Point of Care Diagnostics Market by Product (Glucose Monitoring Products, Infectious Diseases Testing Products, Pregnancy & Fertility Testing Products, Cardiometabolic Testing Products, Coagulation Testing Products, Others); by Mode of Purchase (Over the Counter, Prescriptions); by End User (Hospitals & Clinics, Homecare & DTC, Others); by Region : Global Forecasts 2021 To 2027

The Global Point of Care Diagnostics Market Size was valued at USD 20.2 Bn by 2020 and is expected to reach USD 30.9 Bn by 2027, with a growing CAGR of 6.5% during the forecast period.

Point of care diagnostic is a medical device that allows healthcare professionals to acquire lab-quality, real-time, diagnostic results within a few minutes. Point of care diagnostics is also known as bedside diagnostic procedures. This diagnostic device provides clinical patient information from clinical as well as resource-limited settings.

Point of Care Diagnostics Market Dynamics

The driving factors influencing the global point of care diagnostics market include growing advances in technology, rising incidences of infectious diseases such as HIV, influenza, and viral diseases such as EBOLA and increasing investments by key players. Moreover, rising demands for innovative & more precise diagnostic platforms and growing adoption for home healthcare facilities fuels the growth of point of care diagnostics industry.

Chances of errors associated with point of care diagnostics are more as compared to laboratory diagnostics procedures. In the case of laboratory diagnostics issues related to insufficient or incorrected specimen and hemolyzed specimens can be easily detected. However, this is not possible with point of care diagnostics settings. This factor may hinders the growth of point of care diagnostics industry.

Global Point of Care Diagnostics Market Segmentation:

By Product

• Glucose Monitoring Products
• Infectious Diseases Testing Products
•  Pregnancy & Fertility Testing Products
• Cardiometabolic Testing Products
• Coagulation Testing Products
• Others

By Mode of Purchase

• Over the Counter
• Prescriptions

By End-User

• Hospitals & Clinics
• Homecare & DTC
• Others

By Region

• North America
•  Europe
•  Asia-Pacific
•  Latin America
• Middle East & Africa

Based on product, glucose monitoring products held the largest market segment in 2020 and is expected to increase more during forecast period owing to growing diabetic patient population base and advances in the devices

Based on product, point of care diagnostics market is broadly segmented into glucose monitoring products, infectious diseases testing products, pregnancy & fertility testing products, cardiometabolic testing products, and coagulation testing products. Glucose monitoring product segment is expected to hold largest market share during forecast period due to rising adoption of home-based glucose testing devices and growing advances in blood glucose monitoring devices.

For instance, according to the IDF 2019, the prevalence of diabetes has increased to ~463 Mn of adult populations and it is expected to rise ~700 Mn till 2045. The rising number of diabetic patients leads to increase in demand for point of care glucose diagnostic devices across the globe. Use of point of care diagnostic devices helps in effective diabetes management, improves patient outcomes, and benefits for accurate clinical decision-making process. These factors help to boost the growth of point of care diagnostics market.

Based on mode of purchase, over the counter segment accounted for highest market share in 2020 and expected to increase more during forecast period due to rise in sales of point of care kits from OTC (Over the Counter) platform

Based on end user, point of care diagnostics market is segmented into over the counter and prescriptions. Over the counter segment is expected to hold largest market share during forecast period owing to its ease of product availability and growing awareness regarding availability home-based point of care diagnostic devices. Moreover, growing prevalence of infectious diseases and availability of OTC point of care products uplifts the growth of point of care diagnostics market in the coming years.

Based on geographical region, North America dominated the market in 2020 and expected to maintain same dominance during forecast period due to presence of technological innovations in terms of diagnostics

Based on region, North America is expected to hold largest market share during forecast period due to growing geriatric population, rising prevalence of infectious diseases, and strong government support for research. Moreover, presence of healthcare infrastructure, rising key market players, and growing collaborations & partnership among market players is expected to leverage the growth of this segment in point of care diagnostics market.

