According to the latest research by InsightAce Analytic, the global Point of Care Diagnostics market is valued at US$ 29.27 billion in 2020, and it is expected to register a CAGR of 7.4% during a forecast period of 2022-2030.Point-Of-Care diagnostic devices are used for early and quick diagnosis of diseases. These techniques are highly sensitive, cost-effective, and produce immediate results. Point-of-care diagnostics have many advantages in the physician’s office, home healthcare, research laboratory, and in the hospital. One of the major factors responsible for the growth of this market are the rising prevalence of chronic and infectious diseases all over the world. Moreover, the COVID-19 pandemic has significantly affected the point of care diagnostics market. An increasing number of COVID-19 patients forcing the healthcare industry to develop rapid and advance testing tools, driving the opportunities for POC market.
High prevalence of infectious diseases, rising human health issues, need for rapid diagnostics, lack of advanced technologies in the diagnostic labs, growing preference for home healthcare, new inventions and innovations by key players, changes in lifestyle patterns, and increasing healthcare expenditure will create more opportunities to expand the point of care diagnostics market during the forecast period.
The point of care diagnostics market can be segmented on the basis of products, Platform, mode, end-users, and region. On the basis of products, the market can be divided into Blood Glucose Monitoring Testing Products, Cardiac Metabolism Monitoring Testing Products, Infectious Disease Testing Products, Coagulation Monitoring Products, Pregnancy, and Fertility Testing Product, Fecal Occult Testing Products, Hematology Testing Products, Tumor/Cancer Markers Testing Products, Drugs of Abuse Testing Products, Urinalysis Testing Products, Cholesterol Testing Products, and other PoC Testing Products. The infectious disease testing products segment has dominated the POC market in 2020 and will also lead the market throughout the forecast period 2019-2030. The glucose product segment is also in high demand as the routine testing of glucose levels is very important for controlling diabetics. Based on the Platform, the market can be segmented into Lateral Flow Assays (Immunochromatography Tests/Lateral Flow Immunoassays), Dipsticks, Microfluidics, and Molecular Diagnostic. The market for the Lateral Flow Assays segment is expected to dominate in the future. In terms of mode, the market is divided into prescription-based Testing Products and Over-the-Counter (OTC) Testing Products. Demand for rapid detection tools and the high prevalence of diseases will enhance the Over-the-Counter (OTC) testing product segment during the forecast period. By end-users, the market is divided into Home Care/Self-Testing, Physician offices & Outpatient/Ambulatory Care Settings, Hospitals, and Research Laboratories. The Home Care/Self-Testing end-use segment is expected growth faster during 2019-2030 as this segment is making disease detection easier, faster and instant.
geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East, and Africa. During the forecast period 2019-2030, North America is expected to dominate the POC diagnostics market due to the growing prevalence of chronic and infectious diseases, and rising government initiatives in this region.
Some of the major key Players of point of care diagnostics market are Abbott Laboratories, Nova Biomedical, Chembio Diagnostic Systems, Inc., Danaher Corporation, Ekf Diagnostics Holdings Plc, Werfenlife, S.A., Johnson & Johnson Services, Inc., Hoffmann-La Roche Ltd., Sekisui Chemical Co. Ltd., Dickinson, And Company (Bd), Quidel Corporation, Siemens Ag, Trinity Biotech, Accubiotech Co., Ltd.
