Glucose Monitoring to Bolster Point of Care Diagnostics Market Growth During 2024-2031

According to our new research study on "Point of Care Diagnostics Market Forecast to 2031 - Global Analysis - by Product, Purchase Mode, Sample, and End User" the market is expected to grow from US$ 88.83 Bn by 2031 from US$ 37.93 Bn in 2024; it is estimated to grow at a CAGR of 13.0% during 2024-2031. The report highlights trends prevailing in the market, and drivers and restraints pertaining to the market growth.

The number of point-of-care tests has increased since its introduction. It is expected to grow with new product launches intended at delivering inexpensive care at the facilities at the closest possible distance from the patients' location. New products or technologies are being introduced to enhance the effectiveness of devices with incremental improvements in analytical performance. The growth of the point of care diagnostics market is mainly driven by the introduction of new devices to perform molecular tests. New devices launched in the recent years include:

- In June 2023, Sysmex Corporation launched a point-of-care testing system in Europe to detect antimicrobial susceptibility. The system identifies the presence or absence of bacteria and evaluates the effectiveness of antimicrobials using patient urine samples suspected of having UTIs.

- In January 2023, Cipla Limited launched Cippoint, a point-of-care testing device. This state-of-the-art device provides testing parameters such as cardiac markers, infectious diseases, diabetes, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers. The device is CE IVD approved - indicating that the device is approved by the European In-Vitro Diagnostic Device Directive, providing reliable testing solutions.

- In July 2021, QuantuMDx launched the Q-POC rapid PCR point-of-care diagnostic system, with its first test, a SARS-CoV-2 detection assay, now CE-IVD marked for use in Europe under the In Vitro Diagnostics Directive (98/79/EC).

Thus, increasing product launches by the market players propels the growth of the POC diagnostics market.

The Point of Care Diagnostics Market is segmented on the basis of product, purchase mode, sample, and end user and geography. The point of care diagnostics market, based on product, is divided into glucose monitoring, infectious disease testing, cardiometabolic testing, pregnancy and fertility testing, coagulation testing, tumor/cancer marker testing, cholesterol testing, urinalysis testing, hematology testing, thyroid testing, others. The glucose monitoring segment held the largest share of the Point of Care Diagnostics Market in 2024, and it is expected to register the highest CAGR during 2024-2031. The glucose monitoring devices segment includes glucometers, lancets, testing strips, and other glucose monitoring devices. By purchase mode, the market is segmented into OTC and prescription. The prescription segment held the largest share of the Point of Care Diagnostics Market in 2024. The Sample segment includes Blood, Urine, Others. The blood segment held the largest share of the Point of Care Diagnostics Market in 2024. By End User, the market is segmented into healthcare facilities, homecare, others. The healthcare facilities segment held the largest share of the Point of Care Diagnostics Market in 2024.

In terms of geography, the Point of Care Diagnostics Market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). The US holds the largest market share, followed by Canada. The growing prevalence of infectious diseases, rising government support for advanced diagnostics kits and instruments, increasing efforts in R&D activities undertaken by the market players, and technological advancements in the diagnostics industry fuel the point of care diagnostics market growth in North America. The growth of the US point of care diagnostics market is attributed to the increasing incidence of chronic diseases. As per the National Institute of Health, an estimated 2.04 million new cases and 611,720 cancer deaths were reported in the country in 2024. Breast cancer, lung and bronchus cancer, prostate cancer, colon and rectum cancer, melanoma cancer, and liver cancer are common types of cancer. According to a study published by the Centers for Disease Control and Prevention in 2021, ~38.4 million people are living with diabetes, which is 11.6% of the total population. According to the same study, a higher incidence of diabetes is observed in American youth, and the prevalence of such health conditions boosts the demand for point-of-care diagnostics in the country. Medical technologies are growing, and researchers are coming up with the latest innovations. This growth resulted in the development of advanced medical devices and catalyzed developments and advancements in the healthcare industry. The US is home to companies developing advanced products for point of care diagnosis. In August 2021, Mylab Discovery Solutions collaborated with the US-based Hemex Health for the development of next-generation diagnostic solutions for the Point-of-Care (POC) testing of coronavirus and other diseases. Under the technology partnership, Mylab will develop test assays, and Hemex will provide its Gazelle POC testing platform and expertise.

Infections are prevalent in the country due to the overuse of common antibiotics in medical facilities. According to the CDC 2024 report, 1 in 31 hospital patients have at least one hospital-acquired infection. More than half of all HAIs occurred outside of the intensive care unit (ICU). The US has the presence of two main HAI observation systems that work to understand better and target the areas that need assistance. These organizations include the National Healthcare Safety Network (NHSN) and the Emerging Infections Program HAI Community-Interface (EIP HAIC). Thus, the increasing prevalence of chronic conditions and infections, along with surging strategic initiatives by market players, drive the point of care diagnostics market growth.

F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories Inc, Abbott Laboratories, QIAGEN NV, Siemens AG, BD, bioMerieux SA, Polymer Technology Systems, Inc. (PTS), Nova Biomedical Corporation, Danaher Corp are among the key players in the market.

Companies operating in the point of care diagnostics market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the Point of Care Diagnostics Market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

A few of the developments made by the companies operating in Point of Care Diagnostics Market are as follows:

- July 2024, Roche the completion of the acquisition of LumiraDx's Point of Care technology, following the receipt of all required antitrust and regulatory clearances. Roche will now embark on the full integration of the company's innovative multi-assay point of care platform and the related R&D, operational and commercial sites into its global organisation.

- January 2024, Roche entered into a definitive agreement to acquire LumiraDx's point-of-care technology combining multiple diagnostic modalities on a single platform. This acquisition will complement Roche's existing diagnostics portfolio, offering multiple point-of-care tests on a simple instrument for affordable and accessible testing worldwide. The purchase price is US$ 295 million, with an additional payment of up to US$ 55 million.

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