Point of Care Diagnostics/Testing Market Scope
Market Research Future (MRFR) anticipates the point of care diagnostics/testing market to surpass around USD 36,740.3 million by 2027. From 2018 to 2027, the point of care diagnostics/testing market growth would be at an approximate rate of 11.6%, expects MRFR.
Future Market Growth Factors:
POC diagnostic tests enjoy massive demand in the healthcare industry, as these facilitate smoother management of a variety of infectious disorders. The market is especially booming in emerging countries dealing with lesser access to timely medical care, while the healthcare infrastructure is substandard. Additionally, sizeable government funds as well as grants for the development of novel products and technologies fuel the adoption of advanced PoC diagnostics and testing devices. These initiatives are making it easier for the vast patient base in developing and underdeveloped economies to afford PoC tests. Also, mounting number of clinics and hospitals making extensive use of POC testing for rapid diagnosis of infectious diseases would mean considerable business growth in the coming years.
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A number of countries are starting to decentralize treatment of HIV to primary healthcare centers, with the aim to reduce the significant burden of the disease. Decentralization helps improve the effectiveness of the treatment as well as citizen participation while enhancing access to advanced healthcare services.
Point of Care Diagnostics/Testing Market Segmentation:
The point of care diagnostics/testing industry has been divided into product, end user, mode of purchase, as well as platform.
The product categories considered in the MRFR review report are urinalysis testing, glucose monitoring, drug abuse testing, infectious disease testing, cardiometabolic monitoring, coagulation monitoring, hematology testing, cancer/tumor marker testing, cholesterol, pregnancy & fertility testing, and more.
The top end users of point of care diagnostics/testing include homecare/self-testing, diagnostics centers, hospitals & clinics, and others. Hospitals & clinics, in 2020, was identified as the dominant segment.
Depending on the mode of purchase, the major segments cam be prescription-based testing products, along with over the counter (OTC) testing products.
Key platforms covered in the research study are dipstick, molecular diagnostics, immunoassays, and others. Immunoassays would emerge as the biggest platform-based segment in the coming years, on account of the massive demand for products that help test certain antibodies or particular antigens in the blood or other types of body fluids.
Point of Care Diagnostics/Testing Market Regional Status:
North America, with Canada and the United States in the lead, is the leader in the global market for point of care diagnostics and testing. North America’s strong hold over the global market is the result of the rising prevalence of several lifestyle disorders. Additionally, the robust base of multiple affluent firms in the region, supportive government, and substantial awareness regarding self-testing as well as home care products add significantly to the regional market value. Escalating use of novel and highly advanced technologies by the healthcare sector would also foster growth of the point of care diagnostics market in the next couple of years. majority of the healthcare device developers in the region are involved in acquisition and merger activities, to further elevate their position in the market. Most of the American companies also adopt business strategies like new launches, exhaustive R&D activities, and collaborative technological and product innovation for further growth.
The Asia Pacific market for PoC diagnostics testing stands to benefit from the rapidly burgeoning elderly population across Japan and China. Not to mention, the mounting prominence of different diseases has raised the need for effective home healthcare while players are focused on launching new devices supported by cutting-edge technologies. Some of the prevailing target disorders in the region include diabetes, cancer, infectious diseases, and cardiovascular disorders, which are touted to be the major growth boosters in the next several years.
Point of Care Diagnostics/Testing Market Important Vendors
Abbott Laboratories (US), Siemens Healthineers GmbH (Germany), Chembio Diagnostics, Inc.(US), Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson Services, Inc. (US), Becton, Dickinson and Company (US), Danaher Corporation (US), PTS Diagnostics (US), Nova Biomedical (US), QuidelCorporation (US), Sekisui Diagnostics (US), Trinity Biotech (Ireland), Instrumentation Laboratory Company (Werfen) (US), EKF Diagnostics Holdings plc (UK) are the significant point of care diagnostics testing developers in the market.
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QuantuMDx Group Limited, a renowned transformational point-of-care diagnostics developer in the UK, introduces Q-POC, which is an advanced rapid PCR point-of-care diagnostic system. This portable PCR system is equal to a whole molecular diagnostic laboratory and offers a very easy to use, affordable, and accessible point of care molecular diagnostic testing. Accurate results can be expected in nearly 30 minutes.
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