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Point of Care Diagnostics Market Growing at a CAGR of 10.8% – Research Provides Detailed Analysis of Trends, Growth and Forecast

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Point of Care Diagnostics Market Growing at a CAGR of 10.8% – Research Provides Detailed Analysis of Trends, Growth and Forecast

August 19
20:57 2022
Point of Care Diagnostics Market Growing at a CAGR of 10.8% - Research Provides Detailed Analysis of Trends, Growth and Forecast
Abbott Laboratories is the leading player in the point-of-care diagnostics market. Its strong focus on strengthening its brand presence, continuous investments in R&D, broad customer base, and strong geographical foothold are key factors contributing to its leading position in this market.
In June 2021, bioMérieux and Specific Diagnostics announced a co-exclusive distribution agreement for the SPECIFIC REVEAL Rapid AST system in Europe. The system is a perfect complement to bioMérieux’s BIOFIRE BCID2.

The Point of Care and Rapid Diagnostics Market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027.

High prevalence of infectious diseases;

POC tests can greatly improve the management of infectious diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse. According to UNAIDS, around 20.6 million people were living with HIV in East and Southern Africa in 2018. In 2019, 20,000 new HIV cases were registered in the Middle East and North Africa (Source: UNAIDS Data 2020). In the Asia Pacific, an estimated 5.8 million people were suffering from HIV in 2019, led by India and China. According to UNAIDS, in 2019, approximately 2.1 million people in India were infected with HIV. The high prevalence of HIV is likely to boost the demand for point-of-care diagnostics, further accelerating the treatment of HIV infection.

Listed below are important statistics related to major infectious diseases in developing countries:

– According to the WHO, India has the highest tuberculosis burden, with an estimated incidence of 2.64 million cases in 2020.

– In 2019, around 4.3 million new tuberculosis cases were reported in Southeast Asia, and 632,000 people died due to TB infections in this region (Source: WHO).

– According to the National Influenza Policy 2017, around 10,000 deaths and 40,000 hospitalizations are caused due to influenza in South Africa each year.

– According to the WHO, 1.2 million people in Southeast Asia suffer from malaria, with India alone accounting for ~76% of the total alaria cases.

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The Glucose Monitoring Products segment accounted for the largest share of the point of care diagnostics market, by product type, in 2021

Based on products, the Point of Care and Rapid Diagnostics Market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products. In 2021, the glucose monitoring products segment accounted for the largest share of the Rapid Diagnostics Market. This can be attributed to the growing diabetic patient population base, ongoing technological advancements, and the growing preference for home glucose testing.

The Lateral Flow Assays segment accounted for the largest share of the point of care diagnostics market, by platform, in 2021

Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The widespread adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures is a key factor contributing to the growth of this segment.

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The OTC Testing Products segment, by mode of purchase, accounted for the largest share of the global point of care diagnostics market in 2021

On the basis of mode of purchase, the point-of-care diagnostics market is segmented into OTC testing products and prescription-based testing products. The OTC testing products segment accounted for the largest share of the market in 2021. The growing prevalence of lifestyle diseases and the favorable reimbursement scenario for OTC testing products are the major factors driving the growth of this market segment.

On the basis of End Users, Hospitals & Critical Care Centers segment accounted for the largest share of the global point of care diagnostics market, in 2021

On the basis of end users, the Point of Care and Rapid Diagnostics Market is segmented into clinical laboratories; ambulatory care facilities and physicians’ offices; pharmacies, retail clinics, and E-commerce platforms; hospitals, critical care centers, and urgent care centers; home care & self-testing; and other end users. The hospitals & critical care centers segment is expected to dominate the market during the forecast period, owing to the increasing adoption of POC devices offering reduced turnaround time. The clinical laboratories segment accounted for the largest share of the Rapid Diagnostics Market in 2021. However, the home care and self-testing segment is projected to register the highest CAGR during the forecast period, owing to the increasing prevalence of chronic diseases (requiring long-term care and frequent monitoring), growing awareness about home care, and the increasing availability of user-friendly and advanced POC diagnostic products.

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The Latin America market is expected to grow at the highest CAGR during the forecast period

The global point of care diagnostics market is segmented into North America (comprising the US and Canada), Europe (includes Germany, France, and the UK), the Asia Pacific (includes Japan, China, India), Latin America (Brazil, Mexico), and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The rising prevalence of lifestyle diseases, growing number of product approvals, and government initiatives to support the wider adoption of POC testing products are the key factors driving the growth of the North American point-of-care diagnostics market.

On the other hand, the Latin American market is projected to register the highest growth during the forecast period due to government efforts to increase awareness about the early detection of diseases and regular health check-ups, further promoting point-of-care devices. Moreover, increasing healthcare expenditures, growing number of hospitals and clinical diagnostic laboratories, and increasing collaborations among players in the region are also expected to drive market growth.

As of 2020, the point of care diagnostics market is dominated by Roche Diagnostics (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Danaher Corporation (US), Quidel Corporation (US). Other leading players are Becton, Dickinson, and Company (US), Biomeriux S.A. (France), and Chembio Diagnostics (US).

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