The Global point of care diagnostics market 2029 is projected to grow during the forecast period due to the increasing incidences of infectious and chronic diseases. Fortune Business Insights™ publishes this information in a report titled, Point of Care Diagnostics Market 2029. As per the report, the point of care diagnostics market size was valued at USD 46.65 billion in 2021. The market size is expected to rise from USD 36.37 billion in 2022 to USD 51.94 billion by 2029 at a CAGR of 5.2% during the projected period.
The point of care diagnostics market report provides complete information regarding recent developments and trends in the industry. Also, development strategies adopted by the key market players such as mergers, acquisitions, alliances, and partnerships are highlighted further in this report. Furthermore, drivers and restraints affecting the market growth during the forecast period are discussed further in the report. The impact of COVID-19 pandemic on market development and expansion is elaborated further along with the recent launches introduced by the key market players. A list of prominent market players and regional market information is given further in this report.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2029 CAGR | 5.2% |
| 2029 Value Projection | USD 51.94 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 36.37 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 182 |
| Segments covered | Product, End-Users and Geography Region |
| Growth Drivers | Growing Incidence of Chronic and Infectious Diseases across the Globe to Foster Demand for Point of Care Diagnostics |
| Proliferation of Decentralized Healthcare Systems to Support Market Expansion | |
| COVID-19 Pandemic Propelled the Market Growth Due to Increased Demand for COVID-19 Diagnostic |
Key Industry Development:
June 2020: Celltrion Group announced the SARS-CoV-2 point-of-care antigen diagnostic kit. This will help expand access to COVID-19 diagnosis management and treatment globally
Drivers & Restraints:
Rising Adoption of Decentralized Healthcare Systems To Propel Growth
The market for point of care diagnostics is expected to grow significantly during the forecast period due to increasing incidences of chronic diseases and the rising spread of infectious diseases. Also, the growing inclination towards decentralized health systems is expected to drive the market. Furthermore, key market players’ adoption of recent developments and technological advancements in the industry is projected to fuel the market during the forecast period. These factors are expected to ensure point of care diagnostics market growth in the coming years. However, increasing risks and lack of accuracy in test conduction may hamper the market growth.
Increasing Manufacturing Of Test Kits To Bolster Market Growth
The outbreak of COVID-19 pandemic affected various industries in terms of revenue generation and production. However, the healthcare sector has witnessed a positive impact of this pandemic. The point of care diagnostics had high demand in the market due to increasing cases of COVID-19 and rising demand for frequent tests. During the pandemic, key market players have launched new products to meet customer demands. These factors have bolstered the market growth during the pandemic period.
Segments:
Blood Sample Segment Dominates The Market To Conduct Various Disease Diagnosis
By product type, the market is divided into blood glucose monitoring, infectious disease testing, cardiometabolic disease testing, pregnancy & fertility testing, hematology testing, and others.
Based on the sample, the market is segregated into blood, nasal & oropharyngeal swabs, urine, and others.
On the basis of end-user, the market is segmented into hospital bedside, physician’s office lab, urgent care & retail clinics, and home & self-testing.
Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
North America Holds Highest Market Share Due to Favorable Reimbursement Policies
North America dominates the global point of care diagnostics market share due to increasing cases of infectious diseases and the rising prevalence of chronic diseases among the population. The North American market stood at USD 14.48 billion in 2021. The regional market growth is expected to continue during the forecast period due to favorable reimbursement policies that are anticipated to boost the service demand.
Europe is expected to hold the second-highest position in the global market during the forecast period due to the increasing production of innovative products. Also, increasing government investment in R&D is expected to drive regional market growth.
Competitive Landscape:
Key Players Launch New Products To Enhance Their Product Portfolio
The Point of Care Diagnostics Market key players focus on implementing beneficial business growth strategies such as forming strategic alliances and collaborating with the supporting organizations. Also, implementing recent technologies and innovative product development ideas allow companies to improve their overall business performance and propel market growth.