Point of Care Diagnostics Market to Surpass USD 81.17 Billion by 2031 | Skyquest Technology

Westford, USA, July 11, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the global point of care diagnostics market will attain a value of USD 81.17 Billion by 2031, with a CAGR of 6.1% during the forecast period (2024-2031). The Point of Care Diagnostics or POCD market denotes a medical testing done nearby or even at the site of patient care falling under the umbrella of rapid diagnosis. Point-of-care diagnostics offer a wide range of benefits, including the factor of quicker turnaround times, the diminishing of centralized laboratories for analytics, the improvement of patient outcomes and the cost-cutting factor. This market is also behind the design and manufacturing of diverse diagnostic equipment and assays meant to meet the needs of diverse healthcare settings, even including homecare.

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Browse in-depth TOC on “Point of Care Diagnostics Market”

  • Pages – 157
  • Tables – 121
  • Figures – 77

Point of Care Diagnostics Market Overview:

Report Coverage Details
Market Revenue in 2023 $ 50.54 Billion
Estimated Value by 2031 $ 81.17 Billion
Growth Rate Poised to grow at a CAGR of 6.1%
Forecast Period 2024–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Sample, Product Type and End-User
Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Integration of Technological Advancements in Point of Care Diagnostic
Key Market Drivers Need for Convenient Healthcare Solution for Growing Geriatric Population

Clinical Laboratories Held the Largest Market Share by Offering Rapid Diagnostic Results

The clinic laboratories segment dominated the maximum revenue share of the market. Instead of traditional lab testing, clinics are already using point-of-care diagnostics for diagnostic testing, beginning with simple tests such as glucose tests and ending with complex coagulation tests. This shift reduces time for further test decisions by eliminating delay in specimen preparation and transport. They are not only convenient and help in rapid results but also have complex needs handled for high-volume testing. POC and clinical laboratory testing, on integration, offer an improved patient outcome.

Home Care Settings & Self-Testing Segment is Gaining Traction Due to Lower Costs and Convenience

It is expected that the home care settings and self-testing sector is likely to register the highest growth rate within the forecast period. This will result from the simplicity in care and cost-effectiveness of what POCD will offer to the patients in their own homes. Home POC diagnostics enable patients to manage challenges for health and help in decision-making. Consequently, steady demand for services among the aging population, who are more prone to chronic diseases, has boosted the sector responsible for home health care.

Growing Elderly Population Makes North America a Leading Consumer in the Market

Dominance of North America is explained by the increasing elderly population and growing expenditure on healthcare. Other factors that are assessed to influence the growth of this market in the forecast period are miniaturized in-vivo diagnostic devices, which provide precise results quickly. In countries like the US and Canada, presence of highly advanced healthcare infrastructure capable of integrating and utilizing elite POC diagnostic technologies. Also, the presence of skilled workforce in the medical sector further drives the dominance.

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Point of Care Diagnostics Market Insights:

Drivers

  • Need for Convenient Healthcare Solution for Growing Geriatric Population
  • Rising Incidence of Chronic and Infectious Diseases Drives Demand for Point of Care Diagnostics
  • Rising Prevalence of POC Testing Processes Drives Market Growth

Restraints

  • Lack of Accuracy of POC Diagnostics to Limit Adoption
  • Inconsistency with Definitive Central Lab Methods
  • Concerns Regarding Lack of Accuracy and Reliability of Lab-Based Test Results

Prominent Players in Point of Care Diagnostics Market

The following are the Top Point Of Care Diagnostics Companies

  • Abbott Laboratories
  • Siemens Healthineers AG
  • Quidel Corporation
  • F. Hoffman-La Roche Ltd.
  • Danaher Corporation
  • Becton, Dickinson and Company
  • Chembio Diagnostics
  • EKF Diagnostics
  • Trinity Biotech plc
  • Instrumentation Laboratory

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Key Questions Answered in Point of Care Diagnostics Market Report

  • What is the projected value of Point of Care Diagnostics Market during the forecasted period?
  • Which is the fastest growing segment in the Point of Care Diagnostics Market and Why?
  • What factors make North America the leading region in the Point of Care Diagnostics Market?

This report provides the following insights:

  • Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of point of care diagnostics market.
  • Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
  • Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the point of care diagnostics market.
  • Market Development: Detailed analysis of potential regions where the market has potential to grow.
  • Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
  • Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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