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Point-of-care (POC) Diagnostics Market Size, Share & COVID-19 Impact Analysis, By Product (Blood Glucose Monitoring, Infectious Diseases, Cardiometabolic Diseases, Pregnancy & Infertility Testing, Hematology Testing, and Others), By End User (Hospital Bedside, Physician’s Office Lab, Urgent Care & Retail Clinics, and Homecare/Self-Testing), and Regional Forecast, 2020-2027

Region : Global | Format: PDF | Report ID: FBI101072

 

KEY MARKET INSIGHTS

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The global point-of-care (POC) diagnostics/testing market size was USD 18.45 billion in 2019 and is projected to reach USD 23.36 billion by 2027, exhibiting a CAGR of 7.3% during the forecast period.

COVID-19 Cover

This report covers COVID-19 impact analysis on Point-of-Care Diagnostics Market

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The demand for quality POC testing kits is rapidly increasing with the rise in acute and chronic diseases worldwide. According to the World Health Organization (WHO), in the year 2018, about 10 million people were affected by tuberculosis worldwide. Also, according to the United Nations Program on HIV/AIDS (UNAIDS), in 2019, approximately 38 million people were diagnosed with HIV/AIDS. Considering the above statistics, the demand for diagnosis products among patients is likely to increase in the forthcoming years, thus boosting the market growth from 2020-2027. Furthermore, technological developments in diagnostic kits have resulted in fewer manual errors and emerged as a prominent driving factor for the market. This is expected to boost the adoption of POC testing kits in the emerging as well as lower economic countries.


However, due to uncertainties regarding the duration and impact of the COVID-19 pandemic, the point-of-care testing market is estimated to witness a sudden decline in its growth rate. This is majorly due to the decrease in the routine testing procedures of infectious diseases, blood glucose monitoring, and others, as a result of the pandemic. Moreover, a major player such as Abbott reported a segmental decline in its revenue owing to factors such as the reduction in quarter-end customer bulk purchases and a decrease in average testing volumes. Hence, the aforementioned factors are anticipated to act as a hindrance to market growth during the forecast period.


Demand for POC Kits in Disease Management of COVID-19 Infection to Improve Business Prospects


COVID-19 is a respiratory disease prone to affect millions of people with low immunity levels. The impact of the pandemic has resulted in dropped revenues for major companies in emerging countries. Pharmaceutical and biotechnology companies are engaged in the development of COVID-19 POC kits for coronavirus diagnosis. For example, in July 2020 BD (Becton, Dickinson, and Company) announced that the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for rapid, point-of-care, SARS-CoV-2 diagnostic test for use with its broadly available BD Veritor Plus System. Therefore, during the forecast years, demand and sales for these kits are anticipated to raise the market value.


LATEST TRENDS


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 Integration of Nanotechnology in POC Testing Kits to Drive Market Growth


With the advancements in technology, it is of utmost importance that high standard healthcare management should be timely introduced for patient care. Nanotechnology has opened the doors for widespread applications in the healthcare industry. Diabetes, chronic diseases, and various other infectious diseases have been the current problem affecting millions of people worldwide. Developing nanotechnology-based point-of-care testing will achieve hurdles in the point-of-care diagnostics market. Several players have emphasized the introduction of nanoparticle-based and nano device-based POC platforms. The high surface area to volume ratio makes the nanoparticles suitable for numerous applications. Moreover, the diagnosis of the disease can be made using a minimal volume of samples to obtain real-time results of patients. Therefore, it is anticipated that nanotechnology-based POC testing kits can drive the demand and sales in the forecast duration.


DRIVING FACTORS 


Increasing Prevalence of Chronic and Infectious Disease to Fuel Demand for POC Diagnosis


According to the United Nations Program on HIV/AIDS (UNAIDS), in 2019, approximately 38 million people were diagnosed with HIV/AIDS. Also, according to the World Health Organization (WHO), in the year 2018, about 10 million people were affected by tuberculosis worldwide. Such a large number of the patient population is likely to increase the number of POC testing at various centers, including hospitals, diagnostic centers, clinics, etc. As diagnosis at the patient care results in quick turn-around time and helps rapid management of the disease, this factor is majorly responsible for driving the market growth.


