Point of Care Diagnostics Market 2023-2030: Comprehensive Analysis of Growth Opportunities and Challenges
The worldwide point of care diagnostics market reached USD 41.7 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 10.5% in the upcoming years. The market is driven by the increasing incidence of cancer, diabetes, cardiovascular illnesses, STDs, and infectious disorders. Additionally, rising healthcare costs are expected to foster industry expansion. Point-of-care tests deliver faster answers, resulting in better patient care. For example, Abbott introduced the m-PIMA HIV-1/2 VL, a quick and accurate viral load POC test to control HIV in isolated and underprivileged groups. The COVID-19 pandemic also significantly impacted the market, with a rising demand for POC diagnostics for COVID-19 detection.
Access Full Report: https://www.fairfieldmarketresearch.com/report/point-of-carediagnostics-market
The growing use of electronic medical records (EMR) and picture archiving and communication systems (PACS) is also fueling the demand for POC diagnostic tools. These devices use automation processes and require little training, making them accessible to both medical professionals and non-medical staff. Additionally, the rising demand for in-home healthcare facilities and government programs supporting point-of-care diagnostics are predicted to drive market expansion.
The market is expected to benefit from the development of POC diagnostics for cancer testing, including Circulating Tumor Cells (CTCs) examination, which can increase survival rates. The introduction of cancer kits for home testing is also anticipated to be positive for the business. Furthermore, rising investments in point-of-care diagnostics, such as the USD 7 million investment by AAD in May 2021, are contributing to market growth.
The market is segmented based on different factors. The glucose testing segment is expected to dominate due to the increasing diabetic patient population. Moreover, the clinical use of POC diagnostics is on the rise due to the growing number of chronic diseases.
Geographically, Latin America is expected to acquire a significant market share due to rapid developments in the healthcare sector, government initiatives, and an increase in the number of hospitals and clinical diagnostic labs. The Asia Pacific region is also expected to see considerable growth due to increased healthcare awareness, aging population, and the prevalence of various diseases like diabetes, cancer, and infectious diseases.
Major players in the point of care diagnostics market include Roche, Abbott, Danaher Corp., Becton Dickinson, Siemens Healthcare, and others. These companies are introducing innovative products and solutions to meet the growing demand for point-of-care diagnostics.
Email: sales@fairfieldmarketresearch.com