The latest market research has unveiled a remarkable trajectory for the global non-hospital-based point-of-care diagnostic products industry, indicating an imminent surge in growth. Valued at US$ 12.9 billion in 2022, the industry is forecasted to experience an extraordinary expansion, poised to reach an astounding valuation of US$ 33.6 billion by 2032.
This significant surge is underpinned by an impressive Compound Annual Growth Rate (CAGR) of 9.1% throughout the forecast period, signifying 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 driving forces behind this monumental growth encompass various factors, including technological advancements, increased demand for rapid and accurate diagnostic solutions, and a burgeoning focus on decentralized healthcare. Non-hospital-based point-of-care diagnostic products are poised to play a pivotal role in enhancing healthcare outcomes by providing convenient and swift diagnostic capabilities beyond traditional healthcare settings.
Key stakeholders in the industry, including innovators, investors, and healthcare providers, are anticipated to capitalize on this growth trajectory, fostering innovation and accessibility to bring transformative diagnostic solutions to a global scale.
This imminent growth trajectory signifies a paradigm shift in the healthcare landscape, marking a turning point towards enhanced accessibility and efficiency in diagnostic processes. The industry is primed to witness groundbreaking advancements, empowering healthcare professionals and individuals alike with the tools to drive better health outcomes worldwide.
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
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