Improved Patient-Centric Care and Launch of Advanced Testing Kits to Propel Market Growth


Owing to the increased burden in minimizing the number of patient populations suffering from various diseases (diabetes, infectious disease, HIV, etc.), pharmaceutical giants have become focused on the introduction of innovative and accurate testing kits. This is likely to boost the global market value by pushing higher sales and adoption. For example, in June 2019, Abbott announced the launch of the Afinion HbA1c Dx assay. This assay is the first of its kind point-of-care test that has been approved by the U.S FDA for the diagnosis of diabetes. Additionally, in February 2019, DiabetOmics announced the launch of point-of-care test Lumella for the accurate diagnosis of preeclampsia in pregnant women. Therefore, constant product launches by key players are likely to contribute to the generation of higher market revenue during the forecast period.


RESTRAINING FACTORS


 Regulatory Hurdles About POC Testing Kits to Hinder Market Growth


Despite the higher accuracy and rapid diagnostic characteristics of the POC testing kits, stringent regulatory policies have led to setbacks in the launch of new test kits. The diagnostic test is regulated by the U.S FDA which is subject to a lengthy regulatory approval process. This means that companies have to struggle to pass through the stringent policies. The tightening of the policies by the regulatory bodies on certain home-brew testing kits threatens to put a hold on the development of innovative diagnostics kits. Thus, it is anticipated to have a negative effect on the POC diagnostics market hindering the market growth during the forecast timeframe.


SEGMENTATION


By Product Analysis


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Need for Continuous Monitoring of Diabetes to Surge Sales of Blood Glucose Monitoring Devices


Based on the product, the POC diagnostics market is classified into blood glucose monitoring, infectious diseases, cardiometabolic diseases, pregnancy & infertility testing, hematology testing, and others. Blood glucose monitoring dominated the product segment in 2019, accounting for the highest market share. The factor attributable to the dominance is higher sales of diabetes rapid diagnostics kits. These are available over-the-counter without a prescription and help the patient in self-testing and monitoring of their glucose levels. Therefore, as the kits are readily available, they are highly preferred, subsequently increasing the sales of the product. For example, in May 2020, EKF Diagnostics announced the launch of STAT-Site WB for the management of diabetes. The test delivers results within 10 minutes and is specifically designed to be used at point-of-care such as the physician's office, diagnostic laboratories, and clinics.


Additionally, the infectious diseases segment is undergoing growth due to the increase in the prevalence of infectious diseases. This is anticipated to fuel the development of the segment during the forecast period. Also, the infectious diseases segment is estimated to grow at the highest CAGR during the forecast period.


However, routine testing for hematology, cardiometabolic diseases, and others are expected to show a decline in its growth owing to the COVID-19 outbreak. This is likely to dampen market growth.


By End User Analysis


Growing Hospital Admissions to Lead Dominance in 2019


In terms of the end-user, the market is segmented into hospital bedside, physician's office lab, urgent care & retail clinics, and homecare/self-testing. The hospital bedside segment is expected to account for a dominant share in the market during the forecast period. Dominance is attributable to the increase in hospital stays of patients suffering from an infectious disease. The urgent care & clinics are expected to grow at a higher CAGR during the forecast period due to the increase in the number of stand-alone urgent care & clinics in developed and emerging countries. Besides, owing to the unprecedented crisis of COVID-19, the homecare and self-testing end-user segment have had a significant market growth to reduce the risk of infection at the site of the diagnosis center.


REGIONAL INSIGHTS


North America Point-of-care (POC) Diagnostics Market Size, 2016-2027 (USD billion)

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The global point-of-care diagnostic market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market size in North America stood at USD 6.65 billion in 2019. The dominance of this region is attributable to the increasing adoption of advanced point of care diagnostics solutions for the detection of various infectious diseases. Collaborations and strategic partnerships between the key players are also one of the factors to contribute to the growth of the North American region. For instance, in September 2020, a global partnership between World Health Organization (WHO), Africa Centers for Disease Control and Prevention (Africa CDC), the Bill & Melinda Gates Foundation, the Clinton Health Access Initiative (CHAI), the Foundation for Innovative New Diagnostics (FIND), and the Global Fund announced to provide access to COVID-19 rapid test in the low and middle-income countries.


