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 Mode of Purchase
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:
The report also provides an in-depth analysis of Point of Care Diagnostics market dynamics such as drivers, restraints, opportunities, and challenges
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
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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