The Global Point of Care and Rapid Diagnostics Market is expected to reach USD 75.5 billion by 2027 from an estimated USD 45.4 billion in 2022, at a CAGR of 10.7% from 2022 to 2027. The growth of the point-of-care diagnostics market can be attributed to the high prevalence of respiratory diseases such as influenza, COVID diseases, cardiac diseases, and infectious disease, (where POC tests can greatly improve the management of these diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse). Moreover, growing accessibility of POCT products through online platforms, supportive govt. Policies, and rising number of CLIA-waived POC tests. healthcare decentralization and greater investments and funding for product development are expected to accelerate the growth point of care diagnostics market in the coming years.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=106829185
Key Market 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)
Point-of-care and rapid diagnostics industry Dynamics
Driver: Increasing prevalence of infectious diseases
Point-of-care tests with high sensitivity and specificity enable quick diagnosis of these highly infectious diseases and enable timely treatment of patients. The prevalence of infectious diseases such as HIV, Hepatitis, influenza, tuberculosis is likely to boost the demand for point-of-care diagnostics for the rapid detection of infectious diseases. Listed below are important statistics related to major infectious diseases in developing countries:
- According to the National Aids Control Organization (NACO), in 2021, approximately 2.40 million people in India were infected with HIV. Of the total HIV-infected population, 45% were women, and 2% represented children below the age of 12.
- According to the WHO Global TB Report 2021, of the 1.7 billion global population infected with TB, around 587 million people with TB reside in Southeast Asia (SEA).
Restraint: Pricing pressure owing to reimbursement cuts and budget constraints
The pricing pressure due to reimbursement cuts and lack of sufficient budgets has impacted the growth of the global point-of-care & rapid diagnostics market. In France, all the cost of patient care is rolled out into one prospective payment under the Diagnosis Related Group (DRG) system, making reimbursement a negligible factor. In the country, the reimbursement for diabetes technologies in outpatient settings is based on a tariff system.
Opportunity: POC tests with multiplexing capabilities
Companies are trying to develop POC devices that can run multiple analytes on a single device. These devices can simultaneously measure multiple analytes on the same cartridge, which is known as multiplexing. Multiplex POC tests offer several advantages over widely adopted singleplex tests, such as increased efficiency at lower costs, greater output per sample, and higher throughput. These advantages will help in gaining more resolute and detailed diagnostics and facilitate personalized medicine. Some examples of multiplexed devices include: The Triage 8 Panel for Drugs of Abuse from Alere is an immunoassay that determines major metabolites of drugs of abuse, providing results in 10 minutes. The commercialization of such cost-effective and advanced multiplex POC tests will offer new growth opportunities for market players.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=106829185
The Glucose Monitoring Product segment to hold significant share of the global Point- of- care and rapid diagnostics market, by product type, in 2021
The rising prevalence of diabetes and increase patient awareness about the availability of POC testing in the market are anticipated to propel the demand for glucose monitoring products during the forecast period. According to The IDF Diabetes Atlas number of people living with diabetes will increase from 425 million in 2017 to 642 million by 2040.
The number of companies to focusing on the development of innovative self-monitoring glucose meters. such as Medtronic’s Guardian Sensor 3—a diagnostic chip that automatically monitors health, Roche’s Accu-Chek Blood Glucose Monitoring System with wireless connectivity and app support are anticipated to promote the growth potential of this segment in the coming years.
The Lateral flow assays segment, by platform type, accounted for the largest share of the global Point- of- care and rapid diagnostics market in 2021
The rapid adoption of LFA testing products in home care settings, rising focus of players on the development of innovative LFA-based POC devices and the increasing awareness about advantages of Lateral flow assay-based POC tests in replacement for lengthy, and lower cost associated with this procedure over conventional laboratory procedures area anticipated to boost the growth of the Lateral flow assays segment during the forecast period.
On the basis of End Users, home care and self-testing segment to register highest CAGR during the forecast period
The home care and self-testing segment is projected to register the highest CAGR during the forecast period. The end users in this segment include patients and emergency response personnel who use monitoring devices in home settings. Devices such as blood glucose meters, blood pressure monitors, HIV test kits, pregnancy test kits, and respiratory infection test kits are prominently used in this segment. Ease of usage, lower cost and risisng accessibility of adavanced self testing kits are some of the key factors supporting the increase uptake of home tetings kits. Several market players and government organization are entering into joint ventures, partnerships, and collaborations to develop innovative and cost-effective products suitable for home care requirements, further supporting the growth of the home care and self-testing segment in the near future.
The Asia Pacific market is expected to grow at the highest CAGR during the forecast period
The global point-of-care diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest market for point-of-care diagnostics market. The rising prevalence of lifestyle diseases, government initiatives to support the wider adoption of POC diagnostics, strong presence of key players in the region are anticipated to support the growth of North America point-of-care diagnostics market.
Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=106829185
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com