Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The global point of care diagnostics market size is projected to reach USD 36.21 billion by 2028, exhibiting a CAGR of -1.9% during the forecast period. The prevalence of several chronic disorders and the incorporation of nanotechnology in diagnostic kits are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled "Point of care Diagnostics Market, 2022-2028."
The occurrence of coronavirus has exerted massive economic stress on sectors in various countries. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. Some industries are struggling, and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
Industry Development
August 2021: Mylab Discovery Solutions and Hemex Health engaged in a partnership with each other for the development of advanced diagnostic tools for testing chronic diseases and COVID-19.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | -1.9% |
| 2028 Value Projection | USD 36.21 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 34.49 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 116 |
| Segments covered | Product, End-Users and Geography Region |
| Growth Drivers | Demand for POC Kits in Disease Management of COVID-19 Infection to Expand Business Prospects |
| Integration of Nanotechnology in Rapid Diagnostics to Drive Market Growth | |
| Growing Prevalence of Chronic and Infectious Disease to Fuel Demand for Rapid Diagnosis |
Increasing Focus on Launch of Innovative Diagnostic Devices to Propel Market Growth
The increasing number of chronic ailments such as infectious disease, diabetes, HIV, etc., propels several pharmaceutical companies to introduce innovative testing kits. This is anticipated to boost the demand for the product. For instance, in June 2019, Abbott introduced the Afinion HbA1c Dx assay, a first-of-its-kind point-of-care test approved by the U.S Food and Drug Administration (FDA) to detect diabetes. The continual efforts exerted by major companies to develop advanced POC kits are therefore expected to contribute to the global point of care diagnostics market growth during the forecast period.
The Global Point of Care Diagnostics Market research provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Global Point of Care Diagnostics Market report is provided or the international markets as well as development trends, competitive landscape analysis, and key regions development status. Point of care diagnostics are medical tools that are used to cure disorders within patients and ensure a quick recovery. The rising cases of chronic disorders among the population are likely to fuel diagnostic tools' adoption. As per the information provided by the World Health Organization (WHO) nearly all people globally were affected by tuberculosis in 2019. WHO also reported a fatality of nearly 1.4 million people during 2019.
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Robust Demand for Diagnostic Tools from Healthcare Sector to Boost Market Progress
This market is likely to grow positively during the COVID-19 pandemic because of the rising demand for effective medical diagnostic tools from the healthcare sector. Increasing COVID-19 cases and the emergence of several organ failures is likely to fuel the product's demand. Increasing investments in healthcare tools' development are likely to fuel diagnostics tools' adoption. Manufacturers focus on incorporating stringent sanitization methods and automated production techniques to avoid virus spread. Further, the adoption of reduced capacities and part-time shifts may enable manufacturers to control virus spread and recover losses. These factors are likely to fuel the market growth during the pandemic.
What does the Report Include?
The market report includes a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into the latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels. It analyzes the industry's latest dynamics and opportunities to impact the market growth between 2021 and 2028.
Adoption of Advanced Medical Diagnostic Solutions is Likely to Foster Point of Care Diagnostics Market Growth in North America
North America is projected to dominate the point of care diagnostics market share because of the rising demand for advanced medical diagnostic solutions. The market in North America stood at 14.09 billion in 2020 and is projected to grow rapidly during the upcoming years. Increasing investments in the healthcare sector are likely to boost POC diagnostics demand. In addition, strategic collaborations between major players are likely to fuel industry progress.
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Major Players Announce Innovative Products to Expand Market Reach
The prominent companies operating in the market announce innovative products to satisfy consumer demand and expand their market reach considerably. For example, Cepheid declared that it is developing Xpert Xpress, SARS-CoV-2/Flu/RSV four-in-one test for the detection of RSV, Flu B, Flu A, and SARS-CoV-2 using a single patient's sample.
List of Key Players Profiled in the Point of Care Diagnostics Market Report
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- Abbott Laboratories (Illinois, U.S.)
- Quest Diagnostics Incorporated (New Jersey, U.S.)
- BD (Franklin Lakes, U.S.)
- bioMérieux SA (Marcy l'Etoile, France)
- Cardinal Health, Inc. (Ohio, U.S.)
- Mesa Biotech (California, U.S.)
- Cepheid (California, U.S.)
- Trinity Biotech (Bray, Ireland)
- Quidel Corporation (San Diego, U.S.)
- Bio-Rad Laboratories Inc. (California, U.S.)
Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Disease Indications– For Key Country/Region
- Technological Advancements in the Point-of-care Diagnostics
- New Product Launch
- Overview of Regulatory Scenario
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Overview of COVID-19 Impact on POC Diagnostics Market
- Major Factors Driving the Impact of COVID-19
- Reimbursement Changes in Response to COVID-19 Impact
- Opportunities Offered by the Impact of COVID-19
- Global Point of care Diagnostics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Blood Glucose Monitoring
- Infectious Diseases
- Cardiometabolic Diseases
- Pregnancy & Infertility Testing
- Hematology Testing
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospital Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Homecare/Self-testing
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued…!!
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