Point-of-Care Diagnostics Devices And Equipment Global Market Report 2024

The point-of-care diagnostics devices and equipment market size has grown rapidly in recent years. It will grow from $32.81 billion in 2023 to $37.14 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed during the historic period in the field of point-of-care diagnostic devices and equipment can be attributed to several key factors. These include the impact of infectious disease outbreaks, which underscore the importance of rapid and accessible diagnostic testing. Additionally, the growth can be attributed to the growing demand for patient convenience, especially in remote and resource-limited areas where access to traditional healthcare facilities may be limited. Moreover, the emphasis on preventive care and early disease detection has driven the adoption of point-of-care diagnostic devices, as they enable timely testing and intervention, contributing to better healthcare outcomes and reducing the spread of infectious diseases.

The point-of-care diagnostics devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $59.54 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period for point-of-care diagnostic devices and equipment is influenced by various factors. These factors include the continued emphasis on healthcare accessibility, which promotes the availability of diagnostic testing in a wider range of settings, including remote and underserved areas. The increasing awareness of global health threats, such as pandemics and infectious disease outbreaks, has further highlighted the need for rapid and decentralized diagnostic capabilities. Chronic disease management is another driving force behind the growth, as point-of-care diagnostics can facilitate ongoing monitoring and early intervention for individuals with chronic conditions. The integration of telehealth and remote monitoring technologies is expected to play a significant role in expanding the reach of point-of-care diagnostics, providing access to healthcare services from the comfort of one's home.

Several significant trends are expected to shape the upcoming period, including the development of multiplex testing, enabling the simultaneous detection of multiple analytes in a single test, thereby enhancing diagnostic capabilities. Another trend is smartphone integration, allowing users to connect their diagnostic devices to mobile apps for data management and reporting. The growing adoption of personalized medicine and the emergence of lab-on-a-chip technology are also expected to improve the capabilities of point-of-care diagnostic devices and contribute to their continued growth.

The primary categories of point-of-care diagnostic devices and equipment include infectious disease testing kits, cardiometabolic monitoring kits, cholesterol testing kits, pregnancy and fertility test kits, tumor/cancer markers, urinalysis testing kits, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, and various other diagnostic tools. Pregnancy and fertility test kits, for example, are point-of-care diagnostic devices that enable individuals to assess pregnancy and fertility status without the need to visit a healthcare provider. These devices are available in various prescription modes, including prescription-based testing devices and over-the-counter (OTC) testing devices. They serve a diverse range of end-users, including professional diagnostic centers, hospitals and critical care facilities, outpatient healthcare settings, ambulatory care facilities, research laboratories, and homes, contributing to more accessible and immediate healthcare information.

The point-of-care diagnostics devices and equipment market research report is one of a series of new reports that provides point-of-care diagnostics devices and equipment market statistics, including point-of-care diagnostics devices and equipment industry global market size, regional shares, competitors with a point-of-care diagnostics devices and equipment market share, detailed point-of-care diagnostics devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the point-of-care diagnostics devices and equipment industry. This point-of-care diagnostics devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

A global increase in the incidence of target diseases is driving the POC devices and equipment market. The rising prevalence of chronic diseases, such as diabetes, rheumatism, or cancer, is steadily increasing worldwide due to poor lifestyle choices and rising obesity. This drives the growth of the POC devices and equipment market. For example, from March 1, 2020, to March 26, 2022, the National Center for Health Statistics (NCHS) of the Centers for Disease Control and Prevention (CDC) reported 1,946,662 documented deaths related to cardiovascular disease (CVD) in the United States, exceeding the expected death rate by 4.9%.

The increasing adoption of mobile health technologies is set to propel the growth of the point-of-care diagnostics devices market. Mobile health, which involves the use of mobile devices such as smartphones, tablets, and wearable technology for healthcare services and health data monitoring, relies on point-of-care diagnostics (POC) devices to enable rapid and convenient testing and data collection at or near the patient's location. These devices offer immediate results for various medical tests and are often integrated with mobile apps or connected to smartphones for data management and transmission. For instance, a 2022 survey by Rock Health indicated an 8-percentage point increase, with 80% of respondents reporting the use of telemedicine for healthcare at some point in their lives, showcasing the growing adoption of mobile health technologies.

Despite the market's potential, the POC diagnostics devices and equipment market may experience a slowdown due to stringent regulatory policies, which prolong the gestational period before a product enters the market. POC device manufacturers are required to obtain multiple FDA clearances before launching their products, a process that consumes a significant amount of time and can restrain market growth.

Over-the-counter (OTC) testing is considered a significant trend driving the growth of the point-of-care diagnostics market. FDA-approved OTC test kits for cholesterol, fecal occult blood, pregnancy, and HIV/HCV have the potential to enhance access to testing and early disease detection. These testing kits may generate more revenue than prescription tests over the forecast period due to their ease of use, increased home care and self-testing, and a rising availability and adoption rate.

Major companies in the point-of-care diagnostic devices and equipment market are developing innovative products such as Cippoint to improve access to healthcare and reduce diagnosis time. Cippoint is a state-of-the-art point-of-care testing device for multiple health conditions, offering a wide range of testing parameters, including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. For instance, in January 2023, Cipla Limited launched Cippoint, an immunofluorescence-based quantitative analyzer that provides rapid test results, enabling healthcare professionals to make clinical decisions more quickly and efficiently in various settings.

Point-of-care devices are regulated by the U.S. Food and Drug Administration (FDA), and all diagnostic laboratory tests are subject to regulation under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) administered by the Centers for Medicare & Medicaid Services (CMS). These devices are classified as class II (requiring 510[k] approval) or class III devices (requiring more stringent premarket approval) as they measure biomarker levels in the body. In contrast, China has relatively lenient approval mechanisms. Therefore, top companies are adopting a partnership approach with local vendors and distributors to expand their market share.

Major companies operating in the point-of-care diagnostics devices and equipment market include Abbott Laboratories, F. Hoffmann-La Roche AG, Siemens Healthineers, Danaher, Beckman Coulter, Becton Dickinson and Company, Qiagen N.V., Johnson & Johnson, Alere, BioMerieux, Chembio Diagnostic Systems, Quidel Corporation, EKF Diagnostics, Trinity Biotech Plc, OraSure Technologies, Sysmex Corporation, Radiometer Medical ApS, Response Biomedical Corporation, Bio-Rad Laboratories, Illumina, Thermo Fisher Scientific Inc., LabCorp, Luminex Corporation, LifeScan, Nova, Sekisui Diagnostics, Hemocue AB, Akers Biosciences, 3D Systems Healthcare, Artec 3D, Canon Medical Systems Corporation, Carestream Health, ContextVision, CurveBeam, EchoPixel, EOS Imaging, Esaote, GE Healthcare, Hitachi Healthcare, Hologic, Intrasense, KaVo Kerr, Konica Minolta Healthcare, Materialise, Mobius Imaging, Neusoft Medical Systems, Orfit Industries, Philips Healthcare, Pie Medical Imaging, Planmed Oy, Sectra, Shenzhen Mindray Bio-Medical Electronics, Shimadzu Corporation, Varian Medical Systems, Ziehm Imaging GmbH

North America was the largest region in the point-of-care diagnostic devices and equipment market in 2023. Asia-Pacific was the second-largest region in the global point-of-care diagnostics devices and equipment market. The regions covered in the point-of-care diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the point-of-care diagnostics devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The point-of-care diagnostics market consists of sales of instruments such as pregnancy and fertility testing kits, cholesterol test strips, drug abuse testing kits, and others that are used in point-of-care diagnostics. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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