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Point of Care Diagnostics Market to Exhibit a CAGR of 6.2% from 2024 to 2032; Bio-Techne Corporation and Novomol-Dx Partnered to Introduce an Ocular Biomarket Kit

May 20, 2024 | Healthcare

The global point of care diagnostics market size stood at USD 30.87 billion in 2023. The market value is slated to rise from USD 31.57 billion in 2024 to USD 51.19 billion by 2032 at a CAGR of 6.2% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Point of Care Diagnostics Market Size, Share & Industry Analysis, By Product (Blood Glucose Monitoring, Infectious Disease Testing, Cardiometabolic Disease Testing, Pregnancy & Fertility Testing, Hematology Testing, and Others), By Sample (Blood, Nasal and Oropharyngeal Swabs, Urine, and Others), By End-User (Hospital Bedside, Physician’s Office Lab, Urgent Care & Retail Clinics, and Home & Self testing), and Regional Forecast, 2024-2032   ”.


Point of care testing (POCT) is testing done near the site of patient care where care or treatment is offered. The increase in decentralized healthcare systems is augmenting the market expansion. The surge in point of care diagnostics testing has become vital for patient-care healthcare owing to the quick diagnosis results needed for faster and more accurate treatment decisions.


The market witnessed a significant rise in the demand for POC testing among healthcare facilities due to a growth in the fast-pace testing for COVID-19. However, the launch of different vaccines worldwide and the decline in the number of COVID-19 cases led to a slower growth of the market in 2021.


Boditech Med Inc. Got Approval for Domestic Use of Boditech Quick COVID-19 Ag Saliva Test, Which Boosted its Position


In November 2022, Boditech Med Inc. announced that it had secured the approval for the deployment of the Boditech Quick COVID-19 Ag Saliva test from the Ministry of Food and Drug Safety (MFDS). The product is an advanced COVID-19 Ag home test with a saliva sample that aids in the detection of the virus variants of COVID-19, such as the Omicron variant, and yields outcomes in 15 minutes.


Projections Estimate Market Value to Increase Owing to Technological Innovations


The point of care diagnostics market growth is driven by technological developments, which are slated to boost the testing applications. The market is observing the introduction and development of products featuring advanced properties and technology owing to the strong efforts of prominent companies coupled with the rising demand for novel products.


Despite an expanding scope for the adoption of the solution, the growing cost of the devices may impede the market expansion.


Leading Companies Deploy Product Innovations to Broaden Their Portfolio


Joint ventures, mergers, acquisitions, collaborations, and capacity expansions are some of the strategies opted for by prominent companies to reinforce their industry position. Several companies are also focusing on intense research and developments to launch innovative capabilities of products in the point of care diagnostics market.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/point-of-care-diagnostics-market-101072


List of Key Players Profiled in the Report:



  • F. Hoffmann-La Roche Ltd. (Switzerland)

  • Abbott (U.S.)

  • EKF Diagnostics Holdings plc (U.K.)

  • Cardinal Health, Inc. (U.S.)

  • Thermo Fisher Scientific Inc. (U.S.)

  • Quest Diagnostics Incorporated (U.S.)

  • BD (U.S.)

  • bioMérieux SA (France)

  • QuidelOrtho Corporation (U.S.)

  • Bio-Rad Laboratories Inc. (U.S.)


Key Industry Development



  • April 2024 – Bio-Techne Corporation and Novomol-Dx, one of the leading molecular diagnostics companies, developed an ocular biomarket kit, Bio –Marker Pathfinder (BMP), for the diagnosis and treatment of ophthalmic diseases.


Further Report Findings:



  • North America is expected to capture a leading position during the forecast period owing to the strong penetration of advanced point of care diagnostics for the detection of different infectious and chronic diseases.

  • By product, the market is classified into pregnancy & fertility testing, infectious disease testing, blood glucose monitoring, hematology testing, cardiometabolic disease testing, and others. The blood glucose monitoring segment witnessed the largest point of care diagnostics market share in 2023 due to the surging incidence of diabetes.

  • Based on end-user, the market is segmented into home & self-testing, urgent care & retail clinics, hospital bedside, and physician’s office labs. The urgent care & retail clinics segment is poised to expand at the highest CAGR during the forecast period owing to the rising number of urgent care centers in several developed nations, which is poised to surge the demand for rapid diagnostic testing in urgent care and retail clinics.


Table of Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Growth Rate



CAGR of 6.2% from 2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Segmentation



By Product



  • Blood Glucose Monitoring

  • Infectious Disease Testing

  • Cardiometabolic Disease Testing

  • Pregnancy & Fertility Testing

  • Hematology Testing

  • Others



By Sample



  • Blood

  • Nasal and Oropharyngeal Swabs

  • Urine

  • Others



By End-User



  • Hospital Bedside

  • Physician’s Office Lab

  • Urgent Care & Retail Clinics

  • Home & Self testing



By Region



  • North America (By Product, Sample, End-User, and Country)


    • U.S. (By Product)

    • Canada (By Product)


  • Europe (By Product, Sample, End-User, and Country/Sub-region)


    • U.K. (By Product)

    • Germany (By Product)

    • France (By Product)

    • Italy (By Product)

    • Spain (By Product)

    • Scandinavia (By Product)

    • Rest of Europe (By Product)


  • Asia Pacific (By Product, Sample, End-User, and Country/Sub-region)


    • China (By Product)

    • Japan (By Product)

    • India (By Product)

    • Australia (By Product)

    • Southeast Asia (By Product)

    • Rest of Asia Pacific (By Product)


  • Latin America (By Product, Sample, End-User, and Country/Sub-region)


    • Brazil (By Product)

    • Mexico (By Product)

    • Rest of Latin America (By Product)


  • Middle East & Africa (By Product, Sample, End-User, and Country/Sub-region)


    • GCC (By Product)

    • South Africa (By Product)


  • Rest of the Middle East & Africa (By Product)


Point-of-Care Diagnostics Market
  • PDF
  • 2023
  • 2019-2022
  • 182

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