Authored By: Sarah
29 Aug 2023

Point Of Care Diagnostics Market Size to Grow by $ 10.69 bn through 2020-2024

The point of care diagnostics market is expected to grow by $ 10.69 bn, decelerating at a CAGR of almost 10% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus. View Free Sample Report

Point Of Care Diagnostics Market: Segmentation by Product

This report provides a detailed analysis of the market by Product (Hematology diagnostics, Infectious disease diagnostics, Rapid cardiovascular diagnostics, Rapid coagulation diagnostics, and Others), Geography (North America, Europe, Asia, and ROW), and End-user (Hospitals and clinics, Homecare settings, and Clinical diagnostic laboratories). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.

Point of Care Diagnostics Market to Grow by USD 10.69 Billion through 2020-2024  

Point Of Care Diagnostics Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Abbott Laboratories, Becton, Dickinson and Co., Danaher Corp., F. Hoffmann-La Roche Ltd., PerkinElmer Inc., PTS Diagnostics, QIAGEN NV, Sekisui Chemical Co. Ltd., Siemens Healthineers AG, and Trinity Biotech Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights into this market: Download a Free Sample Report. Our custom reports provide market insights at the global and regional level along with a pipeline analysis of new product launches. It also provides a peek into the latest R&D along with an impact analysis of government regulations.

Technavio has been monitoring the global Point of Care Diagnostics Market and it is expected to grow by USD 10.69 billion decelerating at a CAGR of over 10% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report

Point of Care Diagnostics Market to Grow by USD 10.69 Billion through 2020-2024  

Point of Care Diagnostics Market: Growing adoption of automated diagnostic devices to drive growth

One of the primary factors that will trigger the growth of the Point of Care Diagnostics Market size The growing adoption of automated diagnostic devices in the healthcare industry. The adoption of fully automated laboratory diagnostic devices and solutions is increasing among end-users such as clinical diagnostic laboratories, hospitals and clinics, and homecare settings. These devices eliminate manual intensive tasks, save labor cost, help in performance improvement and optimization, and allow researchers to contribute more time to analyze and interpret data. As a result, these devices are used in blood testing services, lipid panel and biochemistry analysis, and the identification of HIV and Zika virus, which will subsequently augment the growth prospects of the point of care diagnostics market.

Moreover, the shift from conventional testing methods to rapid diagnostics will contribute to the growth of the global point of care diagnostics market in the coming years. Rapid diagnostics are conducted through medical tests such as rapid diagnostic tests (RDTs). These tests have a faster turnaround time when compared to conventional methods. For instance, RTD tests for acute malaria provide results within two hours. As a result, there is a growing preference for RTDs across the globe.

Point Of Care Diagnostics Market: Vendor Analysis

The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Abbott Laboratories, Becton, Dickinson and Co., Danaher Corp., F. Hoffmann-La Roche Ltd., PerkinElmer Inc., PTS Diagnostics, QIAGEN NV, Sekisui Chemical Co. Ltd., Siemens Healthineers AG, and Trinity Biotech Plc are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

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