The point of care technology market size is projected to reach approximately USD 65.9 billion by 2030, at a CAGR of 6.6% from 2022 to 2030. The diagnosis & monitoring of several diseases, including cancer, diabetes, heart disorders, and others, use point-of-care (POC) diagnostics, which are medical equipment that provide an instantaneous response. The point-of-care technology market is driven by factors such as the rising prevalence of chronic illnesses, including diabetes, rheumatism, and cancer is rising for several reasons, including an aging population, sedentary lifestyles, poor dietary habits, and environmental factors. Point of care diagnostics is gaining popularity among patients worldwide since samples are taken from the patient's site for testing, and findings may be obtained in a very short period because of the usage of micro fluids, chips, and nano diagnostics. Thus, all these factors are anticipated to drive the growth of the point of care technology market over the forecast period.
COVID-19 Impact Analysis
The impact of COVID-19 on the point of care technology industry remains good. Because of the increased incidence of COVID-19 infection worldwide, there was a greater demand for point-of-care diagnostics kits, such as COVID-19 fast kits used to identify COVID-19. As the frequency of COVID-19 rose, so did the demand for point of care testing kits. The pandemic has impacted several businesses ly, including the market. Governments worldwide adopted many measures, including rigorous lockdowns to establish social distance rules to stop the quick spread of the virus. The market suffered as manufacturing plants worldwide were forced to shut down during the early phases of the pandemic. The outbreak immediately impacted small and medium-sized businesses, which are the backbone technology providers of the market.
Point of Care Technology Market Dynamics
The high prevalence of respiratory illnesses like influenza, COVID diseases, cardiac diseases, and infectious diseases, as well as growing online accessibility of point-of-care diagnostics products, supportive governmental policies, and an increase in CLIA-waived POC tests, are all contributing factors to the growth of the market over the forecast period. Furthermore, the growing healthcare decentralization and higher financing and expenditures in product development are anticipated to fuel market growth in the coming years. However, factors like pricing pressure brought on by reductions in reimbursement and budgetary restrictions are anticipated to impede the expansion of the point-of-care technology market during the projected period.
Market Drivers
Chronic illnesses and acute infections are on the rise in developing nations, owing to, among other things, a lack of health knowledge, inadequate medical infrastructure, and a sedentary lifestyle. As a result of these factors, diagnosis and treatment are delayed, as is the quality of care. The need for point-of-care tests for quick diagnosis is increasing because of their ease of use, low cost, and compact product size.
Due to the rise of OTC testing, such as pregnancy tests and blood glucose tests that provide answers in just a few seconds, the point-of-care testing market for OTC tests will grow. Anyone may carry out these tests without the need for the assistance of a qualified professional advancing the field. For instance, the First Response kit is a rapid pregnancy test that offers a result in 60 seconds. Customers receive results from Accu-Chek active blood glucose meter kits in under 5 seconds, which increases market demand.
Market Restraints:
The pricing pressure due to reimbursement cuts and lack of sufficient budgets has impacted the growth of the market. Additionally, it is said that spending on general-use medical equipment is stagnating due to the decline in the number of healthcare goods eligible for reimbursement, making it difficult for manufacturers to maintain pricing as the competition heats up. In the next years, it is anticipated that this aspect will present a significant barrier to expanding the market.
Market Opportunities:
Companies are working to build POC devices that can run numerous analytes on a single device. Multiplexing refers to the ability of these devices to test many analytes on the same cartridge simultaneously. Multiplex POC testing provides various advantages over commonly accepted singleplex tests, including enhanced efficiency at lower costs, larger output per sample, and higher throughput. These benefits will aid in the development of more precise and thorough diagnoses, as well as the advancement of tailored medication.
Based on product, the point of care technology market segmentation is glucose testing, cardiac markers, hba1c testing, and coagulation. The glucose monitoring segment accounted for the most revenue share in the point of care technology market growth in 2021. The growing incidence of diabetes and rising patient awareness about the availability of POC testing in the market are predicted to boost the demand for glucose monitoring devices over the forecast period. The significant market share is due to increased sales of diabetes quick diagnosis kits. These are accessible over the counter without a prescription and aid the patients in self-testing and monitoring their glucose levels.
