Global Point of Care and Rapid Diagnostics Market Size, Growth, Latest Trend and Forecast 2027
According to the new market research report published by MarketsandMarkets,
"Point
of Care Diagnostics Market by Product (Glucose, HIV, Hepatitis C,
Pregnancy), Platform (Microfluidics, Dipstick, Immunoassay), Purchase(OTC,
Prescription), Sample(Blood, Urine), User (Pharmacy, Hospital, Homecare) -
Global Forecast to 2027", the global point of care diagnostics market in
terms of revenue was estimated to be worth $45.4 billion in 2022 and is poised
to reach $75.5 billion by 2027, growing at a CAGR of 10.7% from 2022 to 2027.
Browse in-depth TOC on "Point of Care Diagnostics Industry"
334 - Tables
48 - Figures
398 – Pages.
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The high prevalence of diabetes, cardiovascular diseases,
infectious diseases and other target conditions, the increased number of
CLIA-waived POC tests, increased focus of players in strengthening the POCT
product portfolio, initiatives by government to boost the adoption of rapid
testing are anticipated to drive the growth of market.
However, increasing prising pressure, lack of
alignment with test results obtained from laboratories and stringent and
time-consuming approval policies are expected to restrain market growth in the
coming years.
Based on products, the point-of-care and rapid
diagnostics market is segmented into glucose monitoring products,
cardiometabolic monitoring products, COVID-19 testing products, infectious
disease testing products, coagulation monitoring products, pregnancy &
fertility testing products, haematology testing products, thyroid stimulating
hormone testing products, tumor/cancer marker testing products, faecal occult
testing products, urinalysis testing products, drug-of-abuse testing products,
cholesterol testing products, and other products.
The infectious disease testing products registered the highest
CAGR during the forecast period. Increase in the prevalence of infectious
diseases globally and the availability of advanced POCT products for large
range of infectious diseases has aided in rapid detection and controlling the
spread of infection, further offering timely treatment to the patients. The
recent COVID-19 pandemic has played a vital role in boosting the adoption of
rapid antigen tests for COVID detection. Moreover, ongoing research &
development by manufactures to bring new POCT for infectious disease with
increased accuracy and cost-effective is anticipated to boost their usage in
the coming years.
Based on platform, the point of care diagnostics market
is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks,
and molecular diagnostics. The rapid adoption of Lateral flow assay-based POC
tests are increasingly owing to the replacement for lengthy and lower as
compared to conventional laboratory diagnostic procedures and technological
improvements area anticipated to propel the growth of the segment.
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On the basis of mode of purchase, the point of care diagnostics market
is segmented into OTC testing products and prescription-based testing products.
The OTC testing products segment accounted for the largest share of the market
in 2021. Factors such as the rising prevalence of diabetes, rising online
purchase of OTC point-of-care products, lower cost of OTC products, increasing preference for self-monitoring
devices are anticipated to drive the growth
of the OTC testing products segment
On the basis of sample, the point of care diagnostics market
is segment into blood, urine, nasal and oropharyngeal swabs, and other samples.
The blood segment captured the largest share of the market in 2021 and is
expected to continue its dominance throughout the forecast period. Presence of
large number of players offering blood based POCT devices and the broad
application of blood sample in diagnosis of target diseases such as drug of
abuse, blood glucose monitoring, rapid coagulation testing, cholesterol,
infectious diseases are anticipated to boost the growth of the segment.
On the basis of end users, the point of care diagnostics market
is segmented into clinical laboratories; ambulatory care facilities and
physicians’ offices; pharmacies, retail clinics, and E-commerce platforms;
hospitals, critical care centers, and urgent care centers; home care &
self-testing; and other end users. the home care and self-testing segment is
projected to register the highest CAGR during the forecast period. The increase
in the availability of user-friendly and advanced self-testing kits in the
market and the increasing prevalence of chronic diseases requiring long-term
care and frequent monitoring are likely to support the growth of self-testing
kits.
Geographical Growth Scenario:
Based on region, the Point of care diagnostics market is segmented
into North America, Europe, the Asia Pacific, Latin America, and Middle East
and Africa. North America accounted for the largest share of the Point of care
diagnostics market in 2021. The Asia Pacific market is estimated to register
the highest growth rate during the forecast period. Some of the factors driving
the market growth includes, rising incidence infectious diseases, diabetes,
cardiac diseases, healthcare infrastructure modernization, growing geriatric
patient pool, rapid adoption of point-of-care assays among large number of
hospital, and growing presence of local manufacturers offering wide range POCT
kits in the region.
Key Players:
The major players operating in the point of care diagnostics
market are Abbott (US), Becton, Dickinson and Company (US), Danaher Corporation
(US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd.
(Switzerland), Quidel Corporation (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 SA (France).
Recent Developments:
·
In May 2022, QuantuMDx announced the launch of
its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.
·
In March 2022, Boditech Med entered in
strategic partnership with Novo Integrated Sciences, Inc. with an aim to expand
its biomarker based rapid testing product line across North America
·
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.
Point of Care Diagnostics Market Report Objectives:
·
To define, describe, and forecast the
point-of-care and rapid diagnostics market by Product, Platform, Mode of
Purchase, Sample, End User, and Region
·
To provide detailed information about major factors
influencing market growth (key drivers, restraints, opportunities, and
industry-specific challenges)
·
To strategically analyse micromarkets1 with
respect to individual growth trends, prospects, and their contributions to the
overall point-of-care and rapid diagnostics market
·
To analyse market opportunities for
stakeholders and provide details of the competitive landscape for key players
·
To forecast the market value of various
segments and sub-segments with respect to five main regions, namely, North
America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
·
To profile the key players active in the
point-of-care and rapid diagnostics market and comprehensively analyse their
global revenue shares and core competencies2
·
To track and analyse competitive
market-specific developments such as product approvals & commercialization,
agreements, partnerships, collaborations, acquisitions, and expansions in the
point-of-care and rapid diagnostics market
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