Global Point of Care Diagnostics Market is witnessing a high CAGR growth of 6.5% and is expected to reach USD 30.9 Bn by 2027.
The global point of care diagnostics market is growing significantly due to increasing investments in point of care patient monitoring devices and advancements in less time-consuming diagnostic technology. Moreover, expansion of healthcare infrastructure, increase in awareness regarding portable testing devices, and adoption of self-diagnosis or testing devices is expected to boost the growth of point of care diagnostics market.
Point of care diagnostics or bedside testing is one of the emerging technologies in medical devices that has potential alternative to the conventional laboratory diagnostic procedures. Point of care diagnostics allow on spot delivery of information on location of care and diseases detection/diagnosis at an early stage. This feature of bedside diagnostics helps to uplift the demand for POC (point of care) testing procedures in point of care diagnostics industry.
Moreover, growing integration of mobile technologies into point of care diagnostics prove to have promising alternative testing procedures for complex diagnostic methodologies. Parameters such as portability, connectivity to various platforms and cost effectiveness offers opportunities for amalgamation of mobile to the point of care diagnostic procedures. In addition to this, use of point of care testing with mobile phones makes patient accessible to the data on cloud-based server for telemedicine. However, the concern related to the security of personal data with mobile healthcare is expected to hamper the growth of point of care diagnostics industry.
Covid-19 pandemic has positively impacted the growth of point of care diagnostics industry. This is due to its promising capacity of addressing many unmet needs for covid –19 infection diagnostics such as effective and safe diagnostic kits to prevent wide spread of coronavirus and its mortality. Many pharmaceutical and medical devices companies are focusing on the development of more precise, less time consuming and efficient diagnostic procedures to meet the growing demand for point of care testing kits which are expected to uplift the growth of industry during pandemic.
Global Point of Care Diagnostics Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, Asia-Pacific is expected to witness remarkable growth during forecast period due to increasing constant development by local and international players to explore untapped market. Moreover, higher adoption of point of care diagnostics procedures kits in countries such as China, India, and Mexico are expected to leverage the growth of market in Asia-Pacific.
The Global Point of Care Diagnostics Market Segmentation:
Global Point of Care Diagnostics Market by Product Outlook (Revenue, USD Million, 2021-2027)
Global Point of Care Diagnostics Market by Mode of Purchase Type Outlook (Revenue, USD Million, 2021-2027)
Global Point of Care Diagnostics Market by End User Type Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the point of care diagnostics market are: