The size of the North America POC Testing Market was worth USD 8.96 billion in 2022 and is estimated to reach USD 14.21 billion by the end of 2027, with a CAGR of 9.66%.
The need for POC diagnostics is primarily driven by the prevalence of illness, leading to increased demand for improved treatment, quick diagnostic services, and clinical laboratory staff shortages. The rising incidence of chronic and infectious diseases such as heart disease, hepatitis, cancer, gastrointestinal, respiratory, and sexually transmitted diseases (STDs) drives the North American point-of-care diagnostics market. Furthermore, changes in lifestyle habits contribute to various medical problems, including diabetes, hypertension, and obesity, which need the use of point-of-care diagnostic equipment for diagnosis and monitoring. Therefore, the North American point-of-care diagnostics market provides substantial development potential for established and new product manufacturers. The point-of-care diagnostics market is growing due to technological advances in POC devices, the rising prevalence of infectious diseases, and increased expenditures by significant companies.
The growing adoption rate of POC devices to acquire rapid findings for instant decision-making in inpatient care is projected to open up lucrative growth opportunities for the market. Furthermore, regulatory measures for patient care management and the growing prevalence of various diseases are expected to drive demand for these goods in the future. Furthermore, the growing importance of point-of-care diagnostics in environmental monitoring and public health necessitates integrating technologies that allow seamless networking, making it even easier for healthcare providers to interpret test findings correctly. Thus, in the future year, remote access integration of POC testing and their networking is projected to offer new business opportunities. Other key factors likely to drive the long-term growth of the point-of-care diagnostics market include the rising prevalence of other respiratory illnesses worldwide, the shift toward decentralized diagnostics, and improved access to point-of-care devices through online platforms.
For healthcare facilities with significant test volumes, these devices are expensive. This will likely restrict the expansion of North American POC testing, particularly in emerging markets. In addition, manufacturers must submit performance data to the FDA for approval of any new POC device in the United States. POC tests developed for point-of-laboratory (POL) testing require extra onsite performance data and particular FDA recognition. The imposition of such strict rules may substantially hinder market expansion.
This market research report on the North America POC Diagnostics Market has been segmented and sub-segmented into the following categories:
Regionally, North America is expected to dominate the overall market in the next five years due to premium healthcare infrastructure, an established reimbursement framework, and high healthcare affordability. Moreover, high levels of awareness amongst the patient population base and the physicians associated with fast disease diagnosis support the industrial revenue.
North America presently maintains the most outstanding market share because of the significant concentration of important industry suppliers and favorable government efforts to support adopting a patient-centric care strategy. However, North America is gaining traction with the rising incidence and prevalence of lifestyle illnesses. More awareness of self-testing and home care goods and substantial adoption of innovative technologies are anticipated to play a vital role in driving the growth of the point-of-care diagnostics market in North America. Due to the rising use of sophisticated Point-of-Care (POC) diagnostics systems to identify numerous infectious illnesses. Collaborations and strategic alliances among significant companies also contribute to the North American region's growth. Due to rapidly growing COVID-19 cases in the United States and Canada, the area will maintain its leading position throughout the predicted years. The number of COVID-19 tests performed in this region exceeded 300 million, indicating enormous market potential.
KEY MARKET PLAYERS:
A few notable companies dominating the North American POC testing market are Abbott Laboratories, Inc., Danaher Corporation, Roche Diagnostics Limited, BioMerieux, Siemens Healthcare, Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson, Alere Inc., and PTS Diagnostics.
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