Point of Care (POC) Diagnostics Market to Grow by USD 16.42 Billion (2024-2028) Geriatric Population Boosts Growth, Report on AI-Powered Market Evolution - Technavio

NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global point of care (POC) diagnostics market size is estimated to grow by USD 16.42 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 10.87% during the forecast period. Growing geriatric population is driving market growth, with a trend towards shift from conventional testing methods to rapid diagnostics. However, product recalls poses a challenge. Key market players include Abbott Laboratories, altona Diagnostics GmbH, Becton Dickinson and Co., bioMerieux SA, Chembio Diagnostics Inc., Danaher Corp., DiaSorin SpA, EKF Diagnostics Holdings Plc, F. Hoffmann La Roche Ltd., Johnson and Johnson Services Inc., Meridian Bioscience Inc., Nova Biomedical Corp., Perkin Elmer Inc., QIAGEN NV, Sekisui Chemical Co. Ltd., Siemens AG, Sinocare Inc., Trinity Biotech Plc, Trivida Health Inc., and Zoetis Inc..

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Market Driver

The Point of Care (PoC) diagnostics market is experiencing significant growth due to increasing trends in Unitaid's focus on genetic disorders, congenital heart defects, and birth defects. Prenatal testing, aging, obesity, diabetes, infectious diseases like Influenza, HIV, and Tuberculosis, cancer, and cardiovascular diseases are driving market demand. Novel products from companies like Huwel Lifesciences and Werfen are entering the market, targeting clinics, hospitals, and home care settings. Reimbursement cuts and regulatory approval processes pose challenges, but advances in molecular diagnostics, lateral flow assays, immunoassays, microfluidics, and dipsticks continue to innovate. Chronic diseases such as diabetes and HIV-AIDS, malaria, and tuberculosis cases remain areas of focus. Central lab methods are being replaced with glucose monitoring, cardiometabolic monitoring, infectious disease testing, coagulation monitoring, pregnancy & fertility testing, hematology testing, cancer marker testing, fecal occult testing, and urinalysis testing. The World Hepatitis Alliance, Creative Biolabs, and Lab-on-a-chip platforms are also contributing to the market. Wearable technology and smartphone-based technology are emerging trends, as is nanotechnology and Anavasi Diagnostics' lab-on-a-chip platforms. The healthcare system and medical reimbursement continue to evolve, with the availability of glucose monitoring kits, urinalysis testing kits, hematology testing kits, and cardiometabolic monitoring kits. The IDF Diabetes Atlas and respiratory syncytial virus are also influencing market growth. Overall, the PoC diagnostics market is expected to continue growing, driven by technological advancements and the increasing need for decentralized healthcare. However, regulatory approval processes and reimbursement cuts remain challenges that must be addressed. 

Point of Care (POC) diagnostics, specifically rapid diagnostic tests (RDTs), have revolutionized medical screening by providing faster results compared to conventional methods. RDTs are easy-to-use medical tests suitable for primary care and emergency settings, even in resource-limited facilities. They can detect various diseases, including malaria, within two hours. Malaria, a significant diagnostic challenge, particularly in detecting asymptomatic cases with low infection levels, is addressed by these POC tests. RDTs' popularity stems from their convenience, speed, and ability to deliver accurate results at the point of need. 

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Market Challenges

• The Point of Care (PoC) diagnostics market faces several challenges. Unitaid, an international organization, focuses on increasing access to affordable diagnostics for genetic disorders like congenital heart defects and birth defects, as well as prenatal testing. Aging populations, obesity, diabetes, and infectious diseases such as influenza, HIV, tuberculosis, and malaria, require more PoC testing. Market concentration from companies like Huwel Lifesciences and Werfen poses a challenge, as does the decentralization of healthcare and reimbursement cuts. Regulatory approval processes, tuberculosis cases, HIV-AIDS, and malaria require innovative solutions like lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. Novel products, such as lab-on-a-chip platforms, wearable technology, and smartphone-based technology, address chronic diseases like diabetes, as outlined in the IDF Diabetes Atlas. RSV, nanotechnology, and Anavasi Diagnostics are also emerging areas in PoC diagnostics. CLIA, glucose monitoring, cardiometabolic monitoring, infectious disease testing, coagulation monitoring, pregnancy & fertility testing, hematology testing, cancer marker testing, fecal occult testing, and urinalysis testing are essential PoC diagnostics areas.
• Product recalls can significantly impact a company's financial performance and future growth prospects in the POC diagnostics market. Recalls can decrease revenue due to lost sales and the costs associated with rectifying the issue. They can also damage consumer trust and a company's brand reputation, potentially leading to long-term sales declines. The Food and Drug Administration (FDA) may initiate recalls if a product poses a health risk or causes patient injuries or fatalities. Instances of device recalls have occurred in the global POC diagnostics market, highlighting the importance of ensuring product quality and safety.

