Point of Care (POC) Diagnostic Devices Market Overview
Point of Care (POC) Diagnostic Devices Market Size is estimated to reach $48.9 billion by 2027 and it is poised to grow at a CAGR of 6.2% over the forecast period of 2022-2027. A point of care (POC) diagnostic device is an instrument used to gather specific clinical data from patients in clinical and resource-constrained settings. This information is then utilized to improve illness diagnosis, monitoring and management. The most important part of the point of care device (POCD), is the biosensor which is directly in charge of the output of the assay and performs in terms of bioanalytics. In order to improve POCD, a number of potential label-free biosensors have been developed, including electrochemical, surface plasmon resonance (SPR), white light reflectance spectroscopy (WLRS) and Portable ultrasound. The rising cases of various infectious diseases around the world drive growth of the point of care (POC) diagnostic devices market. According to the Center for Disease Control and Prevention (CDC), in the United States, there was a total of 117 dengue cases reported in 2021 in U.S, states and 513 cases reported in territories. Such growing cases of infections create demand for point of care (POC) diagnostic devices, driving the growth of this Industry over the forecast period 2022-2027.
Point of Care (POC) Diagnostic Devices Market Report Coverage
The report: “Point of Care (POC) Diagnostic Devices Market Forecast (2022-2027)" by Industry ARC, covers an in-depth analysis of the following segments in the Point of Care (POC) Diagnostic Devices Market.
by Product: Glucose Monitoring Kits, Infectious Diseases Testing Kits, Pregnancy And Fertility Testing Kits, Hematology Testing Kits, Cardiometabolic Monitoring Kits, Urinalysis Testing Kits, Cholesterol Test Strips, Drugs Abuse Testing Kits and Others.
by Sample: Blood, Nasal, Oropharyngeal Swabs, Urine and Others.
by Technology: Lateral flow assays, Dipsticks, Microfluidics, Molecular Diagnostics, Immunoassays, Agglutination Assays, flow-through, solid phase and biosensors.
by Mode of Prescription: Prescription-Based Devices, OTC-Based Device.
by End – Users: Hospital Bedside, Physician Office Lab, Urgent Care, Clinics and Homecare, Self Testing and Others.
by Geography: North America (U.S., Canada and Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia and New Zealand and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (the Middle East and Africa).
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021, owing to the growing prevalence of obesity, diabetes and cardiovascular disease in this region. Such a growing number of chronic diseases fuels the growth of the Point of Care (POC) Diagnostic Devices Market Size in this region.
- The Point of Care (POC) Diagnostic Devices Market is predicted to increase owing to the growing prevalence of chronic disease around the world and the easy availability of diagnostic devices over-the-counter and their low cost.
- However, the high cost of machines and the cost of dental treatment may limit the growth of the Point of Care (POC) Diagnostic Devices Market over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Point of Care (POC) Diagnostic Devices Market Report.
Point of Care (POC) Diagnostic Devices Market Segment Analysis - by Mode of Prescription
Point of Care (POC) Diagnostic Devices Market based on the mode of the prescription can be further segmented into Prescription-Based Devices and OTC-Based Devices. The OTC-Based Device segment held a dominant market share in the year 2021. This is owing to the easy availability of OTC (Over-the-Counter) devices. As this device is easy to operate and cost-effective owing to the variety of products available in the market by competitors. Also, the high demand for blood glucose monitoring tests and pregnancy tests supports the growth of the Point of Care (POC) Diagnostic Devices Industry. For instance, in June 2022, Mylab launched an at-home pregnancy test kit PregaScreen for the price of INR 55. Such low-cost and easy-to-use test kits drive the growth of Point of Care (POC) Diagnostic Devices Market Share.
