Global Point of Care Diagnostics Market Size Reaches USD 41.7 Billion with 10.5% CAGR
The worldwide Point of Care Diagnostics Market, valued at USD 41.7 billion in 2021, has exhibited strong growth with a Compound Annual Growth Rate (CAGR) of 10.5%. The market is expected to further expand driven by factors like the increasing prevalence of diseases such as cancer, diabetes, cardiovascular illnesses, STDs, and infectious disorders. Moreover, the rising healthcare costs are anticipated to foster industry growth as these tests offer quicker results, enhancing patient care.
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Growing Incidence of Chronic Diseases Fuels Market Growth
The global Point of Care Diagnostics Market is propelled by the rising incidence of various diseases, including cancer, diabetes, and cardiovascular illnesses, along with STDs and infectious disorders. This demand is supported by the need for faster and more accessible diagnostic tools. For example, Abbott’s m-PIMA HIV-1/2 VL test delivers results within 70 minutes, enabling same-day testing and treatment. The integration of electronic medical records and picture archiving and communication systems has further driven demand for point-of-care diagnostic devices. These user-friendly tools have broadened the scope of use beyond medical professionals to non-medical staff as well.
In-Home Healthcare Facilities and Government Initiatives Support Market Expansion
The demand for portable and easy-to-use diagnostic devices is set to surge due to the increasing preference for in-home healthcare facilities. Moreover, government programs promoting point-of-care diagnostics are anticipated to contribute to industry expansion. Initiatives like Clinical Laboratory Improvement Amendments (CLIA) are projected to enhance the utilization of these diagnostic tools. The market is also expected to benefit from the development of point-of-care diagnostics for cancer testing, potentially increasing survival rates through the examination of Circulating Tumor Cells (CTCs). Investments in the field of point-of-care diagnostics, such as AAD’s USD 7 million investment in diagnostics for animal and human health, will also drive market growth.
Alignment Challenges with Central Laboratory Techniques Pose Hindrance
While Point of Care (POC) tests offer speed and accessibility, they often lack alignment with central lab procedures, leading to pre- and post-analytical errors. These errors can impact diagnoses and patient treatment quality, posing a challenge to the widespread acceptance of POC testing. This factor might deter both patients and clinicians from fully embracing these diagnostic tools.
Glucose Testing Dominates Market due to Increasing Diabetic Patient Population
Among the various segments, glucose testing holds the largest market share due to the rising prevalence of diabetes worldwide. As of 2022, Brazil had the highest number of hospitals in Latin America, contributing to the demand for point-of-care diagnostic tools. The increasing geriatric population in Latin America and the prevalence of infectious diseases such as AIDS, the flu, and malaria are driving demand for diagnostics. Meanwhile, technological advancements in blood glucose self-monitoring devices are boosting the segment’s growth.
Latin America and Asia Pacific to Lead with Growing Healthcare Awareness
Latin America is expected to experience the fastest growth rate due to government initiatives, rising healthcare costs, and an increase in hospitals and clinical diagnostic labs. The region’s development of the geriatric population and the prevalence of infectious diseases also contribute to market expansion. In the Asia Pacific, growing healthcare awareness, an aging population, and the prevalence of chronic and infectious diseases are driving demand for point-of-care diagnostics.
Companies Invest in Technological Advancements to Boost Market Presence
Market players are investing in technological advancements to enhance the accuracy and efficiency of diagnostic devices. For instance, Roche introduced the cobas pulse system, a connected point-of-care solution for blood glucose management. Similarly, Thermo Fisher Scientific obtained Emergency Use Authorization (EUA) for its high-throughput COVID-19 testing system, utilizing a saliva sample collection technique.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/point-of-care-diagnostics-market
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