Based on end user, the point of care technology market segmentation is clinics, hospitals, home care, and ambulatory care. The clinic's segment held the largest market share in 2021. Pharmacies and retail clinics mostly produce this segment's revenue. The primary elements driving the expansion of POC diagnostics applications are the increased availability of innovative diagnostic technology and improved healthcare coverage. On the hand, the home care segment is expected to register the highest CAGR during the forecast period. This segment extensively uses devices such as blood glucose meters, blood pressure monitors, HIV test kits, pregnancy test kits, and respiratory illness test kits.
Point of Care Technology Regional Insights By Region, the point of care technology market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America has dominated the market with the largest revenue share in 2021. Asia-Pacific is to register the fastest growth rate over the forecast period.
North America
North America has dominated the market with the largest revenue share in 2021 and is expected to maintain its dominance over the next few years. The increasing prevalence of lifestyle diseases, rising government initiatives to support the wider adoption of POC diagnostics, strong presence of major industry players in the countries such as the US and Canada are anticipated to support the growth of the point-of-care technology market in North America.
Asia-Pacific
Asia-Pacific is expected to register the highest growth during the forecast period owing to the rising number of hospitals and clinical diagnostics laboratories. Moreover, the rise in patient population, introduction of new rapid test kit manufacturers, and increasing healthcare expenditure across the region are anticipated to drive the market growth in Asia-Pacific. The Asia-Pacific market is likely driven by a growing pool of local diagnostic kit and reagent manufacturers offering various testing options for detecting coronavirus infection.
Point of Care Technology Market Competitive Landscape
The market includes tier-1, tier-2, and other local players. These companies have a reach with diverse product portfolios. Companies such as Meridian Bioscience Inc., Quidel Corporation, and Beckman Coulter Inc. dominate the market due to financial stability, strategic developments, product differentiation, and diversified regional presence. They also embrace strategic expansion efforts, including product launch, joint ventures, and partnerships to increase their market position and draw in a sizable consumer base.
Some major players in the point of care technology market research include Meridian Bioscience Inc., Quidel Corporation, Beckman Coulter Inc., Nova Biomedical, PTS Diagnostics, Instrumentation Laboratory, Alere Inc., Siemens AG, Hoffmann-La Roche Ltd., Johnson & Johnson Services Inc.
Scope of the Point of Care Technology Market Report
Product Type Outlook
End User Outlook
Region Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Point of Care Technology Market Forecast and Size:
To identify and estimate the market size for the point of care technology market report segmented by product type, end user, and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers in the point of care technology market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges for the point of care technology market growth
Market Influencing Factors:
To find out the factors which are affecting the point of care technology market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
| Report Attribute/Metric | Details |
| Market Size | USD 65.9 Billion |
| CAGR | 6.6% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
| Key Vendors | Meridian Bioscience Inc., Quidel Corporation, Beckman Coulter Inc., Nova Biomedical, PTS Diagnostics, Instrumentation Laboratory, Alere Inc., Siemens AG, Hoffmann-La Roche Ltd., and Johnson & Johnson Services Inc. |
| Key Market Opportunities | Increasing technology advancements in POC diagnostics |
| Key Market Drivers | Increasing prevalence of chronic diseases |
Point of Care Technology Market Highlights:
Frequently Asked Questions (FAQ) :
The point of care technology market forecast period is 2020 - 2030
The market is expected to register a CAGR of ~6.6% over the next ten years, according to the Point of Care Technology market research.
Asia-Pacific is expected to register the highest CAGR during 2021 - 2030
North America held the largest share in 2021
The major companies operating in the market include Meridian Bioscience Inc., Quidel Corporation, Beckman Coulter Inc., Nova Biomedical, PTS Diagnostics, Instrumentation Laboratory, Alere Inc., Siemens AG, Hoffmann-La Roche Ltd., and Johnson & Johnson Services Inc.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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