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Segment Overview 

This point of care (poc) diagnostics market report extensively covers market segmentation by

1. Product 
• 1.1 Hematology diagnostics
• 1.2 Infectious disease diagnostics
• 1.3 Rapid cardiovascular diagnostics
• 1.4 Rapid coagulation diagnostics
• 1.5 Others
2. End-user 
• 2.1 Hospitals and clinics
• 2.2 Homecare settings
• 2.3 Clinical diagnostic laboratories
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hematology diagnostics- The hematology diagnostic segment of the Point of Care (PoC) diagnostics market includes products for hematology, blood glucose, and HbA1c diagnostics. The high incidence rates of diseases like thalassemia and anemia are driving the demand for hematology diagnostic products. In North America, blood-related diseases such as hemophilia, thalassemia, and leukemia are prevalent, leading to increased awareness initiatives by governments. For instance, the UK's National Health Service (NHS) sickle cell and thalassemia screening program. This heightened awareness and diagnosis are expected to boost the growth of the hematology diagnostics segment. Moreover, vendors offer multi-parameter identification products, such as blood glucose and HbA1c. For example, F. Hoffmann-La Roche's Accu-Chek mobile, which uses a continuous test strip tape for up to 50 tests, reducing the need for handling individual strips. These devices enable recording a patient's blood sugar levels throughout the day and alert users of high or low glucose levels, ensuring timely intervention. The increasing use of hematology diagnostics for blood sugar level diagnosis is expected to fuel the growth of the segment and the overall PoC diagnostics market during the forecast period.

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Research Analysis

The Point of Care (PoC) diagnostics market is experiencing significant growth due to the increasing demand for quick and accurate diagnostic tests outside of traditional laboratory settings. PoC diagnostics use mobile diagnostic devices, which are compact, portable, and easy to use, enabling testing closer to the point of need. These devices are transforming the diagnostics landscape, particularly in areas with limited healthcare infrastructure. Unitaid, an international organization, is promoting the use of PoC diagnostics for neglected diseases such as genetic disorders, congenital heart defects, and birth defects. PoC testing is also crucial for prenatal testing, enabling early detection and intervention for various conditions. As the global population ages, there is a growing need for diagnostics for diseases like Influenza, HIV, and Tuberculosis. PoC diagnostics are increasingly being used in decentralized healthcare settings due to their ease of use and ability to provide rapid results. Regulatory bodies like the Clinical Laboratory Improvement Amendments (CLIA) are developing guidelines for PoC diagnostics to ensure accuracy and reliability. The market for PoC diagnostics includes a wide range of devices, from glucose monitoring kits and urinalysis testing kits to hematology testing kits and cardiometabolic monitoring kits. Organizations like the World Hepatitis Alliance and Creative Biolabs are working on developing innovative solutions, such as lab-on-a-chip platforms and wearable technology, to improve access to diagnostics and enhance patient care.

Market Research Overview

The Point of Care (PoC) diagnostics market is experiencing significant growth due to the increasing prevalence of chronic diseases such as diabetes, obesity, and cardiovascular diseases. PoC testing is particularly valuable for conditions like genetic disorders, congenital heart defects, and birth defects, which require early detection for effective treatment. PoC diagnostics are also crucial for infectious diseases like influenza, HIV, tuberculosis, and malaria, enabling quick and accurate testing in various settings, including clinics, hospitals, and home care. Market concentration is a concern with key players like Huwel Lifesciences and Werfen dominating the market. Novel products such as lab-on-a-chip platforms, wearable technology, and smartphone-based technology are disrupting the market. Reimbursement cuts and regulatory approval processes pose challenges, but the healthcare decentralization trend is driving demand for PoC diagnostics. PoC diagnostics cover a wide range of tests, including glucose monitoring, cardiometabolic monitoring, infectious disease testing, coagulation monitoring, pregnancy & fertility testing, hematology testing, cancer marker testing, fecal occult testing, urinalysis testing, cholesterol testing products, and lateral flow assays. Organizations like the World Hepatitis Alliance, Creative Biolabs, and Anavasi Diagnostics are contributing to advancements in PoC diagnostics through research and innovation. Chronic diseases like diabetes, obesity, and cardiovascular diseases are driving the demand for PoC diagnostics. According to the IDF Diabetes Atlas, there were 537 million people living with diabetes in 2021, and this number is projected to reach 784 million by 2045. Respiratory syncytial virus, nanotechnology, and self-testing are emerging trends in the PoC diagnostics market. The healthcare system and medical reimbursement are crucial factors influencing the market's growth. PoC diagnostics kits, such as glucose monitoring kits, urinalysis testing kits, hematology testing kits, and cardiometabolic monitoring kits, are widely used for various applications. The PoC diagnostics market is expected to grow significantly in the coming years due to its convenience, accuracy, and ability to provide quick results, making it an essential tool for healthcare professionals and patients alike.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Hematology Diagnostics
• Infectious Disease Diagnostics
• Rapid Cardiovascular Diagnostics
• Rapid Coagulation Diagnostics
• Others
• End-user
• Hospitals And Clinics
• Homecare Settings
• Clinical Diagnostic Laboratories
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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