Global POC Diagnostics Market Driven by Growing Demand for Portable and Handheld Near-Patient Devices
Posted on 20 Dec 2022
Point of care (POC) diagnostics is medical diagnostic testing that is performed at or near the POC, and at the place and time of patient care. POC diagnostics includes blood glucose testing, rapid coagulation testing, drugs of abuse screening, blood gas and electrolyte analysis, quick cardiac marker diagnostic, pregnancy testing, infectious disease testing, cholesterol screening, hemoglobin diagnostic, etc. POC diagnostic testing differs from traditional diagnostics that is restricted to the laboratory. POC diagnostic tests can be performed at the bedside and brings the test immediately to the patient. POC diagnostic testing raises the likelihood of the patient receiving the test results quickly and improves clinical management. Portable and handheld instruments are used in POC diagnostics, enabling the test results to be shared quickly with the patients. It helps in the rapid detection of analytes near the patient, facilitates better disease diagnosis, monitoring, and management, and enables quick medical decisions. POC diagnostics plays a vital role in patient management by reducing the time to treatment.
The COVID-19 outbreak led to increased demand for POC diagnosis. This has been accompanied by the increasing incidence of chronic and infectious diseases globally. As a result, there has been growing demand for portable, transportable, and handheld devices that is fueling the growth of the POC diagnostics market. In addition, the increase in technological advancements has also contributed significantly to the market growth. The global POC diagnostics market is projected to grow at a CAGR of 11.1% from USD 39.91 billion in 2022 to USD 93.21 billion by 2030, driven by the rising incidence of chronic diseases such as cardiovascular disorders, diabetes, and infectious diseases, as well as an increasing geriatric population. These are the latest findings of Precedence Research (Ottawa, Canada), a market research firm.
Rapid technological advancements such as the emergence of cloud-based deep learning systems and chip technology miniaturization are expected to expand the applications of POC diagnostics. For instance, lab-on-a-chip technology is now used at the POC. The development of nanoparticle-based POC technology has also attracted the attention of the market players and helped doctors to take advantage of nanoparticles for the diagnosis of various chronic conditions. The market players are adopting modern technologies such as artificial intelligence (AI) to produce more efficient products and are focusing on integrating ELISA into products for diagnosing infectious diseases. However, the high cost of product development due to various technology areas depending upon the test type could hamper market growth.
Based on product, the blood glucose monitoring segment dominates the POC diagnostics market with the highest revenue share due to increasing demand for products for monitoring blood sugar levels and growing preference for home glucose testing. On the other hand, the infectious diseases segment is expected to register a promising CAGR during the forecast period due to the rising prevalence of various contagious diseases. Based on end user, the hospital bedside segment dominates the POC diagnostics market with the highest revenue share due to the rising prevalence of chronic diseases which require long-term care and frequent monitoring. The increasing awareness about the availability of cost-effective and highly innovative POC diagnostics creates a positive outlook for the market. On the other hand, the urgent care & retail clinics segment are expected to register a promising CAGR over the coming years due to the growing number of clinics and urgent care centers.
Based on region, North America dominated the global POC diagnostics market with the largest revenue share due to the high prevalence of lifestyle diseases, increasing awareness of self-testing and home care kits, and rapid technological advancements in the region. On the other hand, the Asia-Pacific market for POC diagnostics is expected to register a promising CAGR during the forecast period due to the increasing number of market players and growing use of POC diagnostics in the developing countries.
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