However, Prescription-Based Devices are estimated to grow with the fastest CAGR of 7.1% over the forecast period 2022-2027. This is owing to the growing number of chronic diseases such as heart disease, cancer, diabetes, respiratory disease and others. For instance, in July 2022, Viome Life Sciences launched the world's most advanced at-home ‘Full Body Intelligence Test’. It provides unprecedented health insights based on microbial and human gene expression (mRNA), such as a person's biological age, immune system health, gut health, oral health, heart health and brain & cognitive health, along with over 50 more subscores. Such new innovative products like portable ultrasound and others available in the market and growing visits to health care centers for health checkups and prescription of such devices or tests drive the growth of the Point of Care (POC) Diagnostic Devices Market Share over the forecast period 2022-2027.
Point of Care (POC) Diagnostic Devices Market Segment Analysis - by End-User
Point of Care (POC) Diagnostic Devices Market based on the end-users can be further segmented into Hospital Bedside, Physician Office Lab, Urgent Care, Clinics, Homecare, Self-Testing and Others. The Homecare & Selfcare Testing segment held a dominant market share in the year 2021. This is owing to the easy availability of point-of-care devices on over-the-counter (OTC), prescriptions and easy online availability. Also, at-home point-of-care devices is easy to use and beneficial for patients with diabetes and other severe illness such as carpal tunnel syndrome, acute coronary syndrome and others. Such easy availability of point-of-care devices and their user convenient interface drive the growth of the Point of Care (POC) Diagnostic Devices Market Share.
However, Clinics are estimated to grow with the fastest CAGR of 7.8% over the forecast period 2022-2027. This is owing to the growing visits of patients with carpal tunnel syndrome, acute coronary syndrome, diabetics, heart disease and others to clinics. According to American Hospital Association, there is a total of 5139 community hospitals and clinics in the United States in 2022. Most clinics use the point of care device for diagnosis of various treatments such as carpal tunnel syndrome, acute coronary syndrome, cholesterol, diabetes and others. Also, high technological advancements in the healthcare sector change the size, shape and working of medical devices. Such as the use of portable ultrasound in point-of-care devices. Such advanced technology is beneficial for doctors to accurately diagnose patients. Such adoption of point-of-care devices in clinics fuels the growth of the Point of Care (POC) Diagnostic Devices Market Share over the forecast period 2022-2027.
Point of Care (POC) Diagnostic Devices Market Segment Analysis - by Geography
The Point of Care (POC) Diagnostic Devices Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 39% in the year 2021. This is the result of the high prevalence of chronic diseases such as diabetes and cardiovascular disease in this region and a strong chain of distribution channels. According to a report published by the Centers for Disease Control and Prevention (CDC) in 2022, more than 130 million adults are living with diabetes or prediabetes in the United States. Owing to such a growing need for testing for severe conditions like heart disease, carpal tunnel syndrome, acute coronary syndrome and others; various key market players launched their innovative products in the market to fulfill customer demand. For instance, the North Carolina-based leading global life sciences company ‘Labcorp’ launched the Labcorp OnDemand at-home collection kit that measures hemoglobin A1c (HbA1c) from a small blood sample. Such growing demand for diagnostic devices and kits and new innovative products like portable ultrasound and others available in the market drive growth of the Point of Care (POC) Diagnostic Devices Market Size.
Furthermore, Europe is estimated to grow with the fastest CAGR over the forecast period 2022-2027. This is owing to the growing diabetic population in Europe. According to the International Diabetic Federation in Europe, it is estimated that 61 million adults (20-79 years) were living with diabetes in the IDF Europe Region in 2021. Also, the growing demand for at-home fertility kits in the European region. According to ‘Proov’, leading at-home fertility test makers expands their presence in Europe in June 2021. Such growing demand for point-of-care diagnostic devices and kits fuels the growth of the Point of Care (POC) Diagnostic Devices Market Size in the European region over the forecast period 2022-2027.
