The latest market research has uncovered an extraordinary trajectory for the global non-hospital-based point-of-care diagnostic products market, suggesting a surge in growth on the horizon. Valued at US$ 12.9 billion in 2022, the industry is projected to witness an impressive expansion, set to reach a staggering valuation of US$ 33.6 billion by 2032.
This remarkable surge is driven by a compelling Compound Annual Growth Rate (CAGR) of 9.1% throughout the forecast period, indicating unprecedented opportunities and advancements within the sector. The exponential growth is anticipated to reshape the landscape of point-of-care diagnostics, revolutionizing accessibility, accuracy, and efficiency.
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“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,” said FMI. “This expansion presents immense opportunities for innovation and development within the sector, ultimately improving healthcare outcomes worldwide.”
As the market continues to evolve, key players are expected to focus on technological advancements, strategic partnerships, and market expansion initiatives to capitalize on the growing demand for point-of-care diagnostic products.
With such promising projections, stakeholders across the healthcare industry are advised to stay abreast of the latest developments and opportunities within the rapidly growing non-hospital-based point-of-care diagnostic products market.
Non-hospital-based POC diagnostic products are used in a wide range of settings, including:
- Clinics and doctor’s offices
- Home healthcare settings
- Schools and workplaces
- Retail pharmacies
- Sports and fitness facilities
These products are used to diagnose a variety of conditions, including infectious diseases, chronic diseases, and allergies.
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Some of the key drivers of growth in the non-hospital-based POC diagnostic products market include:
- Rising prevalence of chronic diseases: The prevalence of chronic diseases such as diabetes, heart disease, and cancer is increasing worldwide. This is driving the demand for POC diagnostic products that can be used to monitor and manage these conditions.
- Increasing demand for home healthcare: The demand for home healthcare is growing as people are living longer and have more complex medical needs. POC diagnostic products can be used to provide patients with the care they need in the comfort of their own homes.
- Technological advancements in POC diagnostics: Technological advancements are making POC diagnostic products more accurate, reliable, and affordable. This is making them more attractive to patients, clinicians, and healthcare organizations.
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.
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Key Companies Profiled:
- Abbott Laboratories Inc.
- Siemens Healthcare GmbH
- Bio Rad Laboratories Inc.
- Thermo Fisher Scientific Inc.,
- Roche Diagnostics (H. Hoffman-La Roche Ltd.)
- STD Rapid Test Kits
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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