Pune, India, April 27, 2022 (GLOBE NEWSWIRE) -- The point of care diagnostics market size is projected to grow during the forecast period due to the increasing incidences of infectious and chronic diseases. Fortune Business Insights™ publishes this information in a report titled, "Point of Care Diagnostics Market, 2022-2029". As per the report, the point of care diagnostics market size was valued at USD 46.65 billion in 2021. The market size is expected to rise from USD 36.37 billion in 2022 to USD 51.94 billion by 2029 at a CAGR of 5.2% during the projected period.
Key Industry Development:
June 2020: Celltrion Group announced the SARS-CoV-2 point-of-care antigen diagnostic kit. This will help expand access to COVID-19 diagnosis management and treatment globally
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 5.2% |
| 2029 Value Projection | USD 51.94 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 36.37 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 182 |
| 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 |
| Proliferation of Decentralized Healthcare Systems to Support Market Expansion | |
| Lack of Accuracy of POC Diagnostics to Limit Adoption |
Rising Adoption of Decentralized Healthcare Systems To Propel Growth
The market for point of care diagnostics is expected to grow significantly during the forecast period due to increasing incidences of chronic diseases and the rising spread of infectious diseases. Also, the growing inclination towards decentralized health systems is expected to drive the market. Furthermore, key market players' adoption of recent developments and technological advancements in the industry is projected to fuel the market during the forecast period. These factors are expected to ensure point of care diagnostics market growth in the coming years.
However, increasing risks and lack of accuracy in test conduction may hamper the market growth.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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Report Coverage:
The point of care diagnostics market provides complete information regarding recent developments and trends in the industry. Also, development strategies adopted by the key market players such as mergers, acquisitions, alliances, and partnerships are highlighted further in this report. Furthermore, drivers and restraints affecting the market growth during the forecast period are discussed further in the report. The impact of COVID-19 pandemic on market development and expansion is elaborated further along with the recent launches introduced by the key market players. A list of prominent market players and regional market information is given further in this report
Regional Insights:
North America Holds Highest Market Share Due to Favorable Reimbursement Policies
North America dominates the global point of care diagnostics market share due to increasing cases of infectious diseases and the rising prevalence of chronic diseases among the population. The North American market stood at USD 14.48 billion in 2021. The regional market growth is expected to continue during the forecast period due to favorable reimbursement policies that are anticipated to boost the service demand.
Europe is expected to hold the second-highest position in the global market during the forecast period due to the increasing production of innovative products. Also, increasing government investment in R&D is expected to drive regional market growth.
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Increasing Manufacturing Of Test Kits To Bolster Market Growth
The outbreak of COVID-19 pandemic affected various industries in terms of revenue generation and production. However, the healthcare sector has witnessed a positive impact of this pandemic. The point of care diagnostics had high demand in the market due to increasing cases of COVID-19 and rising demand for frequent tests. During the pandemic, key market players have launched new products to meet customer demands. These factors have bolstered the market growth during the pandemic period.
Competitive Landscape:
Key Players Launch New Products To Enhance Their Product Portfolio
The Point of Care Diagnostics Market key players focus on implementing beneficial business growth strategies such as forming strategic alliances and collaborating with the supporting organizations. Also, implementing recent technologies and innovative product development ideas allow companies to improve their overall business performance and propel market growth.
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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
- Point of Care Diagnostics Market Drivers
- Market Restraints
- Market Opportunities
- Point of Care Diagnostics Market Insights
- Overview: Details on Causative Agents Responsible for Infectious Diseases
- 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
- Overview of Global IVD Market, 2021
- Global Point of Care Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- 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 Sample
- Blood
- Nasal and Oropharyngeal Swabs
- Urine
- 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 Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Point of Care Diagnostics Market Analysis, Insights and Forecast, 2018-2029
- 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 Sample
- Blood
- Nasal and Oropharyngeal Swabs
- Urine
- Others
TOC Continued…!!
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