The growing geriatric population to drive the market growth – Technavio
NEW YORK, NY, November 17, 2023 /24-7PressRelease/ — The Point of Care (POC) Diagnostics Market size is estimated to grow by USD 14.65 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 10.65% during the forecast period. The growth of the point-of-care (POC) diagnostics market is primarily driven by the increasing elderly population globally. Sedentary lifestyles and poor diets contribute to widespread health issues, particularly among older individuals who experience a higher incidence of diseases. The aging population, notably seen in various countries like Japan, Italy, Germany, France, Sweden, and Spain, is more prone to ailments like lung disease, cancer, stroke, and infections due to compromised immune systems and reduced organ function. POC diagnostic devices play a crucial role in detecting these infections among the elderly. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
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• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report
Point of Care (POC) Diagnostics Market- Segmentation Assessment
Technavio has segmented the market based on product (hematology diagnostics, infectious disease diagnostics, rapid cardiovascular diagnostics, rapid coagulation diagnostics, and others), end-user (hospitals and clinics, homecare settings, and clinical diagnostic laboratories), and geography (North America, Europe, Asia, and Rest of World (ROW)).
There will be a noteworthy increase in market share with the hematology diagnostics segment during the forecast period. This segment encompasses products associated with hematology diagnostics, blood glucose diagnostics, and HbA1c diagnostics. The substantial demand for hematology diagnostic products is primarily driven by the prevalent occurrence of thalassemia and anemia.
By geography, the Point of Care (POC) Diagnostics Market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the Point of Care (POC) Diagnostics Market.
North America is expected to contribute 40% to the global market’s growth. The rise in chronic diseases, escalating incidence of infectious ailments like COVID-19, mounting healthcare expenditures, adoption of cutting-edge technology, and the presence of established companies collectively boost the expansion of the POC diagnostics market in North America.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Point of Care (POC) Diagnostics Market- – Market Dynamics
Leading trends influencing the market
• Shift from traditional testing methods to rapid diagnostics drives the POC diagnostics market.
• Rapid Diagnosis Tests (RTDs) enable quick medical examinations in resource-limited settings.
• POC tests previously confined to labs are now in primary care, offering results within 2 hours, gaining global popularity.
• Development of rapid diagnostic tests for malaria aids in detecting low-level infections, crucial for prompt treatment strategies.
• Implementation of rapid tests combats malaria, increased demand for POC diagnostic equipment, driving market growth.
Major challenges hindering the market growth
Restricted availability of POC diagnostics in developing nations will hinder the expansion of the POC diagnostics market. While advanced diagnostic tests for diseases like malaria are accessible in developed countries like India and China, they remain unaffordable and scarce in developing regions with a high disease burden. Disease diagnosis is crucial for effective disease management and treatment development, necessitating evidence-based therapies and suitable diagnostic tools.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Point of Care (POC) Diagnostics Market report?
• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Point of Care (POC) Diagnostics Market between 2023 and 2027
• Precise estimation of the size of the Point of Care (POC) Diagnostics Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Point of Care (POC) Diagnostics Market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Point of Care (POC) Diagnostics Market companies
Point of Care Glucose Testing Market: The point of care (POC) glucose testing market share is expected to increase to USD 972.07 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.44%.
Point of Care (POC) HIV Testing Market: The global point of care (POC) HIV testing market size is estimated to grow by USD 290.77 million at a CAGR of 2.91% between 2022 and 2027.
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Product
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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