Projected Growth of Global Point of Care Diagnostics to Reach $68.5 Billion by 2030

Global Point of Care Diagnostics Market Set for Significant Growth by 2030

In the field of healthcare, the global point of care (POC) diagnostics market is on the verge of substantial expansion, with projections indicating it could reach a staggering $68.5 billion by 2030. This growth is primarily fueled by advancements in technology and the rising demand for accessible healthcare solutions, particularly among the elderly population. According to a recent report from Grand View Research, the market is expected to register a compound annual growth rate (CAGR) of 5.8% from 2025 to 2030.

Key Growth Factors

The rise of telehealth-enabled point of care testing (POCT) is significantly contributing to this market growth. As healthcare systems continue to adapt to a world increasingly focused on remote medical care, POC testing offers a crucial solution for efficient, timely diagnostics. Furthermore, there is a notable increase in the geriatric population, primarily due to increasing life expectancy, which intensifies the demand for efficient home-based healthcare services.

Emerging economies, particularly in regions like Africa and Latin America, are also playing a crucial role in the growth of the POC diagnostics market. Many governments in these areas are decentralizing their healthcare systems, prompting increased investments in modern diagnostic facilities and equipment. For example, Kenya's healthcare regulations have allocated substantial funding for Managed Equipment Services projects aimed at upgrading their healthcare infrastructure. Countries such as this are seeing partnerships with major healthcare equipment manufacturers like GE Health and Philips to deliver essential diagnostics to underserved regions.

Product Applications in POC Diagnostics

Currently, a variety of POC devices and tests are utilized across numerous medical diagnostic fields, encompassing screenings for cancer, pregnancy, and infectious diseases. These tests are instrumental for both patients and healthcare providers, enabling rapid diagnosis and tailored treatment plans based on the patient's conditions.

However, the adoption of POC diagnostic products varies among different stakeholders, including doctors, patients, and caregivers. This variability stems from several factors, including economic considerations and the absence of a universal healthcare system, which can affect accessibility and acceptance.

The COVID-19 Impact

The COVID-19 pandemic has notably accelerated the need for rapid testing and virtual healthcare solutions. As lockdowns were imposed globally, there was an urgent shift towards adopting remote consultations and POC tests to minimize hospital visits. The post-pandemic landscape is expected to further prioritize home-based healthcare delivery systems, especially for patients with chronic health conditions. Companies like NeuroMetrix, Inc. are already pivoting towards developing innovative POC tests specifically for conditions like peripheral neuropathies, thus broadening their market reach.

Market Dynamics

Among the various segments within the POC diagnostics market, infectious diseases lead the charge. In 2024, this segment contributed to 25.4% of global revenue share, driven largely by a growing demand for rapid testing solutions, which has spurred industry players to target decentralized regions. The home healthcare sector, in particular, is anticipated to see the highest growth, attributed to the cost-effectiveness and convenience of at-home diagnostics.

North America currently dominates the market, holding a robust share of 43.6%, due to advanced healthcare infrastructure and a wide array of key players adopting new technologies. However, significant growth is also expected in the Asia Pacific region, fueled by a rising prevalence of critical health conditions alongside an expanding population with limited disposable income.

Conclusion

In summary, the global point of care diagnostics market is poised for impressive growth over the coming years, backed by technological advancements and a growing demand for accessible healthcare solutions. As the sector continues to evolve, it will be paramount for key players to adapt to changing market dynamics, ensuring they meet the needs of both consumers and the healthcare systems that serve them. With innovations in telehealth and the integration of advanced diagnostic tools, the future of POC diagnostics looks promising.