Point of Care Market to Grow at a CAGR of 10.8% to reach USD 72.0 billion from 2022 to 2027

 The Global Point of Care & Rapid Diagnostics Market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027. The growth of the global Point of Care diagnostics market can be attributed to factors such as increasing prevalence of respiratory diseases (such as COVID-19 and influenza) across the globe, and improved access to point-of-care devices through online platforms are some of the other key factors likely to drive the long-term growth of the point-of-care diagnostics market.

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Key Players:

Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux S.A. (France)

Rapid Diagnostics Market Dynamics

Driver:  High prevalence of infectious diseases

POC tests can greatly improve the management of infectious diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse. According to UNAIDS, around 20.6 million people were living with HIV in East and Southern Africa in 2018. In 2019, 20,000 new HIV cases were registered in the Middle East and North Africa (Source: UNAIDS Data 2020). In the Asia Pacific, an estimated 5.8 million people were suffering from HIV in 2019, led by India and China. According to UNAIDS, in 2019, approximately 2.1 million people in India were infected with HIV. The high prevalence of HIV is likely to boost the demand for point-of-care diagnostics, further accelerating the treatment of HIV infection.

Listed below are important statistics related to major infectious diseases in developing countries:

·         According to the WHO, India has the highest tuberculosis burden, with an estimated incidence of 2.64 million cases in 2020.

·         In 2019, around 4.3 million new tuberculosis cases were reported in Southeast Asia, and 632,000 people died due to TB infections in this region (Source: WHO).

·         According to the National Influenza Policy 2017, around 10,000 deaths and 40,000 hospitalizations are caused due to influenza in South Africa each year.

·         According to the WHO, 1.2 million people in Southeast Asia suffer from malaria, with India alone accounting for ~76% of the total alaria cases.

·         During 2014–2016, West Africa reported the largest Ebola epidemic in the region; in two and a half years, the outbreak resulted in more than 28,600 cases and 11,325 deaths.

·         In 2020, an estimated 15,898 people in Brazil were at risk of Zika virus infections, down from over 30,000 cases reported a year earlier.

The high prevalence of infectious diseases, coupled with the inadequate healthcare infrastructural facilities in developing countries, is expected to drive the adoption of POC testing.

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Opportunity: Emerging markets

Emerging markets such as China, India, Brazil, and Mexico are expected to offer significant growth opportunities for players operating in the POC diagnostics market. This is primarily due to the high and growing prevalence of infectious and lifestyle diseases in these countries. Globally, China has the highest number of diabetes patients, with around 114 million people suffering from diabetes in the country in 2017. Similarly, in emerging countries such as Brazil and India, the prevalence of diabetes, CVDs, and HIV/AIDS is very high. In India, heart diseases accounted for 28% of all deaths in 2016, or ~2.8 million people; this is projected to reach ~4.8 million by 2020 (Source: CCDC, India).

To meet the increasing demand for POC diagnostics in emerging markets, manufacturers focus on acquiring or entering into agreements and partnerships with regional/domestic players for product distribution and manufacturing. Some developments in this regard have been listed below:

·         In December 2018, Anteo Diagnostics (Australia) and Shanghai GeneoDx Biotechnology (China) announced an agreement to market, sell, and distribute Anteo’s range of AnteoBind products in China.

·         In October 2017, GenePeeks (US) announced its agreement with CORE Diagnostics (India) to distribute GenePeeks’ preconception screens.

·         In January 2017, Chembio Diagnostics, Inc. (US) acquired RVR Diagnostics (Malaysia) to expand its product offerings and presence in Southeast Asia.

·         In February 2016, Abbott Laboratories (US) entered into a strategic technology license and transfer agreement with Beijing Strong Biotechnologies, Inc. (BSBE). As per the agreement, BSBE will provide the license and technology for clinical chemistry products manufactured in China to Abbott.

·         In March 2016, Chembio Diagnostics, Inc. (US) collaborated with Bio-Manguinhos/Fiocruz (Brazil) to develop a point-of-care diagnostic Zika test for the Brazilian market.

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Recent Developments

·         In January 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.

·         In October 2021, Thermo Fisher Scientific announced that it received Emergency Use Authorization (EUA) from the FDA to run COVID-19 tests from new saliva sample collection method with the Spectrum Solutions SpectrumDNA SDNA-1000 collection device, a high-throughput, automated COVID-19 testing system on the Amplitude Solution.

·         In June 2021, bioMérieux and Specific Diagnostics announced a co-exclusive distribution agreement for the SPECIFIC REVEAL Rapid AST system in Europe. The system is a perfect complement to bioMérieux’s BIOFIRE BCID2.

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