Market Overview:
The point-of-care diagnostics market is projected to reach USD 46.7 billion by 2024 from USD 28.5 billion in 2019, at a CAGR of 10.4%. Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, growing government support, and rising preference for home healthcare across the globe are driving the growth of the market. However, product recalls, a lack of alignment with test results obtained from laboratories, stringent & time-consuming approval policies, and a reluctance to change existing diagnostic practices are expected to restrain market growth.
The home care settings segment is the fastest-growing end-user segment of the POC diagnostics market.
The point-of-care diagnostics market is projected to reach USD 46.7 billion by 2024 from USD 28.5 billion in 2019, at a CAGR of 10.4%. Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, growing government support, and rising preference for home healthcare across the globe are driving the growth of the market. However, product recalls, a lack of alignment with test results obtained from laboratories, stringent & time-consuming approval policies, and a reluctance to change existing diagnostic practices are expected to restrain market growth.
The home care settings segment is the fastest-growing end-user segment of the POC diagnostics market.
On the basis of end user, the point-of-care diagnostics market is segmented into clinical laboratories and outpatient healthcare & ambulatory care settings, hospitals/critical care centers, home care settings, and other end users. The home care settings segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing inclination towards home healthcare and rising demand for rapid tests among home care users.
North America is expected to account for the largest share of the POC diagnostics market in 2019.
The market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to command the largest share of the POC diagnostics market in 2019, due to the growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives in this region.
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Key Market Players
The major players operating in this market are Abbott (US), Roche (Switzerland), Siemens (Germany), Danaher (US), Becton, Dickinson and Company (US), Johnson & Johnson (US), Instrumentation Laboratory (US), PTS Diagnostics (US), Quidel (US), Chembio Diagnostic Systems (US), Sekisui Diagnostics (US), Nova (US), EKF Diagnostics (UK), AccuBioTech (China), and Trinity Biotech (Ireland).
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