A new market study, titled “Point of care (POC) Diagnostics Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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Market Overview
Pune, India, 20th September 2021: The global point of care (POC) diagnostics market size is projected to reach USD 36.21 billion by 2028, exhibiting a CAGR of -1.9% during the forecast period. The prevalence of several chronic disorders and the incorporation of nanotechnology in diagnostic kits are likely to fuel market growth. Fortune Business Insights™provides this information in its report titled “Point of care (POC) Diagnostics Market, 2021-2028.“
Point of care diagnostics are medical tools that are used to cure disorders within patients and ensure a quick recovery. The rising cases of chronic disorders among the population are likely to fuel diagnostic tools’ adoption. As per the information provided by the World Health Organization (WHO) nearly all people globally were affected by tuberculosis in 2019. WHO also reported a fatality of nearly 1.4 million people during 2019. Further, the incorporation of nanotechnology is expected to boost POC diagnostics quality and improve sales. Nanotechnology boosts effectiveness and speeds up the recovery process, which, in turn, may increase the product’s adoption from medical professionals and hospitals. These factors may boost the market progress during the upcoming years.
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Impact of COVID-19
Robust Demand for Diagnostic Tools from Healthcare Sector to Boost Market Progress
This market is likely to grow positively during the COVID-19 pandemic because of the rising demand for effective medical diagnostic tools from the healthcare sector. Increasing COVID-19 cases and the emergence of several organ failures is likely to fuel the product’s demand. Increasing investments in healthcare tools’ development are likely to fuel diagnostics tools’ adoption. Manufacturers focus on incorporating stringent sanitization methods and automated production techniques to avoid virus spread. Further, the adoption of reduced capacities and part-time shifts may enable manufacturers to control virus spread and recover losses. These factors are likely to fuel the market growth during the pandemic.
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Segments
By product type, the market is segmented into hematology testing, pregnancy & infertility testing, cardiometabolic disease, infectious disease, blood glucose monitoring, and others. As per end-user, it is classified into homecare/self-testing, urgent care & retail clinics, physician’s office lab, and hospital bedside. Geographically, it is classified into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Drivers and Restraints
Developed Patient Based Treatment and Launch of Advanced Diagnostic Solutions to Foster Growth
The rapid incline in chronic disorders is likely to fuel demand for point of care (POC) diagnostics tools. As per the Centers for Disease Control and Prevention (CDC)’s information nearly 115,045 syphilis cases were reported in 2018. Heavy investments in the development of medical and healthcare technology are likely to fuel the product’s adoption. Manufacturers focus on the development of patient-based treatment procedures to improve the effectiveness of diagnostic procedures. For example, Abbott launched its Afinion HbA1c Dx assay in June 2019 and is the first of its kind POC diagnostics test that is approved by the U.S. Food and Drug Administration (U.S. FDA) for diabetes diagnostics. In addition, the launch of advanced POC diagnostic solutions is likely to attract significant demand. These factors are likely to fuel point of care diagnostics market growth.
However, strict regulatory norms are expected to hinder the progress of the market.
Regional Insights
Adoption of Advanced Medical Diagnostic Solutions is Likely to Foster Market Growth in North America
North America is projected to dominate the point of care (POC) diagnostics market share because of the rising demand for advanced medical diagnostic solutions. The market in North America stood at 14.09 billion in 2020 and is projected to grow rapidly during the upcoming years. Increasing investments in the healthcare sector are likely to boost POC diagnostics demand. In addition, strategic collaborations between major players are likely to fuel industry progress.
In Europe, significant investments in diagnostic solutions are likely to fuel POC diagnostics demand. For example, Linear Diagnostics invested approximately USD 2.6 million in November 2019 for the development of optical POC diagnostic solutions to curb sexually transmitted disorders (STD). This factor can influence market growth.
In Asia-Pacific, the entry of several market players in the region’s downtrodden countries is likely to fuel the demand for such diagnostic solutions. Further, the rising adoption of advanced point of care diagnostics in India, and China is likely to fuel its sales. These factors are likely to fuel market progress.
Competitive Landscape
Major Players Announce Innovative Products to Expand Market Reach
The prominent companies operating in the market announce innovative products to satisfy consumer demand and expand their market reach considerably. For example, Cepheid declared that it is developing Xpert Xpress, SARS-CoV-2/Flu/RSV four-in-one test for the detection of RSV, Flu B, Flu A, and SARS-CoV-2 using a single patient’s sample. This development may enable the company to develop solutions that attract consumer demand and help them to expand their market reach. Further, investments in research and development may enable companies to improve their solutions and utilize nanotechnology, artificial intelligence, and machine learning technologies to improve their product’s effectiveness. This strategy may enable them to improve their brand image drastically.
Industry Development
August 2021: Mylab Discovery Solutions and Hemex Health engaged in a partnership with each other for the development of advanced diagnostic tools for testing chronic diseases and COVID-19.
List of Key Players Profiled in the POC Diagnostics Market Report
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- Abbott Laboratories (Illinois, U.S.)
- Quest Diagnostics Incorporated (New Jersey, U.S.)
- BD (Franklin Lakes, U.S.)
- bioMérieux SA (Marcy l’Etoile, France)
- Cardinal Health, Inc. (Ohio, U.S.)
- Mesa Biotech (California, U.S.)
- Cepheid (California, U.S.)
- Trinity Biotech (Bray, Ireland)
- Quidel Corporation (San Diego, U.S.)
- Bio-Rad Laboratories Inc. (California, U.S.)
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