Point of Care Diagnostics/Testing Market-Overview
The demand for self-diagnosing kits and devices has amplified as the number of coronavirus cases has improved around the world. The ability to streamline the testing procedure for healthcare staff while still delivering accurate results will be critical to the market's overall success. As per MRFR reports, the market is projected to gain USD 36,740.3 million at a CAGR of 11.6% by 2027.
The development of portable POC devices, supporting government policies will supplement the POC diagnostics/testing market. With an increasing number of chronic conditions such as diabetes worldwide and a limited number of healthcare facilities in developing nations in the forecast period, the market will see further traction.
Key Players:
The notable point of care diagnostics companies in the point of care diagnostics/testing market are Siemens Healthineers GmbH (Germany), Chembio Diagnostics, Inc. (US), Trinity Biotech (Ireland), Hoffmann-La Roche Ltd (Switzerland), Becton, Dickinson, and Company (US), Danaher Corporation (US), Abbott Laboratories (US), PTS Diagnostics (US), Nova Biomedical (US), QuidelCorporation (US), Johnson & Johnson Services, Inc. (US), Sekisui Diagnostics (US), Instrumentation Laboratory Company (Werfen) (US) and EKF Diagnostics Holdings plc (UK).
Segmental Analysis
Hospitals & clinics, homecare/self-testing, and diagnostics centers are included in the end users segment in the global point of care diagnostics/testing market. The global point of care diagnostics/testing market has been divided into two categories based on the mode of purchase: prescription-based testing products and over-the-counter (OTC) testing goods. The market has been divided into pregnancy & fertility testing, infectious disease testing, glucose monitoring, drug abuse testing, cardiometabolic monitoring, hematology testing, coagulation monitoring, urinalysis testing, cholesterol, and cancer/tumor marker testing categories based on the product category. The global point of care diagnostics/testing market has been divided into molecular diagnostics, dipstick, and immunoassays based on the platform.
Competitive Analysis
The Point of Care Diagnostics/Testing Industry is more inclined to conduct business transactions online than in physical locations. End-users in the business are predicted to exhibit a wide range of preferences in the coming years. The minimization of supply chain bottlenecks is the main objective that market challengers are intended to address aggressively in the predicted year. During the forecast period, the market is anticipated to offer new and profitable expansion options. The battle for the majority share is predicted to change the market landscape in the forecast period fundamentally. After the decline seen in the aftermath of the pandemic, the government bodies of various nations are believed to play an important role in the worldwide market's resuscitation. Companies now have a new mission surrounding the customer journey and the rapid acceleration of digitalization due to the global pandemic. However, the upheaval produced by the COVID crisis has not only created a whole new dimension of risk. Still, it has also prompted enterprises to reassess risks as they navigate cautiously through an uncertain economic climate.
Industry Updates:
Nov 2021 Meridian Bioscience, Inc., a leading global manufacturer of diagnostic testing solutions and life science raw materials, launched its Air-DryableTM LAMP Mix and Air-DryableTM RT-LAMP 1-Step Mix. These ground-breaking molecular master mixes are specifically intended for quick isothermal amplification of nucleic acid sequences to aid in creating ambient temperature-stable point-of-care diagnostics and speed up diagnosis.
Detailed Regional Analysis
The acquisition of market players by healthcare behemoths, increasing number of market competitors across the region, and supporting government regulations, will contribute to North America holding the greatest point of care diagnostics/testing market share in the forecast period. In order to extend their product availability across the region, healthcare product providers are merging and acquiring current market participants. Due to the limited availability of healthcare workers, changing demographics, diverse manufacturing facilities, and increasing consumer healthcare prospects, the Asia-Pacific point of care diagnostics/testing market is estimated to witness the fastest regional market.
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