Global Point of Care Diagnostics Market Size & CAGR (2021 to 2026)
As per our report, the global point of care diagnostics market size was valued at USD 24.92 billion for 2021 and is poised to reach USD 39.69 billion by the end of 2026, growing at 9.76 % CAGR during the forecast period.
Impact of COVID-19 on the global point of care diagnostics market:
SARS-CoV-2 and its related serious respiratory illness, coronavirus disease 2019 (COVID-19), have recently emerged as a major danger to global public health. The existing diagnostic tests are becoming difficult and time-consuming to handle the growing number of infected individuals. As a result, the need for point-of-care diagnostic testing is growing since it allows for earlier illness identification, simpler disease monitoring, and easier access to isolated populations. The most recent POC immunoassays for SARS-CoV-2 detection are nucleic acid-based and clustered regularly interspaced short palindromic repeats (CRISPR)-mediated diagnostics. As a result, many pharmaceutical companies have concentrated their efforts on developing quick point-of-care tests for coronavirus diagnosis. IIT Kharagpur, for example, released COVIRAP — a new diagnostic tool for infectious illnesses such as COVID-19 and beyond – in April 2021. Furthermore, in a pandemic, demand for portable equipment such as glucometers, cardiac meters, and oximeters has skyrocketed.
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KEY DRIVING FACTORS:
The increasing prevalence of chronic and infectious diseases majorly drives the point of the care diagnostics market.
Point-of-care diagnostics provides real-time and rapid diagnostic findings to patients and healthcare providers. As a result, it may be used to identify a wide range of illnesses, including diabetes, HIV, cardiovascular disease, healthcare-associated infection, sexually transmitted disease (STD), and so on. Approximately one-third of all individuals worldwide suffer from several chronic illnesses. The rising prevalence of these disorders contributes significantly to the growth of the point-of-care diagnostics industry. Furthermore, at-home testing provides reliable findings from any location and at any time. The use of glucometers, oximeters, urine analyzers, and prothrombin time/international normalized ratio (PT/INR) to diagnose illnesses has lately grown. Blood glucose meters were sold in 1.26 million units in the United States in 2018, up from 960 thousand units in 2017. This acceptance rate is expected to continue, indicating that the market for point-of-care diagnostics has a bright future.
Advancement in point of care testing also drives the global point of care diagnostics market.
Hospitals required point-of-care diagnostics as the patient population grew. Point of care testing is effective, fast, and assists healthcare institutions in managing ICUs, operating rooms, and emergency rooms. Smartphone-enabled and digitally enhanced technologies play a vital role in facilitating these services. In addition, the integration of technology that allows for easy networking in POC testing in remote areas is paving the way for the point-of-care diagnostic industry. Through device integration and system interface, these systems automate and manage point-of-care testing. Small portable devices have also gained popularity over time, resulting in an increase in the point of care diagnostics market in the forecasted period.
The high cost of these products limits market expansion. Because laboratory testing is less expensive than point-of-care testing, this pricing pressure puts a burden on healthcare institutions’ budgets, potentially harming the point-of-care diagnostic market. In addition, the lack of skilled individuals to produce the most sophisticated kits may hinder the point of care diagnostics market’s growth.
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KEY MARKET INSIGHTS:
- The glucose monitoring segment is at the leading position in the point of care testing market based on the product. The rising prevalence of diabetes coupled with rising awareness of diabetes increases the demand for glucose monitors. Also, the portable glucose monitors are gaining attraction drives the market for point of care diagnostic market.
- Based on end-users, the clinics segment accounted highest share of more than 37% in 2020. Rising adoption of advanced devices, government support, and improving healthcare coverage fuel the growth.
- Geographically, the North American market has held the largest share in the global point of care diagnostics market accounted for a revenue share of over 34% in 2020. 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.
- The prominent players in the point of care diagnostic market include Abbott Laboratories, Danaher Corporation, BioMerieux, Becton, Dickinson and Company, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Siemens Healthcare AG, Alere, Inc., PTs diagnostics, and others. These players focused on launching, partnership or collaboration, and acquisition strategy to gain a competitive advantage.
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Recent Market Developments:
- In August 2021, PortaScience, Inc., a dry chemistry-focused point-of-care diagnostics development business located here, has been acquired by DCN Dx, a worldwide supplier of point-of-care diagnostics development, products, and instructional programs.
- In July 2021, Q-POCTM, a fast, PCR point-of-care diagnostic system, has been launched by QuantuMDx Group Limited, a UK-based provider of revolutionary point-of-care diagnostics.
- In June 2021, Mylab Discovery Solutions has teamed up with Hemex Health in the United States to create next-generation diagnostic solutions for coronavirus and other illness tests at the point of care (POC).
SEGMENTS COVERED IN THE REPORT:
- Infectious Diseases
- Cardiac Markers
- Oncology Markers
- OTC Diagnostic Tests
- Drugs Of Abuse
- Blood Gas Testing
- Fertility Testing
- Glucose Monitoring
- Ambulatory Chemistry
- Decentralized Clinical Chemistry
- Home Healthcare
- Ambulatory Care Settings
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Abbott Laboratories
- Danaher Corporation
- Roche Diagnostics
- Siemens Healthcare
- Beckman Coulter
- Becton Dickinson and Company
- Johnson & Johnson
- PTS Diagnostics
BROWSE REGIONAL REPORTS:
- North America Point of Care Diagnostics Market
- Europe Point of Care Diagnostics Market
- APAC Point of Care Diagnostics Market
- Latin America Point of Care Diagnostics Market
- Middle East & Africa Point of Care Diagnostics Market
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