Point of Care Diagnostics Market by Products (Glucose Monitoring, Cardiometabolic Monitoring, Pregnancy & Fertility Testing, Infectious Disease Testing, Hematology Testing, Urinalysis Testing, and Drug Abuse Testing), Materials (Hospitals & Critical Care Centers, Outpatient & Ambulatory Care Facilities, and Home Care Settings)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global point of care diagnostics market was pegged at ~US$ 28.95 billion in 2020. The market is expected to witness a CAGR of ~11.2% from 2021 to 2031.
Factors contributing to the growth of point of care diagnostics market include technological advancements and new product launches. Moreover, the growing demand for point of care testing devices, rising burden of infectious diseases, and growing applications of these devices are some of the other factors driving the growth of the point of care diagnostics market. However, stringent regulations and reluctance for revamping the existing conventional diagnostic practices are the factors hindering the growth of the point of care diagnostics market.
In the past years, there has been a surge in the burden of diseases in the developed and developing diseases. Various factors have played a role in raising the burden of diseases including changing lifestyle patterns, sedentary lifestyle, increasing number of smokers, and rising number of people consuming alcohol, among others. Thus, changing lifestyle patterns and rising incidences of various diseases such as diabetes, cardiac diseases, and infectious disease have led to increasing demand for diagnostics test and in turn, contributing to the growth of the market.
COVID-19 has affected many lives worldwide and is still rapidly spreading among the community. One of the important factors which can help flatten the curve of COVID-19, is testing. Companies in the point of care diagnostic market have taken initiatives to launch devices that can be used for rapid detection of the virus. For instance, in March 2020, Abbott received Emergency Use Authorization (EUA) from the FDA for the fastest available molecular
point-of-care test for the detection of novel corona virus (COVID-19), delivering positive results in as little as five minutes and negative results in 13 minutes.
Launch of technologically advanced products is driving the market growth. For instance, in May 2020, EKF Diagnostics launched β-Ketone and Glucose POC Analyzer ‘STAT-Site WB’ in the U.S. The STAT-Site WB is a dual-use whole blood β-ketone and glucose meter for professional use in the management of diabetes. Launch of products with improved performance helps increase their adoption and thereby drive the growth of the market.
Market players are adopting inorganic growth strategies such as entering partnership, collaborations or signing agreements. Through such strategies, they can develop, launch, and market the products in various regions. For instance, in July 2020, Sherlock Biosciences and binx health entered into strategic partnership for developing rapid, point-of-care diagnostic test for COVID-19 leveraging CRISPR technology. The companies plan on combining the binx io diagnostic platform with SHERLOCK CRISPR technology to create a test that is easy to use and robust.
Although the adoption of POC testing device is rising, there are certain disadvantages of using these devices. Incorrect handling and inadequate calibrations can affect the accuracy of the result. Thus, this can be a challenge in the adoption of these devices. Moreover, stringent government regulation for approval of these devices and lengthy approval process are some of the factors restraining the market growth.
Regionally, Asia-Pacific is anticipated to grow at a highest CAGR during the forecast period. Increasing prevalence of diseases such as diabetes, cancer, cardiac, and infectious diseases; and growing adoption of POC testing devices are some of the key factors fueling the growth of the market in this region. Moreover, the rising government initiative such as seminars and programs to create awareness on these tests is also anticipated to fuel the growth of point of care diagnostics market.
Some of the prominent players operating in the global point of care diagnostics market include F. Hoffmann-La Roche Ltd., Abbott, Qiagen, Danaher, BD, Quidel Corporation, Siemens Healthcare Private Limited, Johnson & Johnson Services, Inc., EKF Diagnostics Holdings plc, and Trinity Biotech, among others.