Point Of Care Diagnostics Market Size And Forecast
Point Of Care Diagnostics Market size was valued at USD 28.47 Billion in 2021 and is projected to reach USD 59.20 Billion by 2030, growing at a CAGR of 9.83% from 2022 to 2030.
An increase in the number of chronic and infectious diseases has led to an increase in the number of medical tests, creating demand for Point of Care diagnostic devices. In addition, the rise in the number of pathology labs and services equipped with advanced diagnostic equipment, both in developed and developing countries is also expected to contribute to market growth. A growing old age population globally is also expected to boost demand for Point of Care diagnostic devices. The Global Point Of Care Diagnostics Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Point Of Care Diagnostics Market Definition
Diagnostics performed at a site close to the patient are known as point-of-care (POC) diagnostics. Diagnostic tests like these are carried out in a hospital, clinic, ambulance, field, or doctor’s office. The results of POC diagnostic tests are quick, resulting in better therapy for patients. Furthermore, it eliminates the patient’s follow-up visits. Diagnosis and detection of glucose levels, infectious disorders, cardiac tests, and other POC diagnostics are just a few examples wherein Point of Care Diagnostics finds its applications. Diagnostic results are obtained using point of care (POC) diagnostic devices when the patient is present or close by.
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POC diagnostic devices are used in doctors’ offices, hospitals, and patients’ homes to provide immediate feedback on a variety of medical tests. It is medical diagnostic testing performed at or near the point of care that is, at the time and location when the patient is being treated. This is in contrast to the historical practice of testing is limited to the medical laboratory, which required sending specimens away from the point of care and then waiting hours or days for findings, during which time care had to be continued without the needed information.
Blood sugar testing, blood gas, and electrolyte balance analysis, rapid blood clotting testing, rapid cardiac markers diagnostics, drugs of abuse screening, urine strips testing, pregnancy testing, occult blood analysis, food pathogens screening, hemoglobin diagnostics, infectious disease testing (such as COVID-19 rapid tests), and cholesterol screening are among the procedures covered by Point of Care Diagnostics Test.
Global Point Of Care Diagnostics Market Overview
Point of Care Diagnostics is becoming increasingly popular. Convenience, reduced patient wait times, fewer or no follow-ups, accurate test findings, rapid patient management, and improved healthcare delivery are all expected to drive the market. In the US, the number of patients receiving treatment for acute and chronic diseases at home is increasing and this is expected to increase demand for Point of Care Diagnostics devices, and thus, the market. About 10,000 older people turn 65 every day in the United States, most of whom want to grow older in their own homes. This is expected to increase demand for Point of Care Diagnostics devices for use at home. Increasing investments in the field of Point of Care Diagnostics are also expected to boost the market. For instance, in May 2021, AAD, a developer of rapid diagnostic and data systems, announced a USD 7M investment for Point of Care Diagnostics in animal and human health.
In April 2021, FIND, the global alliance for diagnostics, announced an investment of USD 21 million in Biomeme, Bioneer, Qlife, and SD Biosensor, to accelerate the development, manufacturing, and launch of affordable point-of-care molecular diagnostic platforms that can detect multiple pathogens that cause diseases including COVID-19, in low- and middle-income countries. In November 2021, the US Department of Health and Human Services announced an investment of USD 650 million from the American Rescue Plan to increase rapid molecular point-of-care diagnostic tests for SARS-CoV-2. Globally, over 37.7 million individuals were living with HIV in 2020, according to the United Nations Program on HIV/AIDS. This is expected to increase demand for Point-of-care testing. Currently, in the United States, approximately 14.2% of people living with HIV are undiagnosed.
Point of Care test provides rapid detection of HIV, enabling rapid initiation of treatment, monitoring of antiretroviral therapy and drug toxicity, and detection of opportunistic infections and related diseases. The WHO has urged countries to switch from laboratory-based HIV diagnostics to point-of-care testing. Even the Centers for Disease Control and Prevention (CDC) has emphasized the importance of using POC HIV tests to identify HIV infections. In addition, according to a study, HIV patients who were tested with a POC device received antiretroviral therapy (ART) treatment 130 days faster than those diagnosed with the help of a traditional lab. Thus, demand for the Point Of Care Diagnostics Market is expected to increase in the coming years.
Despite the increased demand for POC devices, manufacturers face a number of regulatory hurdles as a result of the FDA’s multi-layered regulations and laboratory standards under CLIA, which are required for premarket clearance of POC testing kits. Manufacturers must submit performance data to the FDA for approval of any new POC device in the United States. This should show that healthcare professionals and patients may utilize these devices to get findings that are comparable to those obtained from clinical laboratory tests. POC tests developed for point-of-laboratory (POL) testing require additional onsite performance data and particular FDA recognition. The imposition of such stringent laws may constitute a substantial hindrance to market expansion.
Global Point Of Care Diagnostics Market: Segmentation Analysis
The Global Point Of Care Diagnostics Market is Segmented on the basis of Product, End Use, and Geography.
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Point Of Care Diagnostics Market, By Product
• Glucose Monitoring
• Infectious Disease Testing
• Cardiometabolic Monitoring
• Others
On the Basis of Product, the market is segmented into Glucose Monitoring, Infectious Disease Testing, Cardiometabolic Monitoring, and other segments. During the projected period, the glucose monitoring segment is expected to have the greatest market share owing to the rising diabetic patient population, especially in developing countries, and the growing demand for glucose testing.
Point Of Care Diagnostics Market, By End Use
• Hospitals
• Homecare
• Decentralized Labs
• Others
On the Basis of End Use, the market is segmented into Hospitals, Homecare, Decentralized Labs, and others. In 2020, hospitals held the largest share of the Point Of Care Diagnostics Market. The rising frequency of chronic diseases requiring long-term care and regular monitoring in critical care units, as well as the fast-developing knowledge of the availability of cost-effective and highly creative POC diagnostic instruments, makes this category account for the largest share.
Point Of Care Diagnostics Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
Based on Regional Analysis, the Global Point Of Care Diagnostics Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest regional market for Point of Care Diagnostics is North America. Technological advancements, a rise in cases of chronic diseases such as diabetes and cancer, and a growing old age population is all expected to boost demand for Point of Care Diagnostics in the region. The Asia Pacific region is expected to be the fastest growing owing to the rise in the number of chronic diseases, and a rapidly rising old age population in developing countries such as China and India. The region is backed by Japan, the country with the largest old age population at a global level, further creating demand for the Point Of Care Diagnostics Market.
Key Players
The “Global Point Of Care Diagnostics Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Danaher Corporation, Trinity Biotech, Abbott Laboratories, Roche Diagnostics, Accubiotech, EKF Diagnostics.
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