Global point of care diagnostics market is estimated to witness high growth, owing to increasing demand for remote patient monitoring and rise in chronic diseases
Global point of care diagnostics market is estimated to be valued at USD 4.52 Bn in 2024, exhibiting a CAGR of 6.2% over the forecast period (2024-2031). Convenience of usage and real-time results provided by these diagnostics can drive the market growth.
Market Dynamics:
Global point of care diagnostics market growth is driven by increasing demand for remote patient monitoring and rising chronic diseases. Point of care diagnostics offers convenient monitoring of health parameters for patients living in remote areas or with limited mobility. This has boosted adoption of POC devices across home healthcare settings. Furthermore, growing prevalence of chronic conditions such as cardiovascular diseases and diabetes has boosted demand for rapid testing solutions to efficiently manage disease progression and treatment. According to World Health Organization, cardiovascular diseases account for over 17.9 million deaths annually worldwide. Rapid diagnostic tests aid in timely clinical decision making and curbing healthcare expenditures associated with misdiagnosis and unnecessary hospitalizations.
Growing prevalence of infectious and chronic diseases boosts demand for POC diagnostics
Rising prevalence of infectious diseases like HIV/AIDS, tuberculosis, malaria, and others and chronic diseases like diabetes, cardiovascular diseases, and others can drive the global point of care diagnostics market growth. POC diagnostics provide quick and accurate diagnostic testing at the site of patient care, which helps in faster clinical intervention and management of such diseases. For example, POC blood glucose monitoring devices are extensively used by diabetic patients for daily monitoring and insulin management of their condition. Rapid POC tests for infectious diseases allow for timely diagnosis and treatment of patients. Growing disease burden globally has increased the uptake of POC devices across various healthcare settings.
Increasing focus on decentralized healthcare can drive the market growth
Rising focus on decentralized healthcare delivery with a shift towards outpatient and home care settings has boosted demand for portable, easy-to-use POC diagnostic devices that can be used outside the hospital/laboratory premises. POC tests help avoid delays in treatment waiting times that are often seen with centralized laboratory testing. These enable physicians to receive test results quickly during the patient visit and make informed treatment decisions. The ability of POC diagnostics to deliver results in non-laboratory environments drive healthcare providers and governments across regions to adopt these solutions for improving access to diagnostic services.
Limited reimbursement policies can hamper the market growth
Unclear or limited reimbursement policies for POC diagnostic tests can hamper the market growth. Insurance providers and regulatory bodies have not clearly established reimbursement coverage and rates for many new POC devices and tests. This affects their uptake by end users. Unlike centralized laboratory tests which have well-defined reimbursement guidelines, coverage for POC tests can vary according to healthcare settings, geography, and others. Setting up uniform reimbursement policies can help penetrate the market in undertapped regions. Lack of coverage also limits the ability of healthcare facilities operating on tight budgets to invest in newer POC solutions. This calls for collaborative efforts from all stakeholders to develop clear reimbursement frameworks.
High cost of devices and tests hampers adoption
While POC diagnostics offer the advantages of speed and mobility, the devices and tests themselves are generally more expensive than conventional laboratory tests. The extra cost is attributed to research, development and production of tests and analyzers with portable, user-friendly designs. This high cost impacts the affordability of POC solutions, especially for resource-constrained healthcare settings in developing countries. Pricing challenges can hamper the market growth until costs are driven down with increased production volumes and technological advancements. Technology companies need to focus on lowering manufacturing costs to make POC solutions more accessible to broader patient populations.
Growing telehealth and home healthcare trend presents opportunities
The COVID-19 pandemic has accelerated the adoption of telehealth and home healthcare delivery models. There has been shift towards remote patient monitoring to minimize hospital visits and potential exposure risk. This growing trend provides opportunities for POC diagnostic device manufacturers to expand into the home healthcare space. Developing integrated solutions that allow automated transfer of test data through mobile apps and cloud-based platforms would enable remote patient-physician collaboration. This could significantly widen the addressable market scope for POC players beyond hospital/clinic point-of-care settings. Companies are investing in novel connectivity features to leverage the remote care megatrend.
Increasing focus on developing economies offers significant revenue potential
While most current revenues are generated from developed regions, developing and emerging economies present major untapped opportunities for POC players. Rapid economic growth, rising incomes, increasing burden of infectious and chronic diseases, expanding healthcare investments and others leads to increasing focus on these underpenetrated markets. POC diagnostics hold promise to strengthen healthcare delivery in resource-constraint primary care settings that are widespread in developing countries. With tailored low-cost solutions, companies can tap into the massive patient population. Focusing on both public and private sector procurement in priority disease areas offers huge revenue scaling potential. Partnerships with local distribution networks and governments will be crucial to optimize market access strategies in developing economies.
Link: https://www.coherentmarketinsights.com/market-insight/point-of-care-diagnostics-market-1515
Key Developments:
- On February 29, 2024, a supplement in BMC Infectious Diseases on point-of-care testing for sexually transmitted infections (STIs) was launched. The supplement featured findings from the PRoSPeRo project, which was the largest field evaluation of STI diagnostics, coordinated by HRP and WHO, across 15 countries and 30 sites, involving over 17,000 participants.
- In October 2023, QIAGEN obtained CE certification for its IVD kit and automated testing platform, NeuMoDx, significantly boosting the company’s revenue and market share
- In May 2023, Danaher Corporation launched the Dxl 9000 Access Immunoassay Analyzer, capable of performing up to 215 tests per hour, thus, expanding its point-of-care diagnostics portfolio
- In May 2023, BD received 510(k) clearance for its BD Kiestra Methicillin-resistant Staphylococcus aureus (MRSA) imaging application, which leverages AI software to expedite test results by automating the traditionally time-consuming process of analyzing bacterial growth on petri dishes
Key Player:
- Hoffmann-La Roche Ltd, Abbott Laboratories, Siemens Healthineers AG, Becton, Dickinson and Company, Qiagen Inc., Johnson & Johnson Services, Inc., Danaher Corporation (Beckman Coulter Inc.), Instrumentation Laboratory, Nova Biomedical Corporation, Biomeriux SA, GE Healthcare, Philips Healthcare, Quest Diagnostics, Fujifilm Medical, Thermo Fisher Scientific, Hologic, Canon, IDEXX Laboratories, Sysmex, QuidelOrtho
