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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 86.9% in 2020. The market is projected to grow from USD 41.49 billion in 2021 to USD 36.21 billion in 2028 at a CAGR of -1.9% 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 POC diagnostics kits is rapidly increasing because of the prevalence of acute and chronic diseases worldwide. According to the World Health Organization (WHO), in the year 2019, about 10 million people were affected by tuberculosis worldwide and a total of 1.4 million people died from tuberculosis in the year 2019. According to the United Nations Program on HIV/AIDS (UNAIDS), globally around 37.7 million people were living with HIV in the year 2020. 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 2021-2028. Furthermore, technological developments in diagnostic kits have resulted in fewer manual errors and emerged as a prominent the factor driving this 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 Expand Business Prospects
Due to uncertainties regarding the duration and impact of the COVID-19 pandemic, the 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 Point of care (POC) diagnostics market 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.
For instance, In March 2020, Abbott has launched a molecular point-of-care test to detect Coronavirus within 5 minutes. It is a test to run on Abbott's POC ID NOW platform, which is a portable instrument that can be used where testing is needed most.
Therefore, it is projected that nanotechnology-based POC testing kits will boost the global POC diagnostics market growth during the forecast period.
Growing Prevalence of Chronic and Infectious Disease to Fuel Demand for Rapid Diagnosis
As per the Center of Disease Control and Prevention, 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 POC 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 POC diagnostics test that the U.S. Food & Drug Administration 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 Regarding Point of care (POC) Diagnostics Test 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 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 imposition 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, this factor is anticipated to hamper the growth of the market in the forthcoming years.
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Rising Demand for Continuous Diabetes Monitoring to Surge Sales of Blood Glucose Monitoring Devices
Based on the products segment, the POC diagnostics market includes 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 instance, in June 2020, EKF Diagnostics has launched its new Diabetes care portfolio 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 and provides results within 5 to 10 seconds. It can be used in point of care (POC) and Certificate of Waiver settings, such as clinics, physicians’ offices, and other non-traditional laboratory locations.
The infectious diseases segment in the market is anticipated to showcase significant growth due to the rising prevalence of various infectious diseases.
The routine testing for hematology, cardiometabolic diseases, and other segments are expected to show a decline in its growth owing to the COVID-19 outbreak. This is likely to dampen 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. The Point of Care testing has been driven by the increasing miniaturization of the laboratory procedures and the instruments. This is leading to higher demand for kits and instruments by point-of-care 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 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 14.09 billion in 2020. The region is expected to dominate due to the increasing adoption of advanced 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 was held 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. The organizations 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 an investment 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, the higher adoption of POC diagnostics kits in countries such as India and China is another significant factor supporting the growth in the Asia Pacific region. For instance, In August 2021, Mylab Discovery Solutions has partnered with the U.S.-based Hemex Health for the development of next-generation diagnostic solutions for the Point of care (POC) testing of coronavirus and other diseases.
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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 rates of advanced technologies.
Launch of Novel Products by Companies to Increase Market Competition
The global point of care 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 in the point-of-care testing segment are some of the considerable factors supporting POC diagnostics companies' growth.
However, the entry of several new players poses a challenge to the semi-consolidated nature of the market and may 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, and BD, have considerable shares in the Point of care diagnostics 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. Further, 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 Region
Fortune Business Insights says that the global market size was USD 34.49 billion in 2020 and is projected to reach USD 36.21 billion by 2028.
In 2020, North America stood at USD 14.09 billion.
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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