For instance, on October 2021, U.S. invested USD 560 Mn to increase the availability of covid-19 diagnostics test kits to need the growing infection demand of the region. This elevated the sales of point of care diagnostics market across this region. Further, smooth functioning of the market with regards to the drug-diagnostics development models fuels the demand for point of care diagnostics market in North America.

Company Profiles and Competitive Intelligence

The key players operating in the point of care diagnostics market are:

• Abbott Laboratories
• F. Hoffmann-La Roche Ltd
• Danaher Corporation
• Becton Dickinson & Company
• Quidel Corporation
• Sekisui Diagnostics LLC
• Siemens Healthcare GmbH
• Trinity Biotech bioMérieux SA
• Johnson & Johnson
• Chembio Diagnostics
• EKF Diagnostics
• AccuBioTech
• Nova Biomedical
• PTS Diagnostics
• Instrumentation Laboratory Company
• Mylab Discovery Solution
• Hemex Health
• Linear Diagnostics
• Precipio Inc.

The report also provides an in-depth analysis of Point of Care Diagnostics market dynamics such as drivers, restraints, opportunities, and challenges

Drivers

• Growing aging population
• Rising incidences for lifestyle diseases such as diabetes
• Rising adoption of home-based care health monitoring devices

Restraints

• Stringent regulatory policies for product approvals
• Poor reimbursement policies and budget constraints  

Opportunity

• Emergence of key market players
• Health decentralization and exploration of untapped region across the globe

Challenges  

• Lack of awareness regarding availability of point of care diagnostics devices
• Point of care diagnostics procedures are carried out by non- laboratory clinical staff. If incorrectly performed or handled, this may risk the health of the patient and its improper use may affect substantial cost of patient care

COVID-19 Impact on the Point of Care Diagnostics Market Analysis

Covid-19 has positively impacted the growth of point of care diagnostics industry. Medical device companies focused on developing point of care devices that would provide rapid diagnostic results for virus detection. RT-PCR was considerably the key diagnostic kit for covid infection detection. There was increase in demand for RT-PCR due to its ease to access, provide high throughput results with high accuracy rate.

Sudden emergence of covid-19 outbreak has uplifted the growth of point of care diagnostics industry as it swiftly increases the popularity of point of care test as this also provide protection against spread of virus. Growing number of covid-19 cases has created pressure on government to improve and elevate the patient management, which is expected to trigger the growth demand for antigen testing kits with reference to point of care diagnostics. This sudden emergence for demand and supply of kits is expected to boost the growth of point of care diagnostics industry.

The report also provides an in-depth analysis of key trends in point of care diagnostics market

• Growing development of continuous testing, less invasive, use of telemedicine for remote monitoring, and growth of miniaturized technologies.
• An amalgamation of biosensor systems into point of care diagnostics systems helps to enhance patient care through remote health and real-time monitoring

The report also provides an in-depth analysis of recent news developments and investments

• In September 2021, Chembio Diagnostics, Inc announced the submission of EUA to the FDA for the DPP Respiratory Antigen Panel Test. This is created to enhance discrete, simultaneous, and differential detection of SARS-CoV-2 antigen, Influenza A, and Influenza B from single swap of patient. This test kit is expected to analyse results within 20 minutes using this DPP kit.
• In March 2020, Abbott received authorization from USFDA for the fastest molecular point of care test for diagnosis of coronavirus which is expected to deliver positive results in 5 minutes and negative results in 13-15 minutes. This test is expected to run on company’s ID NOW™ platform by providing results to wide range of healthcare professionals in clinics, hospitals or at urgent care centers.

The unique insights provided by this report also includes the following:

• In-depth Value Chain Analysis
• Opportunity Mapping
• Sector Snapshot
• Key Players Positioning Matrix
• Regulatory Scenario
• Strategies Adopted-Benchmarking Heat Map
• Market Trends
• Covid-19 Impact Analysis
• Product Comparison
• Pre & Post COVID 19 Impacts on Point of Care Diagnostics Market
• Competitive

Frequently Asked Questions (FAQs)

Related Reports