The global non-hospital-based point-of-care diagnostic products market is on the cusp of transformative growth, with its valuation projected to leap from USD 12.9 billion in 2022 to an impressive USD 33.6 billion by 2032. According to the latest market research, this surge reflects a robust Compound Annual Growth Rate (CAGR) of 9.1% over the forecast period, signaling unprecedented opportunities and advancements in the sector.
This rapid growth underscores a shift in the diagnostic landscape, as non-hospital-based POC products gain traction for their ability to deliver accessible, accurate, and efficient diagnostic solutions in diverse settings beyond traditional hospital environments.
Key Drivers of Market Expansion:
The extraordinary trajectory of the non-hospital-based POC diagnostics market is driven by several critical factors:
- Rising Prevalence of Chronic Diseases
With chronic conditions like diabetes, heart disease, and cancer on the rise globally, the demand for POC diagnostic products to monitor and manage these illnesses has surged.
- Growing Demand for Home Healthcare
As aging populations with complex medical needs expand, the convenience and efficiency of home healthcare solutions have propelled the adoption of POC diagnostics in home settings.
- Technological Advancements in Diagnostics
Innovations in POC technology have made these products more accurate, reliable, and cost-effective, further boosting their appeal among patients, clinicians, and healthcare organizations.
Applications Across Varied Settings:
Non-hospital-based POC diagnostic products are proving invaluable in a range of environments, including:
- Clinics and doctor’s offices
- Home healthcare settings
- Schools and workplaces
- Retail pharmacies
- Sports and fitness facilities
These products cater to the diagnosis of various conditions, from infectious diseases and chronic ailments to allergies, demonstrating their versatility and expanding utility.
Industry Insights and Projections:
“The forecasted growth of the global non-hospital-based point-of-care diagnostic products market underscores the increasing demand for accessible and efficient diagnostic solutions,” stated FMI. “This expansion presents immense opportunities for innovation and development within the sector, ultimately improving healthcare outcomes worldwide.”
As the market evolves, industry leaders are expected to prioritize technological advancements, strategic partnerships, and market expansion to harness the growing demand for POC diagnostic solutions.
Opportunities for Stakeholders:
With a burgeoning market on the horizon, stakeholders across the healthcare industry are urged to stay informed and leverage emerging opportunities. The non-hospital-based POC diagnostics market is set to redefine healthcare delivery, making diagnostics more accessible and efficient for patients worldwide.
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Key Takeaways:
- The non-hospital-based point-of-care diagnostic products industry is expected to grow significantly in the coming years, driven by a number of factors, including the increasing prevalence of chronic diseases, the rising geriatric population, and technological advancements.
- The blood glucose testing segment is expected to account for the largest share of the market during the forecast period. This is due to the increasing prevalence of diabetes and the growing demand for self-monitoring devices.
- The infectious diseases testing segment is also expected to grow rapidly, driven by the rising prevalence of infectious diseases such as COVID-19.
- The clinics segment is expected to be the largest end-user segment during the forecast period. However, the home healthcare segment is expected to grow at the fastest CAGR. This is due to the increasing demand for home-based healthcare services.
The non-hospital-based point-of-care diagnostic products industry is a growing market with a lot of potential. Companies that are able to develop innovative and affordable point-of-care diagnostic products are well-positioned to benefit from this growth.
Key Competitors in the Non-Hospital-Based Point-of-Care Diagnostic Products Market
Leading players in the non-hospital-based point-of-care diagnostic products market include Abbott Laboratories Inc., Siemens Healthcare GmbH, Bio-Rad Laboratories Inc., Thermo Fisher Scientific Inc., Roche Diagnostics (H. Hoffman-La Roche Ltd.), and STD Rapid Test Kits, among others.
These companies typically distribute their products through regional medical equipment distributors. Their extensive distribution networks and growing market presence are expected to drive the increased adoption and sales of non-hospital-based point-of-care diagnostic products in recent years.
Recent Developments in the Non-Hospital-Based Point-of-Care Diagnostic Products Market
In December 2018, Australian-based Anteo Diagnostics and China’s GeneoDx Biotechnology entered into an agreement to distribute non-hospital-based point-of-care diagnostic products. As part of the agreement, Anteo Diagnostics will supply its AnteoBind products to the Chinese market.
The non-hospital-based point-of-care diagnostic products industry is segmented by product, application, and end user.
By product:
- Blood glucose testing
- Infectious diseases testing
- Coagulation testing
- Cardiac testing
- Drug testing
- Other products
By application:
- Diabetes management
- Infectious disease management
- Cardiovascular disease management
- Cancer management
- Other applications
By end user:
- Clinics
- Home healthcare
- Retail pharmacies
- Other end users
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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