The global Point of Care (PoC) Diagnostics Market size was valued at USD 25.92 billion in 2022, and is projected to grow at a CAGR of 8% during the forecast period. The primary drivers of revenue growth in the Point of Care market include the increasing prevalence of infectious and chronic diseases caused by dangerous microbes posing a threat to public health and the economy, rising awareness of PoC diagnostics products, and the use of home-based PoC devices.
PoCT, which allows for the diagnosis of infectious diseases in a wide range of settings including those without skilled technical staff or suitable laboratory equipment, is an effective diagnostic tool that provides accurate and timely recommendations for case identification, transmission interruption, and appropriate treatment delivery.
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Recent advancements in biosensors, bioanalytical platforms, microfluidics, lab-on-a-chip technologies, and assay formats have led to significant improvements in Point of Care Diagnostics (PoCD). These advancements have resulted in more accurate, convenient, and cost-effective diagnostic devices.
The PoCD market is projected to continue its growth trajectory, driven by a focus on improving healthcare delivery by providing affordable treatments closer to patients’ homes. However, the market could face challenges due to stringent regulatory policies that subject PoCDs to rigorous inspections, potentially impacting revenue growth.
Recent trends in the market include the development of less intrusive and more continuous testing, proliferation of miniaturized technologies, and applications of telemedicine for remote monitoring. Smartphone-based imaging and sensing technologies are gaining traction as viable alternatives to complicated diagnostic procedures, owing to their portability, cost-effectiveness, and connection that provide numerous options for PoCT integration.
The global PoC diagnostics market has a moderately consolidated competitive landscape, with a small number of key players operating at both global and regional levels. These players are focused on developing new platforms and forming strategic alliances in order to expand their product portfolios and establish a strong presence in the global market.
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Some of the major companies in this market include F. Hoffman La-Roche Ltd., Abbott, Siemens Healthcare GmbH, Quidel Corporation, Danaher, BD, Thermo Fisher Scientific, Biomerieux, Chembio Diagnostics, Inc., and EKF diagnostics.
The increasing incidences of infectious diseases is expected to drive market revenue growth, as rapid testing for influenza A and B enables for timely and accurate treatment, and testing for blood creatinine, serum electrolytes, Thyroid-Stimulating Hormone (TSH), International Normalized Ratio (INR), and other labs can help pharmacists and patients to better manage their medications and minimize adverse drug reactions. However, the stringent regulatory approval policy of PoC devices is a key factor that may restrain market revenue growth, as PoC tests are usually evaluated in the same way laboratory-based tests are.
COVID-19 has had a significant impact on the market during the first wave, highlighting the necessity of PoCD development for pandemic prevention and control. The demand for PoCTs for COVID-19 testing is expected to grow rapidly, contributing to market growth in the coming years.
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