Point Of Care Diagnostics Market Size, Share & Trends Report

Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Infectious Diseases, Glucose Testing, Cardiac Markers), By End-use (Clinics, Home, Hospitals), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-046-0
  • Number of Pages: 295
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the point of care diagnostics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for point of care diagnostics market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of point of care diagnostics market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Point Of Care Diagnostics Market Categorization:

The point of care diagnostics market was categorized into three segments, namely product (Glucose Testing, Hb1Ac Testing, Coagulation Testing, Fertility/Pregnancy, Infectious Disease, Cardiac Markers, Thyroid Stimulating Hormone, Hematology, Primary Care Systems, Decentralized Clinical Chemistry, Feces, Lipid Testing, Cancer Marker, Blood Gas/Electrolytes, Ambulatory Chemistry, Drug of Abuse (DOA) Testing, Urinalysis/Nephrology), end-use (Clinics, Hospitals, Home, Assisted Living Healthcare Facilities, Laboratory), regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The point of care diagnostics market was segmented into product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The point of care diagnostics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Russia; China; Japan; India; Australia; South Korea; Brazil; Mexico; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Point of care diagnostics market companies & financials:

The point of care diagnostics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • F. Hoffman-La Roche Ltd.: F. Hoffmann-La Roche Ltd. develops and manufactures diagnostic & pharmaceutical products. It has 26 manufacturing sites globally with two business segments: pharmaceuticals and diagnostics. The pharmaceutical segment manufactures drugs for infectious diseases, cardiovascular, respiratory, & metabolic disorders, cancer, and central nervous system & autoimmune diseases. Roche Diagnostics is involved in various fields ranging from patient self-monitoring to clinical laboratory systems. Roche Professional Diagnostics (RPD) is the company’s largest business segment and provides solutions, tests, and instrument systems to enable reliable and cost-effective delivery of results. Ventana Medical Systems, a member of Roche Group, is involved in developing assays & kits for in situ hybridization. It has operations in several regions, including North America, South America, Europe, Africa, Asia, and Oceania.

  • QIAGEN: QIAGEN is a biotechnology company operating in over 20 countries globally. Key business areas of the company include assay technologies for molecular diagnostics, pharmaceutical, academic, and applied testing. Furthermore, molecular technologies developed by the company are being utilized by forensic technicians, and the company is also involved in the isolation of genetic material from biological samples.

  • Danaher Corporation: Danaher designs, manufactures, and commercializes products as well as services catering to medical, professional, and commercial applications. The company operates through four segments: diagnostics, life sciences, environmental & applied solutions, and dental solutions. Danaher’s diagnostics segment offers reagents, analytical instruments, software, consumables, and services for physicians’ offices, hospitals, reference laboratories, and other critical care settings to diagnose various diseases.

  • Becton Dickinson: Becton, Dickinson, and Company is a publicly held medical technology company. The company operates through three business units, namely BD Medical, BD International, and BD Life Sciences. The company offers innovative technology solutions and services for clinical therapy. Through the BD Life Sciences segment, the company offers preanalytical systems, diagnostic systems, and bioscience solutions. The company is majorly engaged in the development, manufacture, and sales of instrument systems, medical devices, and reagents required in clinical laboratories, life sciences researchers, healthcare institutions, and the pharmaceutical industry.

  • bioMérieux: bioMérieux is a multinational biotechnology company that specializes in the field of IVD for medical and industrial sectors. The company designs, develops, and produces diagnostic systems and provides diagnostic solutions such as reagents, instruments, and software. The company’s products are widely used for diagnosing infectious diseases and testing for cardiovascular disorders as well as cancer screening and monitoring. Currently, it has operations in more than 150 countries through its distribution network and 42 subsidiaries.

  • Abbott: Abbott is a healthcare company with five core business segments: pharmaceuticals, medical devices, nutrition, vascular care, and diagnostics. The company is present in more than 150 countries. In October 2011, Abbott Laboratories announced its decision to separate into two companies—one focused on research-based pharmaceuticals and the other on diversified medical products. In September 2017, Abbott completed the acquisition of Alere, Inc. to expand its diagnostics business.

  • Siemens Healthcare GmbH: Siemens Healthcare GmbH operates as a subsidiary of Siemens Group of Companies. Its business is segmented into laboratory diagnostics, diagnostic imaging, POC diagnostics, ultrasound, advanced therapies, and services. Its R&D activities in healthcare are focused on developing therapies, molecular diagnostics, and genetic services. It is focused on utilizing the potential of imaging solutions in therapy to bridge the gap between diagnostics and therapy in interventional clinical disciplines, cardiology, radiation oncology, and surgery. Its product & solution offerings include POC testing, healthcare IT, medical imaging, services, laboratory diagnostics, and clinical specialties & diseases. The company is present across Europe, Africa, the Middle East, North America, Asia, and Australia.

  • Werfen: Instrumentation Laboratory (IL) is a part of the Werfen Group, a healthcare corporation dealing in IVD products, scientific instruments, and medical devices. The company provides diagnostic instruments for hemostasis and critical care. It focuses strongly on R&D and holds over 100 patents about the advancement of medicine. The company has a significant geographical presence across North America, EMEA, and Asia Pacific.

  • Nova Biomedical: Nova Biomedical is a privately owned company involved in the development, manufacturing, and sale of advanced technology blood testing analyzers that employ optical measuring and electrochemical techniques. It is one of the most prominent in vitro diagnostics companies worldwide. The company’s sales & service subsidiaries are present in seven countries, and distributors are in over 92 countries worldwide. Nova Biomedical’s manufacturing facilities are based in Massachusetts and Taiwan.

  • Trividia Health, Inc.: Trividia Health, Inc. is a nonpublic company that was acquired by Sinocare, Inc. in January 2016. Sinocare, Inc. specializes in the development and distribution of rapid diagnostic testing in China. In addition, the company also manufactures several blood glucose monitoring systems including Safe-Accu, Safe-AQ, Gold-Accu, and Safe-Accu UG, and D Nurse mobile glucose meters. Trividia Health is a medical devices company that supplies co-branded blood glucose monitoring systems to retailers throughout North America. The company’s product portfolio consists of blood glucose meters & test strips, sharps, skincare, and other diabetes management tools. Currently, the company has manufacturing facilities in Florida, Taiwan, and New Hampshire.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Point Of Care Diagnostics Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2019 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Point Of Care Diagnostics Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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