Point of Care Diagnostics Market size was valued at USD 47.64 Billion in 2022 and is poised to grow from USD 50.54 Billion in 2023 to USD 81.17 Billion by 2031, at a CAGR of 6.1% during the forecast period (2024-2031).
The medical devices that are used for getting immediate results while examining or monitoring different diseases like cancer, diabetes, heart issues come under point-of-care diagnostics (POCD). The necessity to make medical sector more patient-centered is positively influencing the growth of POCD market. POCD has dramatically transformed the patient care system with its competency and simplicity. Point-of-care diagnostics technologies have developed because of enhancement in the area of microfluids. In the last few years, microfabrication and microfluids process have evolved so much that now POC devices have become more affordable, easy to use, portable, and provide faster results. There are many factors that are influencing the growth of the market like development of handheld devices, biosensors, and advanced connectivity features. New technology like lab-on-a-chip is also contributing the growth by enhancing speed, accessibility to the POC tests, and better preciseness.
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Increasing Cases of Chronic and Infectious Diseases Drives the Market
There has been a massive rise in the occurrence of chronic diseases like cardiovascular issues, diabetes, and several infectious illnesses worldwide. One of the key factors boosting the demand for the POCD market is the rise of the such chronic diseases. As per United Nations, almost 38 million people were suffering from HIV/AIDS in 2019. There were nearly 1.8 million youngsters and 36.2 million adults. Furthermore, the rise of human respiratory syncytial virus (RSV), a common virus responsible for respiratory tract contamination is also boosting the growth of the POCD market. An increase in the cases of diabetes and chronic illnesses has created demand for care diagnosis with the objective of managing it efficiently and offering better results.
Technological Developments in the POCD to Improve Market
Key market players are now focusing on the utilization of latest technologies like artificial intelligence for the manufacturing for effective point of care diagnostics. One of the popular device and technologies that is positively impact the market are lab-on-a-chip platform wearable technology used for detecting infectious illness and help to monitor a patient’s health and provide better testing. As cloud-based intelligent have provided numerous possibilities to improve the devices will mark the way for many advancements. The development of new diagnostics system has also been influenced by technologies like innovative biosensors, miniaturization in chips, and microfluids. Today, it is also possible to implement solutions like microbiological culture, polymerase chain reaction (PCR), enzyme-linked immunosorbent assays (ELISA) in the point-of-care due to technologies like lab-on-a-chip, driving the market growth.
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- In October 2023, QIAGEN get the CE certification of their IVD kit and automated testing platform.
- In May 2023, Danaher Corporation introduced the Dxl 9000 Access Immunoassay Analyzer. This device can run almost 215 tests per hour, expanding POC diagnostics offerings.
- In February 2024, Roche Diagnostics revealed that it had got the CE market approval for the extension of its Elecsys Anti-Müllerian Hormone (AMH) Plus immunoassay.
- In March 2023, F. Hoffman Roche Ltd. Collaborated with Eli Lilly to develop Elecsys Amyloid Plasma Panel (EAPP). This alliance will help the companies to target a crucial area of unmet medical requirement.
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The usage of POCD devices will increase with the rise in diagnostic procedures for diseases and advanced applications. Notable technological advancements in the POC diagnostics devices will provide innovative diagnosis options for monitoring diseases like diabetes cardiac diseases, and cancer. Nowadays, healthcare providers are also focusing more on these devices because they can easily use them to detect variousillness, monitor patients, and provide better treatment. Rise in infectious diseases, technological developments, and focus on early prevention are some of the important factors driving the market. Additionally, more POC diagnostics device manufacturers and distributers are emphasizing on the emerging markets as rapid growth was witnessed in the shipments of these devices to offer enhanced healthcare services in developing countries. This in turn is expanding the growth of the global POC diagnostics market.
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