The Point of Care Diagnostics Market size is projected to reach US$ 88.83 billion by 2031 from US$ 37.93 billion in 2024. The market is estimated to register a CAGR of 13.0% during 2024–2031. The Integration Of Artificial Intelligence (AI) and Machine Learning (ML) is likely to bring new trends to the market in the coming years.
The Point of Care (POC) Diagnostics Market growth is driven by the increasing prevalence of infectious diseases, which has heightened the demand for rapid and accurate diagnostic solutions. Technological advancements and the integration of artificial intelligence and machine learning are enhancing the efficiency and accuracy of testing methods. Additionally, the growing need for self-diagnostic tools and the shift toward decentralized healthcare are expected to create future opportunities for market expansion. However, challenges such as the standardization between POC testing and centralized laboratory methods impact the broader adoption of these diagnostic solutions.
The Point of Care (POC) Diagnostics Market is evolving, with the increasing demand for immediate and accurate diagnostic solutions. POC testing is conducted near the site of patient care, allowing for quick results that facilitate timely decision-making in clinical settings. This demand for this testing is influenced by the rising prevalence of infectious diseases and chronic conditions, which necessitate rapid diagnostic capabilities.
Innovations such as portable diagnostic devices and integrated digital health solutions enhance testing efficiency and accessibility. The shift toward decentralized healthcare models propels patients and healthcare providers to seek more convenient testing options that can be performed outside traditional laboratory settings.
Overall, the POC diagnostics market is poised for substantial growth, driven by the need for rapid testing solutions and the ongoing advancements in diagnostic technologies.
The number of point-of-care tests has increased since its introduction. It is expected to grow with new product launches intended at delivering inexpensive care at the facilities at the closest possible distance from the patients' location. New products or technologies are being introduced to enhance the effectiveness of devices with incremental improvements in analytical performance. The growth of the point of care diagnostics market is driven by the introduction of new devices to perform molecular tests. New devices launched in the recent years include:
• In June 2023, Sysmex Corporation launched a point-of-care testing system in Europe to detect antimicrobial susceptibility. The system identifies the presence or absence of bacteria and evaluates the effectiveness of antimicrobials using patient urine samples suspected of having UTIs.
• In January 2023, Cipla Limited launched Cippoint, a point-of-care testing device. This device provides testing parameters such as cardiac markers, infectious diseases, diabetes, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. The device is CE IVD approved, which indicates that the device is approved by the European In-Vitro Diagnostic Device Directive, providing reliable testing solutions.
• In July 2021, QuantuMDx launched the Q-POC rapid PCR point-of-care diagnostic system, with its first test, a SARS-CoV-2 detection assay, now CE-IVD marked for use in Europe under the In Vitro Diagnostics Directive (98/79/EC).
Thus, increasing product launches by the market players propels the growth of the POC diagnostics market.
For business expansion, market players are focusing on emerging nations, such as India, China, and Brazil, due to the large population suffering from HIV and other infectious diseases. According to the Press Information Bureau 2023 report, ~2.5 million people are living with HIV in India, with a prevalence rate of 0.2%, and 66,400 new HIV infections are reported in India annually. The increasing product launches indicate a potential environment for the adoption of advanced point-of-care diagnostic kits. In January 2022, Mylab launched the CoviSwift POC testing solution in India, which can be used in small labs, in-hospital labs, airports, and villages and allows gold-standard testing at high throughputs anywhere. The solution encompasses the CoviSwift assay and Compact-Q machines that process 16 samples within 40 minutes, which is approximately 4 times faster than traditional RT-PCR testing while maintaining high precision.
Advancements in nanotechnology and genomics are increasing the demand for diagnostics in the healthcare sector, encouraging the introduction of a greater number of point-of-care test systems and facilitating the shift toward personalized medicine. There are new opportunities in infectious disease testing, molecular oncology, and pharmacogenomics in emerging countries. The development of nanomaterials and nanotechnology has promoted the progress of POCT platforms, which are used in colorimetric, optical, electrochemical, magnetic, and catalytic approaches. The point of care testing platforms are used to detect nucleic acids, proteins, pesticides, viruses, bio-markers in disease diagnosis, and even heavy-metal species. Thus, rising product launches and advancements in emerging countries are anticipated to provide ample growth opportunities for the point-of-care diagnostics market during the forecast period.
Key segments that contributed to the derivation of the Point of Care Diagnostics Market analysis are product, purchase mode, sample, end user, and geography.
The geographic scope of the Point of Care Diagnostics Market report is mainly divided into five major regions: North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. North America region is leading the market due to its robust healthcare infrastructure and early adoption of innovative diagnostic technologies. Canada ranks eighth among the largest medical device markets. According to the Government of Canada 2023 report, the prevalence of diabetes is rising at a significant pace. ~3.7 million population of the country (which is 9.4% of the total population) are living with diabetes or prediabetic conditions. The association has stated that every three minutes, a person is diagnosed with diabetes. Additionally, according to a report published by the government of Canada, the prevalence of HIV in Canada has grown by ~35.2% since 2022, and 2,434 new HIV cases reported in 2023. As per the Canadian Cancer Society, cancer was one of the primary reasons for deaths in the country, as the condition caused ~30% of deaths in 2023. Lung, breast, colorectal, and prostate cancer conditions predominated the diagnoses and deaths, with more than 46% share.
In July 2023, Fortis Life Sciences, LLC acquired Toronto-based International Point of Care, Inc. (IPOC). IPOC develops and manufactures components used in diagnostics, including lyophilized reagents, membranes, recombinant proteins, and controls. With this acquisition, Fortis can provide its customers with a customizable, end-to-end solution to advance their immunodiagnostic and molecular diagnostic products. IPOC’s recently expanded 36,000 sq. ft. facility is Fortis’ third GMP and ISO 13485-compliant manufacturing site in North America. Thus, the surging prevalence of cancer, the rising incidence of other diseases, and strategic collaborations fuel the growth of the point of care diagnostics market in the country.
The regional trends and factors influencing the Point of Care Diagnostics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Point of Care Diagnostics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 37.93 Billion |
| Market Size by 2031 | US$ 88.83 Billion |
| Global CAGR (2024 - 2031) | 13.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Point of Care Diagnostics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Point of Care Diagnostics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Point of Care Diagnostics Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the key developments in the market are listed below:
The "Point of Care Diagnostics Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The market value is expected to reach US$ 88.83 billion by 2031.
BD, Abbott, Johnson and Johnson Services, Inc., F. HOFFMANN-LA ROCHE LTD, Siemens AG, Danaher, BIO-RAD LABORATORIES INC, BioMerieux SA, Polymer Technology Systems, Inc. (PTS), Nova Biomedical are key players in the market.
Integration of artificial intelligence (AI) and machine learning (ML) is expected to be a prime trend in the market in the coming years.
The increasing prevalence of infectious diseases and key product launches and developments fuel the market growth.
North America dominated the market in 2024.
The market is expected to register a CAGR of 13.0% during 2024–2031.