Point of Care (POC) Diagnostic Devices Market Drivers
Growing Prevalence of Chronic Disease Drives Market Growth
The cases of chronic disease are rapidly increasing around the globe. Diseases like cardiovascular disease (CVD), stroke, lung cancer, arthritis, osteoporosis and others are growing at a fast rate and are reasons for concern. As per the Centers for Disease Control and Prevention (CDC), about 697,000 people in the United States died from heart disease in 2020. Also, every year, about 805,000 people in the United States get a heart attack. To prevent a high mortality rate owing to such chronic diseases point-of-care devices play an important role. The use of point-of-care testing or devices is beneficial to early diagnose most diseases or measure to measure blood glucose levels and other constituents. Such a growing prevalence of chronic disease and increasing demand for point-of-care devices drive the growth of the Point of Care (POC) Diagnostic Devices Industry over the forecast period 2022-2027.
Technological Advancement in Point of Care Devices Drives Market Growth
The growing cases of chronic disease and increase in visits to medical check-ups create demand for point-of-care devices or testing kits. Disease like diabetes which requires lifelong treatment and continuous monitoring of blood sugar levels also fuel the growth of point-of-care devices or testing kits on market. Owing to such an increase in demand for point-of-care devices and testing kits key market players focused on innovative product launches and the best service experience to customers. The advancement in point-of-care devices or testing kits like lab-on-chip, wearable point-of-care testing (POCT) devices and others. After covid-19 outbreak demand for POCT surged. In March 2020, Abbott launched the fastest available molecular point of care test for the detection of novel coronavirus (COVID-19). In December 2021, the Biden-Harris Administration brought two new over-the-counter, at-home COVID-19 tests to the U.S., market, one manufactured by SD Biosensor and distributed by Roche and the other manufactured by Siemens. Also, the U.S. Department of Health & Human Services announced an investment of $70 million from the American Rescue Plan to help bring more high-quality, at-home tests into the U.S., market. Such need for point-of-care devices owing to their technological advancement and increasing investment drive the growth of the Point of Care (POC) Diagnostic Devices Industry over the forecast period 2022-2027.
Point of Care (POC) Diagnostic Devices Market Challenges
High Cost of Product Development is Hampering Market Growth
Faster than traditional lab-based testing, point-of-care testing (POCT) enables doctors to identify diseases at or near the patient site. The COVID-19 pandemic's challenging circumstances have greatly increased the significance of POCT. In addition to glucose monitoring, pregnancy and infertility testing, infectious disease testing, cholesterol testing and heart indicators, there are many points of care tests and diagnostic tools available in the market. POCT devices work on various types of sensors and cloud stores which is costly. According to uFluidix, the cost of a microfluid chip for a POCT device is $60 to $120 per chip. Such a high price of components used in point-of-care devices may hamper the growth of the Point of Care (POC) Diagnostic Devices Industry over the forecast period 2022-2027.
Point of Care (POC) Diagnostic Devices Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Point of Care (POC) Diagnostic Devices Market. The top 10 companies in the Point of Care (POC) Diagnostic Devices Market are:
- F. Hoffmann-La Roche Ltd.
- Danaher Corporation
- Abbott Laboratories
- Instrumentation Laboratory SpA
- bioMérieux SA
- Nova Biomedical
- Trividia Health Inc.
- QIAGEN
- Becton Dickinson & Company
- Quidel Corporation
Recent Developments
- In January 2022, Thermo Fisher Scientific Inc announced the acquisition of PeproTech, Inc., a leading developer and manufacturer of recombinant proteins. eproTech's recombinant proteins portfolio complements Thermo Fisher's cell culture media products and will enable Thermo Fisher to provide customers significant benefits through an integrated offering.
- In June 2021, Quest Diagnostics completes the acquisition of Mercy laboratory services business. The aim of the transaction is to broaden access to innovative, quality and cost-effective laboratory services to deliver affordable patient care throughout the Midwest. The acquisition immediately broadens Quest's reach to providers and patients in Arkansas, Kansas, Missouri and Oklahoma.
- In January 2020, Bigfoot Biomedical, a diabetes startup company working on automating insulin delivery through a connected insulin pen, picked up an extra $10 million in Series C funding, closing the round at $55 million from Abbott. This partnership will develop and commercialize new programs that will integrate into the FreeStyle Libre system.
Relevant Titles
Report Code: HCR 0015
Report Code: HCR 0160
Report Code: ESR 0204
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