having gained a reputation as a leader in the diagnostics market. Its extensive portfolio and global presence have enabled the company to maintain its competitive edge. Roche has an excellent direct and indirect distribution network across the world, which allows it to compensate for demand volatility in the various markets. Its strategic focus both on organic and inorganic growth strategies further strengthens the company's market presence. For instance, the cobas pulse system was launched by Roche in January 2022 as a connected point-of-care solution to be used with professional blood glucose monitoring only in certain CE Mark countries. All these strategies, along with its strong presence in the market, have given Roche further opportunities to enhance its position within the point of care diagnostics market.
Siemens Healthineers AG is a leading company in the point of care diagnostics market, providing a broad range of products like clinical chemistry platforms, immunodiagnostics, and molecular diagnostic testing. The company is committed to expanding its portfolio through strategic acquisitions and innovations in order to respond to the changing needs of patients and healthcare providers. Moreover, Siemens Healthineers focuses on partnerships to further strengthen its position in the market. With a significant worldwide presence in over 70 countries, the group is poised well for growth in the POC diagnostics market.
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