Growth Factors Driving the Market: The Point of Care Diagnostics Market growth is mainly driven by the high prevalence of infectious diseases, supportive government policies and rising number of CLIA-waived POC tests. In addition, healthcare decentralization and greater investments and funding for product development are expected to offer growth opportunities for players in the point of care diagnostics market. However, issues related to pricing pressure owing to reimbursement cuts and budget constraints are expected to hinder the growth of the point of care diagnostics market during the forecast period.

MarketsandMarkets™ View on Revenue: The global point of care and rapid diagnostics market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027.

Industry Segmentation in Detailed:

The Glucose Monitoring Products segment accounted for the largest share of the point of care diagnostics market.

Based on products, the point-of-care diagnostics market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products. In 2021, the glucose monitoring products segment accounted for the largest share of the point-of-care diagnostics market. This can be attributed to the growing diabetic patient population base, ongoing technological advancements, and the growing preference for home glucose testing.

The Lateral Flow Assays segment accounted for the largest share of the poc diagnostics market.

Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The widespread adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures is a key factor contributing to the growth of this segment.

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Leading Key Players Analysis:

Prominent players in the point-of-care diagnostics market include Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux S.A. (France)

Geographical Trends in Detailed:

The global point of care diagnostics market is segmented into North America (comprising the US and Canada), Europe (includes Germany, France, and the UK), the Asia Pacific (includes Japan, China, India), Latin America (Brazil, Mexico), and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The rising prevalence of lifestyle diseases, growing number of product approvals, and government initiatives to support the wider adoption of POC testing products are the key factors driving the growth of the North American point-of-care diagnostics market.

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