North America Point Of Care Diagnostics Market Report 2023: Sector to Reach $28.46 Billion by 2030 at a 6.2% CAGR

Rhea-AI Summary

The North America point-of-care diagnostics market is projected to reach USD 28.46 billion by 2030, growing at a CAGR of 6.2% due to the increasing geriatric population and the demand for immediate testing results. Notable funding from various sources, including the U.S. Department of Defense and the Bill & Melinda Gates Foundation, is expected to accelerate advancements in point-of-care technologies. The report indicates that products for infectious diseases currently dominate the market, driven by COVID-19 testing. Clinics are the leading end-use segment, reflecting consumer preference for convenience.

Positive

• Market size expected to reach USD 28.46 billion by 2030.
• CAGR of 6.2% indicates robust growth potential.
• Significant funding from U.S. Department of Defense and private foundations.
• High demand for infectious disease diagnostic kits due to COVID-19.

Negative

• None.

DUBLIN, March 22, 2023 /PRNewswire/ -- The "North America Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Infectious Diseases, Glucose Testing, Cardiac Markers), By Type, By End-use (Clinics, Home Care, Hospitals), By Country, And Segment Forecasts, 2023 - 2030" report has been added to  ResearchAndMarkets.com's offering.

The North America point of care diagnostics market size is expected to reach USD 28.46 billion by 2030, expanding at a CAGR of 6.2% over the forecast period. The growth can be attributed to the rise in the geriatric population and the ability of point-of-care (POC) diagnostic tests to deliver immediate results.

Furthermore, a rise in funding from the government & private institutions is a key factor driving the industry's growth. An increase in the adoption of mobile diagnostic devices in the region is also one of the key factors driving demand for POC testing.

An increase in funding from multiple sources, including the U.S. department of defense (DOD), NIH, and private foundations such as the Bill & Melinda Gates Foundation, is expected to drive the market's growth.

For instance, Grand Challenges Canada and the Bill & Melinda Gates Foundation have launched a joint initiative for POC diagnostics. These organizations are involved in the development and integration of different diagnostic components into interoperable POC platforms with "plug-and-play" characteristic features and the capability of running diverse tests from various developers. Research is conducted to incorporate each test on a common platform with a single interface, enabling analysis of different sample specimens using various approaches for analysis.

Such institutions are involved in funding various projects for the development of POC diagnostics to different organizations including California Institute of Technology, Dartmouth College, and Seventh Sense Biosystems. Moreover, NIH, through the Point-of-Care Technologies Research Network, has been funding the development of these technologies for screening infectious diseases & cancer as well as for primary care.

In August 2022, Nanopath, Inc. received funding of USD 10 million from Medtech Convergence Fund and Norwest Venture Partners with participation from Green D Ventures and Gingerbread Capital. The funding would help develop POC diagnostics for women's health.

Key players operating in the market are focusing on collaboration for the development of new products. For instance, in December 2021, QIAGEN and Denovo Biopharma LLC announced a partnership to establish a blood-based companion diagnostic test. Moreover, the companies are also emphasizing on launching of innovative technologies to increase the efficiency of diagnostic testing.

For instance, in 2021, F. Hoffmann-La Roche Ltd launched a new blood glucose meter Accu-Chek Instant system, which helped the company expand its personalized diabetes management business.

North America Point Of Care Diagnostics Market Report Highlights

• The growth of the overall market is attributed to the increasing emphasis on point-of-care testing due to superior efficiency and minimal diagnostic turnaround time
• Increase in funding from multiple sources, including the U.S. department of defense (DOD), NIH, and private foundations such as the Bill & Melinda Gates Foundation is expected to increase the launch of new PoC diagnostic technologies in North America
• The infectious diseases product segment held the largest market share owing to the substantial adoption of COVID-19 diagnostic kits and the introduction of new PoC kits for respiratory conditions
• The clinic end-use segment dominated the market with the highest revenue share in 2022. This is attributed to the population's preference for clinics due to convenience
• The LDT type segment held a marginal share of the North America PoC diagnostics industry in 2022, owing to stringent authority regulations
• The U.S. dominated the market in 2022, due to the presence of key players and the rising support from the government for the development of advanced technologies

Key Topics Covered:

Chapter 1 Methodology And Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends, And Scope

Chapter 4 Product Business Analysis
4.1 North America Point - Of - Care (Poc) Diagnostics Market: Product Movement Analysis
4.2 Glucose Testing
4.3 Hba1c Testing
4.4 Coagulation Testing
4.5 Fertility/Pregnancy
4.6 Infectious Disease Testing
4.7 Cardiac Markers
4.8 Thyroid Stimulating Hormone
4.9 Hematology
4.10 Primary Care Systems
4.11 Decentralized Clinical Chemistry
4.12 Feces

Companies Mentioned

• F. Hoffmann-La Roche AG
• QIAGEN
• Danaher Corporation
• BD
• bioMerieux SA
• Abbott
• Siemens Healthineers A.G.
• Zoetis, Inc.
• Instrumentation Laboratory
• Nova Biomedical
• Trividia Health, Inc.
• Quidel Corporation
• Trinity Biotech
• Sekisui Diagnostics
• OraSure Technologies, Inc.
• NIPRO
• Spectral Medical, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/jnm3rn

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FAQ

What is the projected market size for North America point-of-care diagnostics by 2030?

The market is projected to reach USD 28.46 billion by 2030.

What is the expected CAGR for the North America point-of-care diagnostics market?

The expected CAGR is 6.2% over the forecast period.

What factors are driving the growth of the point-of-care diagnostics market in North America?

Key factors include an aging population, funding from government and private sectors, and the demand for rapid testing results.

Which segment holds the largest market share in North America point-of-care diagnostics?

The infectious diseases product segment holds the largest market share.

What end-use segment dominates the North America point-of-care diagnostics market?

The clinic end-use segment dominated the market with the highest revenue share.