According to MRFR analysis, the global point of care diagnostics/testing market is expected to register a CAGR of~11.6% from 2021 to 2027and hold a value of ~USD 36,740.3 million by 2027. Furthermore, the prominent players focus on employee satisfaction, transforming their research utilities, and diversifying their distribution network. These factors will augment the market growth and will increase the market share during the forecast period.
The global Point Of Care Diagnostics Market Report is driven by several factors, such as increasing demand for remote diagnosis, rising demand for early-stage diagnosis products, and growing demand for minimally or non-invasive diagnostic products. Other factors such as the introduction of mobile healthcare technologies and wearable diagnostic devices, the emergence of new technologies for monitoring and imaging are creating opportunities for the market players.
The market players are involved in various strategic collaborations, mergers & acquisitions, product launches, cooperative development of the product, and investing in stock to expand their worldwide presence. For instance, in July 2020, Becton, Dickinson and Company (US) launched a rapid POC antigen test to diagnose SARS-CoV-2 in 15 minutes. In June 2020, Celltrion Group (South Korea) announced to launch COVID-19 POC antigen testing kit.
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Segmentation
The global point of care diagnostics/testing market is categorized into product, end user, mode of purchase, and platform.
- Based on the product category, the market has been segregated into glucose monitoring, pregnancy & fertility testing, infectious disease testing, drug abuse testing, coagulation monitoring, cardiometabolic monitoring, cancer/tumor marker testing, hematology testing, urinalysis testing, cholesterol, and others.
- Based on end user, the global point of care diagnostics/testing market has been classified as hospitals & clinics, diagnostics centers, homecare/self-testing, and others.
- Based on mode of purchase, the global point of care diagnostics/testing market has been classified as over the counter (OTC) testing products and prescription-based testing products.
- Based on the platform, the global point of care diagnostics/testing market has been classified as immunoassays, molecular diagnostics, dipstick, and others.
Key Players
Some of the key players in the global point of care diagnostics/testing market are Abbott Laboratories (US), Siemens Healthineers GmbH (Germany), Chembio Diagnostics, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson Services, Inc. (US), Becton, Dickinson and Company (US), Danaher Corporation (US), PTS Diagnostics (US), Nova Biomedical (US), Quidel Corporation (US), Sekisui Diagnostics (US), Trinity Biotech (Ireland), AccuBioTech Co., Ltd.(China), Instrumentation Laboratory Company (Werfen) (US), and EKF Diagnostics Holdings plc (UK) among others.
Regional Analysis
North America is estimated to dominate the point of care diagnostics/testing market, owing to the increasing demand for virtual and convenient diagnostic solutions, enhancement in healthcare regulations, and growing awareness about wellness and healthcare among the young population. Furthermore, the involvement/adoption of strategies like mergers & acquisitions by key players, government partnerships, and the development of new products are also propelling the market growth.
Europe embraces the second-largest position in the point of care diagnostics/testing market due to the increasing number of IVD testing, molecular diagnostics, and the prevalence of respiratory diseases across the region. The industry players are involved in various business activities such as product launches, mergers and acquisitions, partnerships, and other commercial approaches. For instance, in May 2020, ProciseDx (US) launched 510k filing for CRP test in Europe for gastrointestinal disorders.
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Asia-Pacific is projected to be the fastest-growing regional market during the study period due to increasing demand for diagnostic tests such as blood gas tests, rapid blood coagulation tests, pregnancy tests, drug abuse screening, rapid diagnosis of cardiac markers, blood glucose testing, electrolyte analysis, urine analysis, and dry biochemical tests across the region. In addition, the increasing demand for multiple diagnostic devices coupled with the rising demand for accurate and efficient diagnostic and testing devices is driving the Asia-Pacific point of care diagnostics market.
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