| Status : Published | Published On : Jun, 2024 | Report Code : VRHC1054 | Industry : Healthcare | Available Format :
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Page : 200 |
Global Point of Care/Rapid Diagnostic Market – Analysis and Forecast (2025-2030)
Industry Insights by Product (Coagulation Testing, Glucose Monitoring, Tumor/Cancer Marker Testing, Cardiometabolic Testing, Pregnancy and Fertility Testing, Infectious Disease Testing, Urinalysis Testing, Drugs-of-Abuse Testing, Cholesterol Testing, Fecal Occult Testing, Hematology Testing and Others), by Platform (Lateral Flow Assays, Molecular Diagnostics, Dipsticks, Immunoassays and Microfluidics), by Prescription Mode (OTC Testing and Prescription-Based Testing), and by End User (Research Laboratories, Professional Diagnostic Centers, Home Care and Others), and by Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global Point-of-Care Rapid Diagnostic Market will grow from USD 32 billion in 2023 to USD 58.5 billion in 2030 at a CAGR of 12% during the forecast period ranging from 2025 to 2030.
The significance of point of care or rapid diagnostic is to promote remote diagnoses or at home, in hospitals, and in the office of a physician. The most significant benefit of this diagnosis process is the results are delivered quickly and help in designing accurate and speedy treatment plans for a patient.
The global point-of-care rapid diagnostic market is growing mainly due to the rising number of infectious diseases the growing awareness among people about it and the need for infectious disease testing. In addition, technological developments, higher accessibility, and innovative product development and launches are also making a significant contribution to the market growth.
The growth of the global point-of-care rapid diagnostic market is opposed by the high cost of devices and capital requirements. It is also hindered by the greater product recalls. On the flip side, significant growth opportunities are offered to the market players by supportive government initiatives and favorable regulations.
Market Segmentation
Insight by Product
The global point-of-care rapid diagnostic market is divided by product into coagulation testing, glucose monitoring, tumor/cancer marker testing, cardiometabolic testing, pregnancy and fertility testing, infectious disease testing, urinalysis testing, drugs-of-abuse testing, cholesterol testing, fecal occult testing, hematology testing, and other segments. Out of all these segments, the infectious disease testing segment will grow more due to the rising patient population, growing accessibility, and higher awareness of infectious disease testing products.
Insight by Platform
The global point-of-care rapid diagnostic market is divided by platform into lateral flow assays (immunochromatography tests), molecular diagnostics, dipsticks, immunoassays, and microfluidics segments. Among these divisions, the molecular diagnostics segment will grow more due to tech developments, resource-limited locations, and growing initiatives of market players to develop better products, followed closely by the lateral flow assay segment due to growing incidents of infectious diseases and higher adoption.
Insight by Prescription Mode
The global point-of-care rapid diagnostic market is divided according to prescription mode into OTC testing and prescription-based testing segments. The latter is expected to grow more due to little awareness of OTC testing procedures and the rising occurrence of lifestyle-related diseases.
Insight by End User
The end users also categorize the global point of care rapid diagnostic market into research laboratories, home care, professional diagnostic centers, and other segments where the home care segment is supposed to grow more due to higher preference and growing need for rapid tests.
Global Point of Care/Rapid Diagnostic Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
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Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
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Market Size in 2023 |
U.S.D. 32 Billion |
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Revenue Forecast in 2030 |
U.S.D. 58.5 Billion |
|
Growth Rate |
12% |
|
Segments Covered in the Report |
By Product, By Platform, By Prescription Mode and By End |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
There is notable technological development in the field of point-of-care diagnostics, with market players focusing more on using AI to produce effective point-of-care diagnostics. Newer, better, and miniature diagnostics systems are created with advanced chip technology, biosensors, and microfluidics. Also, the implementation of cloud-based intelligent systems is expected to revolutionize the future market. The novel lab-on-a-chip technology allows better infectious disease detection, allowing the employing of enzyme-linked immunosorbent assays (ELISA), polymerase chain reaction (PCR), and microbiological culture in point-of-care diagnosis.
Growth Drivers
The primary factor that influences the growth of the global point-of-care rapid diagnostic market is the growing government support to promote this practice. In addition, rapid technological advancements are also promoting market growth. Market players are also coming up with innovative products that boost specific POC diagnostics, such as in-home care settings. The growing regulatory sanctions, healthcare decentralization, events, conferences, and POC tests with several competencies are also facilitating market growth.
Challenges
The market growth is hindered due to several reasons such as longer product development and launch periods, inadequate reimbursements, and strict and time-consuming regulatory policies. In addition, other factors such as lack of alignment with central lab systems and inadequate know-how of POC device handling are imposing significant challenges to the market growth.
Opportunities
However, significant growth opportunities are offered due to the rapid technological developments in this field that promote the production of advanced systems. The continual effort by the market players to produce next-gen point-of-care devices encourages higher adoption, and thereby the growth of the market.
Geographic Overview
North America holds the largest share due to the higher occurrence of lifestyle-related diseases, growing government schemes, and a rise in the number of product approvals.
The Asia-Pacific market is expected to grow due to the large population base, growing occurrence of lifestyle-related and infectious diseases, and higher government initiatives.
Competitive Insight
Key players in the point of care/rapid diagnostic market are catering to the demand for these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2018, Abbott received FDA clearance for the Afinion HbA1c diagnostic assay for identifying patients at risk of diabetes and diagnosing diabetes.
Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Green Oaks, Illinois, United States.
Danaher Corporation is an American global conglomerate headquartered in Washington, D.C. The company designs, manufactures, and markets medical, industrial, and commercial products and services.
Abbott Laboratories, Danaher Corporation, Accubiotech, Johnson & Johnson, Becton, Dickinson, and Company, EKF Diagnostics, Nova Biomedical, Quidel, Roche Diagnostics, Chembio Diagnostics, PTS Diagnostics, and Instrumentation Laboratory are the key players offering point of care/rapid diagnostic.
Recent Developments by Key Players
Abbott has launched its innovative automation solutions, GLP systems Track, to support laboratories’ high-volume needs. India is now the world’s most populous nation, and the population is experiencing rising chronic disease burden.
Johnson & Johnson acquired Proteologix, Inc., a privately-held biotechnology company focused on bispecific antibodies for immune-mediated diseases.
The Point Of Care/Rapid Diagnostic Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Product
- coagulation testing
- glucose monitoring
- tumor/cancer marker testing
- cardiometabolic testing
- pregnancy and fertility testing
- infectious disease testing
- urinalysis testing
- drugs-of-abuse testing
- cholesterol testing
- fecal occult testing
- hematology testing
- others.
- By Platform
- lateral flow assays (immunochromatography tests)
- molecular diagnostics
- dipsticks
- immunoassays
- microfluidics.
- By Prescription Mode
- OTC testing
- prescription-based testing.
- By End User
- research laboratories
- professional diagnostic centers
- home care
- others.
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Point of Care/Rapid Diagnostic Market