Poc Platform and Technology Market Analysis
POCT Platform & Technology Market, by Application (Drug Development & Quality Testing and Diagnostic Testing & Monitoring), by Technology (Lateral Flow Based Assays (Colored Latex Particle Label, Fluorescence Immunoassay, Colloidal Gold Label, and Paramagnetic Monodisperse Latexes), Enzyme Labels, Biochips, Microfluidics, Biosensors, Chemiluminescence Based Systems, Agglutination, Lab-on-a-chip, Solid Phase, and Medical MEMS), by End User (Clinics, Home Care Settings, Laboratories, Hospitals, and Others), and by Region (Africa, Latin America, Asia Pacific, the Middle East, North America, and Europe)—Share, Outlook, Size, and Opportunity Analysis, 2022–2028
POCT, or point-of-care testing, can promptly deliver vital blood gas results and other critical care test results to patients in close proximity. When effectively integrated into the patient care process, POCT can lead to quicker therapeutic intervention, reduced preanalytical errors, and enhanced patient care. POCT requires increased levels of supervision and quality control due to potential errors in sample handling, inaccurate testing, inadequate training of non-laboratorians, ongoing evaluation of competency, and the need to justify the extra expenses associated with analyzers, test units, or cartridges. The benefits of POCT can be impacted by the frequency of testing and the proximity of the patient’s residence to a clinical lab. POCT offers rapid decision-making in diagnosis, therapy selection, monitoring, and prognosis, as well as facilitating efficient operational decision-making and resource allocation.
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According to estimates, the global POCT platform and technology market was valued at US$ 31,841 million in 2021 and is projected to experience a CAGR of 8.9% from 2021 to 2028.
During the projected timeframe, the global POCT platform and technology market is anticipated to experience growth driven by major industry participants placing a greater emphasis on partnerships and collaborations to reinforce their market presence worldwide.
As an example, Atomo Diagnostics, an Australian company, formed a strategic partnership with Access Bio, a company dedicated to the early diagnosis and prevention of infectious diseases, in January 2018. The objective of this collaboration is to expand the availability of top-notch HIV rapid testing in the global market.
During the forecast period, market growth is anticipated to be driven by the rise in mergers and acquisitions aimed at advancing research and development initiatives for the PCOT platform and technologies.
In March 2018, SenzaGen, which specializes in providing advanced non-animal tests for evaluating the allergenic properties of substances, entered into a significant license agreement with Burlesson Research Technologies, Inc. (BRT), a contract research organization located in the United States that specializes in point-of-care toxicology devices.
Market growth is anticipated to be propelled during the projected duration by a surge in product launches and approvals.
As an illustration, the US multinational medical devices and health care company, Abbott Laboratories, obtained Emergency Use Authorization (EUA) from the US Food and Drug Administration (FDA) in December 2020 for their BinaxNOW COVID-19 Ag Card rapid test, which can detect COVID-19 infections through virtual guidance. This method of testing is known for its affordability, reliability, and rapid results.
Impact of the Coronavirus (COVID-19) Pandemic
The financial condition of businesses in all sectors has suffered due to the global impact of the COVID-19 pandemic and the subsequent lockdowns in many nations. The healthcare industry’s supply chain has been significantly affected by the COVID-19 pandemic, largely as a result of stringent lockdown measures in several regions.
The market for POCT devices has experienced a surge during the COVID-19 pandemic, primarily driven by the need to develop more advanced devices for detecting the virus. Standard RT-PCR procedures are both time-consuming and highly reliant on well-trained personnel, specialized labs, and costly equipment. In response to these challenges, the POCT devices emerged several months after the first COVID-19 RT-PCR tests were introduced to the market. This has fueled demand for OCT devices, and manufacturers are now competing to create more reliable, rapid, and user-friendly POC platforms to meet this need.
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Various methods are used in point-of-care technologies that differ in their interfaces and testing techniques from those used in centralized labs. When comparing the results of point-of-care tests to manual laboratory tests, discrepancies often arise, raising concerns about the accuracy and dependability of the point-of-care platform and technology. Additionally, the calibration of these tests varies among different devices. Hence, healthcare practitioners may encounter challenges in making crucial clinical decisions due to the potential variability in data obtained from different devices and laboratories, making it difficult to obtain consistent test results. Additionally, the cost of transporting biomaterials in a cold chain is high in resource-limited areas. This increases the cost of conducting POC tests and reduces their adoption because cold-chain storage is not feasible in underdeveloped regions such as sub-Saharan Africa. As a result, the short shelf life of reagents is a major constraint.
Leading companies, including Siemens Healthineers AG, Mesa Biotech Inc., SenzaGen, Millar, Inc., LifeScan, Inc., BGN Technologies, Advanced Liquid Logic, Inc., Lifesensors, Inc., Agilent Technologies, Abbott Laboratories, Nanomedical Diagnostics, Axxicon Moulds Eindhoven B.V., Atomo Diagnostics, and Exalenz Biosciences Ltd., are operating in the global POCT platform and technology market.
|The market size value in 2023|
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of POCT Platform & Technology Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global POCT Platform & Technology Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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