COVID-19 boosts global POC diagnostics market, projected to reach USD 46,308.9M by 2025, driven by chronic diseases and aging population.
Point-of-Care Diagnostics Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing prevalence of infectious diseases across the world and changing healthcare practice environment is expected to drive the point-of-care diagnostics market growth.
Point-of-Care Diagnostics Market is valued at USD 22688.6 Million in 2018 and expected to reach USD 46308.9 Million by 2025 with the CAGR of 10.73% over the forecast period.
Point-of-care testing diagnostics (POCD) refers to the rapid detection of diseases near to patient, which provides an appropriate diagnosis, monitoring and management. Potentially it offers fast medical treatment to improve health outcome of patients to cure medical conditions. Consequently, POCD can be integrated with healthcare system to provide laboratory testing outside of the main laboratory with dedicated clinical settings. Recent advancements in point of care diagnostics have made testing easier that can be performed by moderately trained staff and require less human interaction. For example, sensor technologies is used to perform rapid testing of blood samples for many critical assays, where biosensors are used for drug screening, appropriate measurement of blood cells, detection of cardiac markers and glucose testing.
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Some major key players for global Point-of-Care Diagnostics market are Abbott Laboratories, Becton Dickinson & Co, Bio-Rad Laboratories, Inc, Trinity Biotech, Accubiotech, Quidel, Danaher, F. Hoffmann-La Roche Ltd, Nova Biomedical, Dickinson and Company and Others.
Global Point-of-Care Diagnostics Market report is segmented on the testing, by mode, end-users and by regional & country level. Based upon testing, global point-of-care diagnostics market is segmented as glucose testing, infectious disease, blood gas electrolyte, cardiac biomarker, coagulation, cholesterol, pregnancy, drugs of abuse, urinalysis, and hematology and other. Furthermore, based upon mode, point-of-care diagnostics market is segmented into prescription-based testing and OTC-based testing. Based on end-users, market is classified into hospitals and clinics, homecare settings and diagnostic centers.
The regions covered in this Point-of-Care Diagnostics market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Point-of-Care Diagnostics market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Point-of-care diagnostics market is expected to show a high growth owing to the rising demand of home based healthcare devices collectively on account of providing rapid test results for positive health outcome of patients. In addition, in time sensitive medical conditions, POCD devices provide requirements along with cost effective test procedure, timely medical care for ambulatory patients which create the immense demand of these types of medical solutions. Furthermore, patient’s inclination towards early detection of chronic diseases as well as rising geriatric population are also supplementing the demand for point of care diagnostics devices with immediate test results made positive outlook in healthcare delivery. Globally, aged population over 60 years was 962 million in 2017; the number of older population is expected to reach around 2.1 billion by 2050. For example, i-STAT System offers most comprehensive testing solutions include cardiac markers, blood gases, lactate, chemistries and electrolytes, coagulation, and hematology. Diabetes covers nearly 67% of POCD market. However, before consideration of implementing any point of care device, regulatory requirements should be performed that arise as a biggest challenge for the further growth of this market. Untapped potential of lab on chip technology will create opportunities for future expansion of POCT market.
North America holds largest share of point of care diagnostics market due to the prevalence of chronic diseases such as diabetes, cancer, heart disease, where high incidences of time sensitive medical condition provides encouragement for the expansion of POCT in this region. In 2016, over 1.7 million of people in the U.S. were needed to have a cancer diagnosis. Moreover, favorable government initiatives related to the development of healthcare infrastructure and widespread manufacturers are present in the U.S. are constantly focusing on research and development to create POCD products with advanced technologies are some of the factors anticipated to foster the growth in this market in this region within the forecast period. In addition, diagnostic tests are implemented about 7 billion times each year in the U.S. The point of care diagnostics market in Asia Pacific region is expected to grow rapidly due to the high demand of unmet medical needs, growing medical awareness and rise in economy of countries like India & China.
By Testing
By Mode
By End-Users
By Regional & Country Analysis:
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The article discusses the impact of COVID-19 on the global POC diagnostics market, focusing on growth drivers and opportunities.
COVID-19 has accelerated the demand for rapid diagnostic solutions, boosting market growth.
Increasing prevalence of infectious diseases and advancements in sensor technologies are key growth drivers.
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