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The global Point of care (POC) Diagnostics Market size was USD 34.49 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with POC diagnostics witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 73.5% in 2020. The market is projected to grow from USD 43.49 billion in 2021 to USD 81.37 billion in 2028 at a CAGR of 9.4% during the 2021-2028 period. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The demand for quality Point of care diagnostics kits is rapidly increasing with 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. 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 2021-2027. Furthermore, technological advancements/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 emerging and lower economic countries.
Demand for POC Kits in Disease Management of COVID-19 Infection to Improve Business Prospects
Due to uncertainties regarding the duration and impact of the COVID-19 pandemic, the Point-of-care (POC) diagnostics industry is estimated to witness a strong upward trend in its growth rate. This is majorly due to the increase in the COVID-19 testing alone during the year 2020. However, there was a decline in routine testing procedures of infectious diseases, blood glucose monitoring, and others due to the pandemic. For instance, POC testing industry major player Abbott reported a segmental decline in its revenue due to the reduction in quarter-end customer bulk purchases and a decrease in average testing volumes until June 2020 and started to reach normal growth henceforth. However, the launch of COVID-19 POC diagnostics kits by companies has uplifted the revenue growth in the year 2020. For example, in October 2020, Siemens Healthineers announced the launch of the Rapid Antigen Test for the Detection of SARS-CoV-2. Hence, such novel product launches will significantly augment POC diagnostics business growth.
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Integration of Nanotechnology in Rapid Diagnostics to Drive Market Growth
With the advancements in technology, it is of utmost importance that high standard healthcare management is introduced for prompt patient care. Nanotechnology has enabled scientists to explore diverse applications in the healthcare industry. Manufacturing nanotechnology-based POC diagnostics will further boost product demand.
Several players have focused on the development of nanoparticle-based POC platforms. Nanotechnology has facilitated healthcare providers to take advantage of the distinct features of nanoparticles, in the diagnosis and detection of various conditions. Therefore, it is projected that nanotechnology-based POC testing kits will boost the global Point of care (POC) Diagnostics Market growth during the forecast period.
Increasing Prevalence of Chronic and Infectious Disease to Fuel Demand for Rapid Diagnosis
As per the CDC, in 2018, the U.S. had a total number of 115,045 new syphilis cases. Such a large number of the patient population is likely to increase point of care testing at various 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 responsible for driving the market growth.
Improved Patient-Centric Care and Launch of Advanced Testing Kits to Propel Market Growth
Due 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 introducing 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 (POC) diagnostics test that the U.S FDA has approved for the diagnosis of diabetes. Additionally, in February 2019, DiabetOmics announced the launch of the POC diagnostics test Lumella for preeclampsia in pregnant women accurately. Therefore, constant product launches by key players are likely to contribute to the generation of higher market revenue during the forecast period.
Regulatory Hurdles About Point of care Diagnostics Test Kits to Hinder Market Growth
Despite the higher accuracy and rapid diagnostic characteristics of the POC tests kits, stringent regulatory policies have led to setbacks in new test kits. The diagnostic test is regulated by the U.S FDA, subject to a lengthy regulatory approval process. This means that companies have to struggle to pass through stringent policies. The presence of some 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 hamper the growth of the market in the forthcoming years.
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Need for Continuous Monitoring of Diabetes to Surge Sales of Blood Glucose Monitoring Devices
Based on the product, the market is classified into blood glucose monitoring, infectious diseases, cardiometabolic diseases, pregnancy & infertility testing, hematology testing, and others.
The blood glucose monitoring segment is expected to hold the largest market share in the forthcoming years. This is attributable to the 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 their glucose levels. Therefore, as the kits are readily available, they are highly preferred, subsequently increasing the product's sales. For example, in May 2020, EKF Diagnostics announced the launch of STAT-Site WB to manage diabetes. The test delivers results within 10 minutes and is specifically designed to be used at Point-of-care diagnostics such as the physician's office, diagnostic laboratories, and clinics.
The infectious diseases segment in the POC diagnostics industry is anticipated to showcase significant growth due to the increased prevalence of various infectious diseases.
The routine testing for hematology, cardiometabolic diseases, and other segments is expected to show a decline in its growth owing to the COVID-19 outbreak. This is likely to dampen Point-of-care (POC) diagnostics industry growth during the forecast period.
Growing Hospital Admissions to Lead Dominance of Hospital Bedside Segment
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 dominated the market in 2020. This is majorly due to the rising adoption of advanced instruments by these settings, along with rapid investments by public and private sectors in hospital infrastructure in emerging countries. This is leading to higher demand for kits and instruments by these settings in the global market.
The urgent care & clinics segment is expected to witness lucrative CAGR due to the growing number of stand-alone urgent care clinics, specifically in the emerging economies.
North America Point of care (POC) Diagnostics Market Size, 2020 (USD Billion)
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The global point of care diagnostics market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The global Point of care (POC) Diagnostics Market size in North America stood at USD 14.10 billion in 2020. The region is expected to dominate due to the increasing adoption of advanced Point-of-care (POC) diagnostics solutions to detect various infectious diseases. Collaborations and strategic partnerships between the key players are also 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 a significant market share in 2020 due to its efforts in providing advanced rapid diagnostic solutions. For example, in November 2019, Linear Diagnostics announced the investments of USD 2.6 million to develop an optical point of care diagnostic system for sexually transmitted diseases (STDs).
The Asia-Pacific market is anticipated to witness significant growth across the forecast period owing to the rising number of market players penetrating the untrodden economies in the Asia Pacific region. Moreover higher adoption of Point of care diagnostics kits in countries such as India and China is another significant factor supporting the growth of POC diagnostics in the Asia Pacific region.
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The Middle East & Africa and Latin America will hold a lower market revenue due to fewer investments in the R&D sector and lesser adoption rate of advanced technologies.
Launch of Novel Products by Companies to Increase Market Competition
The global POC Diagnostics Market is semi-consolidated in nature. F. Hoffmann-La Roche AG, Abbott Laboratories, and Cepheid Inc., to lead the market. Continuous investments in the research and development activities coupled with a strong portfolio of products segment in the point of care diagnostics segment, are some of the considerable factors supporting these companies' growth.
However, several new players are entering the point of care diagnostics industry, pose a challenge to the semi-consolidated nature of the market, and are projected to lead to intense competition in the market during the forecast period. For instance, in July 2020, Precipio Inc. entered the POC business by initiating a partnership agreement with ADS Biotech to manufacture a lateral flow immunoassay-based COVID-19 detection test kit.
Other players such as Quidel Corporation, Danaher Corporation, bioMérieux, BD, etc., have considerable shares in the industry.
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 POC diagnostics 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 market over recent years.
Value (USD Billion)
Product; End User; and Geography
Fortune Business Insights says that the global market size was USD 34.49 billion in 2020 and is expected to reach USD 81.37 billion by 2028.
In 2020, North America stood at USD 14.10 billion.
Growing at a CAGR of 9.4%, the market will exhibit steady growth during the forecast period (2021-2028).
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.
North America dominated the market share in 2020.
The increased burden of under-diagnosis infectious diseases and demand for POC products in emerging nations are expected to drive the adoption in the market.
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