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The point of care diagnostics market size is forecast to increase by USD 16.42 billion at a CAGR of 10.87% between 2023 and 2028. The market is experiencing significant growth due to several key drivers. One major factor is the increasing prevalence of chronic diseases, such as diabetes and hepatitis, which necessitates frequent and timely testing. The World Hepatitis Alliance reports that over 1.4 million people die each year from viral hepatitis, highlighting the need for accessible and efficient diagnostic solutions. Another trend in the PoC diagnostics market is the adoption of advanced technologies, including lab-on-a-chip platforms, nanotechnology, wearable technology, and smartphone-based technology. Nanotechnology is also revolutionizing PoC diagnostics by enabling the development of smaller, more sensitive sensors. Moreover, the shift from conventional testing methods to rapid diagnostics is gaining momentum, as PoC tests offer faster results and increased convenience. For example, the IDF Diabetes Atlas reports that over 34 million people in the US have diabetes, making rapid and accurate diagnostic tools essential for effective chronic disease management. However, challenges persist in the PoC diagnostics market, including product recalls due to quality concerns and regulatory hurdles. For instance, the respiratory syncytial virus (RSV) outbreak in the US in 2020 led to several recalls of PoC diagnostic tests due to false positive results. Therefore, ensuring regulatory compliance and product quality is crucial for market success.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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