Point Of Care (Poc) Diagnostics Market Size to grow by USD 16.42 billion between 2024-2028
According to a research report “ Point Of Care (Poc) Diagnostics Market” by 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))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16.42 billion, at a CAGR of over 10.87% during the forecast period. The global population is witnessing a significant increase in health issues due to sedentary lifestyles and unhealthy diets. This trend is particularly prominent among the geriatric population, which is expanding rapidly. In 2022, countries such as Japan, Italy, Germany, France, and Sweden will have geriatric populations comprising 30%, 24%, 22%, 22%, and 20%, respectively. This demographic shift brings about a heightened prevalence of diseases such as lung disease, cancer, stroke, and infections. The immune system weakens with age, making the elderly population more susceptible to these health concerns. The Point of Care (PoC) diagnostics market holds immense potential in addressing the urgent healthcare needs of this demographic, offering quick and accurate diagnostic solutions.
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By Product, the Hematology diagnostics segment is projected to dominate the market size in 2024
The point of care (POC) diagnostics market is experiencing significant growth due to the increasing demand from hospitals and clinics, which serve as the primary end users. With a rising prevalence of chronic diseases and a shift towards preventive healthcare, there is an increasing need for timely and accurate diagnosis of conditions such as deep vein thrombosis (DVT) and venous thromboembolism (VTE), particularly in the cardiovascular domain. This trend is further fueled by the expansion of healthcare infrastructure in developing countries like India, where the number of hospitals and clinics is increasing, and government initiatives are being taken to improve diagnostic capabilities. The growing demand for medical testing in hospitals, especially for diseases that were previously under-diagnosed, is a key driver for the global POC diagnostics market.
By End-user, Hospitals and clinics segment is expected to hold the largest market size for the year 2024
The Point of Care (PoC) diagnostics market, particularly the hematology diagnostic segment, experiences significant growth due to the increasing prevalence of blood-related diseases, such as thalassemia and anemia. In North America, diseases like hemophilia, thalassemia, and leukemia are highly prevalent, necessitating treatments like blood transfusions and chelation therapy. The escalating number of thalassemia cases has instigated various governments to launch initiatives, such as the UK's National Health Service (NHS) sickle cell and thalassemia screening program, aimed at enhancing public awareness and identifying affected individuals. These initiatives contribute to the increasing demand for hematology diagnostic products in the PoC diagnostics market.
North America is forecasted to hold the largest market size by region in 2024
The Point of Care (PoC) diagnostics market represents a significant growth opportunity for businesses, driven by the increasing demand for rapid and accurate diagnostic solutions. PoC devices offer convenience, efficiency, and cost savings by enabling real-time testing at the point of care, reducing the need for lengthy laboratory tests and enabling timely intervention. Market trends include the integration of advanced technologies such as microfluidics, molecular diagnostics, and artificial intelligence to enhance diagnostic accuracy and speed. Additionally, the growing prevalence of chronic diseases and an aging population are fueling the demand for PoC diagnostics. Businesses that invest in this market can capitalize on these trends and gain a competitive edge by offering innovative and efficient diagnostic solutions.
The Point Of Care (Poc) Diagnostics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Point of Care (PoC) diagnostics market is experiencing significant growth due to the increasing demand for decentralized healthcare and the availability of advanced technologies like wearable technology and lab-on-a-chip platforms. Companies like Creative Biolabs are at the forefront of this revolution, developing innovative PoC diagnostics devices for various applications. The World Hepatitis Alliance and organizations like Unitaid are promoting the use of PoC diagnostics for infectious diseases such as Tuberculosis, HIV, and Influenza. PoC diagnostics are also essential for cardiometabolic monitoring, with kits available for hematology testing, urinalysis, and glucose monitoring. As the population ages, PoC diagnostics are becoming increasingly important for prenatal testing, birth defects, congenital heart defects, and genetic disorders. The CLIA (Clinical Laboratory Improvement Amendments) regulations ensure the quality and accuracy of these devices. Mobile diagnostic devices are another emerging trend in the PoC diagnostics market, enabling healthcare professionals to provide diagnostic services in remote areas. PoC diagnostics are transforming the healthcare landscape, making diagnostic services more accessible, convenient, and affordable for patients.
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, cardiovascular diseases, and neurological disorders. Companies like Anavasi Diagnostics and Creative Biolabs are leading the way with innovative solutions, including nanotechnology and lab-on-a-chip platforms. PoC diagnostics are particularly useful for infectious diseases like tuberculosis, HIV-AIDS, and influenza, as they enable quick and accurate testing in home care settings and decentralized healthcare systems. Novel products in the market include smartphone-based technology, wearable technology, and self-testing kits for glucose monitoring, hematology testing, urinalysis testing, and fecal occult testing. Market leaders like Werfen and Huwel Lifesciences offer a range of diagnostics devices for cardiometabolic monitoring, coagulation monitoring, and infectious disease testing. Regulatory approval processes and reimbursement cuts pose challenges for market growth. However, the increasing burden of chronic diseases and the need for decentralized healthcare are driving demand for PoC diagnostics. The IDF Diabetes Atlas and the World Hepatitis Alliance highlight the importance of affordable and accessible diagnostics for managing chronic diseases. Molecular diagnostics, including immunoassays, lateral flow assays, and microfluidics, are also gaining popularity in the PoC diagnostics market. Cancer marker testing and pregnancy & fertility testing are other growing areas. Market concentration is a concern, with a few large players dominating the market. Unitaid and other organizations are working to increase access to affordable diagnostics for underserved populations. In summary, the PoC diagnostics market is growing rapidly due to the increasing burden of chronic diseases and the need for decentralized healthcare. Innovative solutions, including nanotechnology, smartphone-based technology, and wearable technology, are driving growth. However, regulatory approval processes and reimbursement cuts pose challenges. The market offers opportunities for companies in areas like molecular diagnostics, infectious disease testing, and self-testing.
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