The Insight Partners published latest research study on “Point of Care Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Prescription Mode, and End User,” the market is expected to reach US$ 82,958.3 million by 2028 from US$ 36,000.4 million in 2021; it is estimated to grow at a CAGR of 12.7% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The market growth is primarily attributed to increase in prevalence of infectious diseases, product developments and launches, and rise in number of CLIA-waived POC tests. However, product recalls are expected to hamper the market growth.
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POC testing is described as medical diagnostic testing at or near the point of care that is, at time and place of patient care. The purpose of POCT is to pro- vide immediate information to physicians about the patient’s condition. Point of care testing (POCT) is an important diagnostic tool used in various locations in the hospital, in critical care settings such as the intensive care unit (ICU), the operating room (OR), and the emergency department (ED).
The point of care diagnostics market is witnessing substantial growth amid the COVID-19 pandemic. Certain factors such as sudden rise in coronavirus infections and exponential growth in COVID-19 diagnostic kits played a prominent role in the growth of the point of care diagnostics market during the pandemic. In addition, the growing demand for rapid test kits for faster diagnosis at public places is also estimated to have a positive impact on the market growth.
Browse key market insights spread across 244 pages with 138 list of tables & 91 list of figures from the report, “Point of Care Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Glucose Monitoring Products, Infectious Disease Testing Products, Cardiometabolic Testing Products, Pregnancy and Fertility Testing Products, Coagulation Testing Products, Tumor/Cancer Marker Testing Products, Cholesterol Testing Products, Urinalysis Testing Products, Hematology Testing Products, and Other POC Products), Prescription Mode (Prescription-Based Testing and OTC Testing), and End User (Professional Diagnostic Centers, Home Care, Research Laboratories, and Others), and Geography” in detail along with the table of contents: https://www.theinsightpartners.com/reports/point-of-care-diagnostics-market
Market leaders operating in the market have undertaken various organic growth strategies in the point of care diagnostics market. The point of care diagnostics market majorly consists of the players such F. Hoffmann-La Roche Ltd., Abbott, bioMérieux SA, Johnson & Johnson Services, Inc., Nova Biomedical, Siemens AG, Bio Rad Laboratories Inc., BD, Danaher Corporation, and PTS Diagnostics amongst others. Several organic approaches, such as product launches, and expansion in the point of care diagnostics market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.
Below is the list of the growth strategies done by the players operating in the point of care diagnostics market:
In Feb 2021, Roche announces the filing for FDA Emergency Use Authorization for SARS-CoV-2 Rapid Antigen Test, allowing healthcare professionals to make fast decisions at the point of care.
In May 2021, bioMérieux, announced BioFire Diagnostics, its subsidiary specialized in molecular syndromic infectious disease testing, has received U.S. Food and Drug Administration (FDA) De Novo authorization for the BIOFIRE RP2.1 Panel.
In April 2020, Nova Biomedical announced the FDA has cleared its Stat Profile Prime Plus critical care blood gas analyzer for point-of-care use. This clearance allows POC personnel to perform bedside critical care testing with results in one minute.
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Infectious Diseases Testing Products Segment to Contribute Significantly to Point of Care Diagnostics Market
Based on prescription mode, the point of care diagnostics market is bifurcated into prescription-based testing and OTC testing. In 2020, the prescription-based testing segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing incidence and prevalence of lifestyle diseases and the lack of awareness on OTC POCT devices in developing nations.
In terms of end user, the point of care diagnostics market is segmented into professional diagnostic centers, home care, research laboratories, and others. In 2020, the professional diagnostic centers segment held a substantial market share. The professional diagnostic centers segment is further subsegmented into hospitals, clinical laboratories, outpatient healthcare, and ambulatory care settings. However, the home care segment is expected to register the highest CAGR during the forecast period.
The World Health Organization (WHO), National Institute of Cancer Prevention and Research, Centers for Medicare & Medicaid Services, and Food and Drug Administration (FDA), Public Health England are among the major primary and secondary sources referred to while preparing the report on the point of care diagnostics market.
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