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Global POC Diagnostics/Testing Market to Reach USD 22.8 Billion by 2025

By Labmedica International staff writers
Posted on 03 May 2019
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Image: The global point of care diagnostics/testing market is expected to reach almost USD 23 billion by 2025 (Photo courtesy of iStock).
Image: The global point of care diagnostics/testing market is expected to reach almost USD 23 billion by 2025 (Photo courtesy of iStock).
The global point of care (POC) diagnostics/testing market size is expected to grow at a CAGR of 3.3% over the forecast period 2019-2025 to reach USD 22.8 billion by 2025, driven by the ability of POC tests to render rapid and accurate results at bedside settings and in remote areas. The market growth is being further aided by the adoption of automated laboratory systems and highly integrated solutions that facilitate the diagnostic workflow.

These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.

Increasing R&D activities by the key players for introducing novel POC tests and devices for the rapid detection and monitoring of diseases is expected to further boost the growth of the POC testing market. Additionally, the lack of skilled professionals or medical personnel with limited training, especially in diagnostics, who can also easily use these devices is also fueling the growth of the POC diagnostics/testing market. Moreover, the high prevalence of chronic disorders and cancer is resulting in a large customer base adopting cost-effective and immediate diagnostic tests, thereby propelling the growth of the POC diagnostics/testing market. This is further supplemented by a number of favorable initiatives to promote the employment of POC tests in diagnosis and screening procedures.

Based on product, the glucose testing segment dominated the POC diagnostics/testing market in 2018 in terms of revenue due to the high prevalence of diabetes and introduction of a wide variety of glucose meters by companies. The Hb1Ac testing segment is also expected to show a similar trend due to stiff competition for delivering low-cost Hb1Ac tests among the key players in the market. The detection and analysis of circulating tumor cells during cancer progression is expected to help the cancer marker segment achieve the fastest penetration rate over the coming years.

Based on end-user, the clinics segment dominated the POC diagnostics/testing market with the largest revenue share in 2018, due to the employment of a wide range of POC tests. On the other hand, increasing awareness about decentralized tests among patients is driving a lucrative growth in home-based POC testing.

Geographically, the US is likely to dominate the North American POC diagnostics/testing market due to the presence of key players undertaking significant research activities in the country. Also, the POC diagnostics/testing market in Asia Pacific holds significant potential for growth due to continuous developments in the region’s healthcare sector for introducing novel and accurate diagnostic tests.

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