Europe held the second dominating position in the POC testing market owing to its efforts in providing advanced rapid diagnostic solutions. For example, in November 2019, Linear Diagnostics received investments of $2.6 million and planned to collaborate with the University of Birmingham, the U.K. to develop an optical point-of-care diagnostic testing platform for sexually transmitted diseases. The market in the Asia Pacific is expected to exhibit the highest growth owing to increased penetration of market players and higher adoption of POC diagnostics kits. In addition to this, market players in this region are making massive investments, which in turn, will fuel demand for advanced products. Latin America and the Middle East & Africa, on the other hand, experienced a lower market share owing to the lesser adoption rate of the advanced technologies and fewer investments in the R&D sector.


KEY INDUSTRY PLAYERS


The global point-of-care (POC) diagnostics market is semi-consolidated by having F. Hoffmann-La Roche AG, Cepheid Inc., and Abbott Laboratories to lead the market. Strong portfolio and continuous investments in the R&D to launch advanced solutions have marked the position. Also, growth in sales of the companies has been driven by the adoption of strategies to increase the reach of its products. However, the potential opportunities provided by the market are enabling the entry of several domestic players in the forthcoming years. This will result in a slightly fragmented market by 2027. For example, in July 2020, Precipio Inc. entered into a strategic partnership with ADS Biotech for the development of a lateral flow immunoassay based COVID-19 detection kit. It has received EUA and awaiting USFDA approval for distributing the kits to the physician's lab, retail pharmacies, and direct-to-customer.


Other players such as Quidel Corporation, Danaher Corporation, bioMérieux, BD, etc. have considerable shares in the POC diagnostics market.


LIST OF KEY MARKET PLAYERS PROFILED:



  • F. Hoffmann-La Roche Ltd (Basel, Switzerland)

  • Thermo Fisher Scientific Inc. (Massachusetts, U.S.)

  • Abbott Laboratories (Illinois, U.S)

  • Quest Diagnostics Incorporated (New Jersey, United States)

  • 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)

  • Other Players


KEY INDUSTRY DEVELOPMENTS:



  • June 2020 - Cepheid announced the development of Xpert Xpress SARS-CoV-2/Flu/RSV a four-in-one combination test used for the detection of SARS-CoV-2, Flu A, Flu B, and RSV from a sample of a single patient.

  • May 2020 – Quest Diagnostics Incorporated received emergency use authorization (EUA) from U.S FDA for its self-collection antibody testing kit for COVID-19 for home or a healthcare setting.


REPORT COVERAGE


An Infographic Representation of Point-of-Care Diagnostics Market

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The global point-of-care (POC) diagnostics market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.


Report Scope & Segmentation








































ATTRIBUTES    



DETAILS 



Study Period



2016-2027



Base Year



2019



Forecast Period



2020-2027



Historical Period



2016-2018



Unit



Value (USD billion)


Segmentation

By Product



  • Blood Glucose Monitoring

  • Infectious Diseases

  • Cardiometabolic Diseases

  • Pregnancy & Fertility Testing

  • Hematology Testing

  • Others



By End User



  • Hospital Bedside

  • Physician's Office Lab

  • Urgent Care & Retail Clinics

  • Homecare & Self-testing



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)



Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 18.45 billion in 2019 and is projected to reach USD 23.36 billion by 2027.

In 2019, the North American market stood at USD 6.65 billion.

Growing at a CAGR of 7.3%, the market will exhibit increasing growth in the forecast period (2020-2027).

The blood glucose monitoring segment is expected to be the leading segment in this market during the forecast period.

The increasing prevalence of chronic and infectious diseases is a key factor driving the market growth.

F. Hoffmann-La Roche AG, Cepheid Inc., and Abbott Laboratories are major players in the global market.

Increased burden of under-diagnosis infectious diseases and demand for POC products in emerging nations are expected to drive the adoption in the global market.

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Point-of-Care Diagnostics Market Size, Share and Global Industry Trend Forecast till 2026
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