Westford, USA, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Point of care diagnostics can be administered by a health care professional immediately upon detection of a medical condition. The growth in popularity of point of care diagnostics market is due to the increasing demand for more accurate and timely diagnosis, as well as the potential to reduce patient visits and costs. Factors driving demand for POCD include advances in technology, increased awareness of chronic diseases, and overall population health management.
One of the most popular types of POCD is diagnostic testing for blood borne infections, such as HIV and hepatitis C. This type of diagnostics can be life-saving, and there is a growing demand for quicker and more accurate results. There is also an increasing demand for POCD that can identify various types of cancer. Devices in point of care diagnostics market for cancer are often expensive, so there is an effort to develop cheaper versions that are still accurate.
This increasing demand in the global point of care diagnostics market has been backed by evidence that point of care diagnostics can save time and money. A study published in the Journal of Clinical Oncology found that treating patients who received prompt diagnosis using point of care diagnostics led to a 50% reduction in costs per case compared to those who did not receive prompt diagnosis. Similarly, a study published in 2021 in the British Medical Journal found that screening for lung cancer using point of care breath tests led to meaningful cost savings compared to traditional methods such as Chest X-ray and biopsy.
The demand for point of care diagnostics market is expected to grow due to several factors. First, population aging is increasing the number of people with chronic diseases, which drives up demand for diagnostic testing services. Second, there is increasing awareness of the benefits of early diagnosis and treatment for many diseases. Finally, there is increasing use of mobile devices and other electronic health records (EHRs) in clinical settings, which makes it one of the lucrative solutions.
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Increasing Prevalence of Chronic Diseases Playing a Key Role in Growth of Point of Care Diagnostics Market
The increasing prevalence of chronic diseases and increased investment in emerging markets are two of the key drivers of the point of care diagnostics market. The rise in chronic diseases such as obesity, diabetes and Alzheimer's is driving the need for faster and more accurate diagnoses that can improve patient outcomes. Conversely, the increasing awareness about preventive measures such as diet and exercise is also driving demand for point of care diagnostics that can identify early signs of disease.
Another key driver of the point of care diagnostics market is the burgeoning industry for enterprise medical applications. These applications are turning Point-of-Care (POC) devices into valuable analytical tools that help physicians diagnose and monitor various patients across an organization or hospital campus. Healthcare providers are also increasingly using POC devices to manage chronic diseases such as type 2 diabetes and high cholesterol levels.
Over 1.5 Billion Point of Care Diagnostics Devices Were Sold in 2021
Point-of-care devices typically include a wide range of products such as blood pressure monitors, glucometers, pregnancy tests, and urinalysis strips. These devices are used for the detection of various diseases such as diabetes, cancer, infectious diseases, cardiovascular diseases, and respiratory diseases. In general, POC devices are designed to be used by non-laboratory personnel such as nurses, physicians, and other healthcare providers. Point-of-care diagnostics devices are becoming more and more popular, and this will only continue to grow in the coming years. In 2021, over 1.5 billion POC devices were sold in the global point of care diagnostics market. This is a significant increase from the 800 million point-of-care diagnostics devices that were in use in 2019.
In the US alone, over 40.3 million preganancy kits were sold in 2021. On the other hand, rapid Covid test kit sales stood at 423 million in the same year across the globe. As per SkyQuest’s recent study, glucometer, pregnancy test kit, rapid covid test kit, and infectious disease diagnostic kits were the major POC devices consumed across the globe.
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The use of POC devices in the global point of care diagnostics market has increased significantly in recent years due to a number of factors. First, there has been a shift in healthcare towards greater patient involvement in their own care. This has led to an increase in demand for information and self-monitoring tools that can be used outside of traditional medical settings. Second, advances in technology have resulted in smaller and more portable POC devices that are easier to use than ever before. Third, the cost of these devices has decreased dramatically over time, making them more affordable for both patients and healthcare providers alike.
There are many advantages to using POC devices. First and foremost, they allow patients to receive timely diagnosis and treatment without having to wait for laboratory results or make a trip to the doctor. SkyQuest has done a detailed analysis of the global point of care diagnostics market and prepared a report. The report covers global demand and supply different type of POC devices by value and volume.
Current Product Pipeline in Global Point of Care Diagnostics Market
The current product pipeline in the global point of care diagnostics market as of 2022 is quite diverse. There are a number of companies developing new and innovative technologies that could potentially revolutionize the way we diagnose and treat disease. Here is a brief overview of some of the most promising devices in development:
- Group K Diagnostics (US) is currently under clinical trials. It has so far recruited 150 candidates. The company is testing POC devices for lung diseases such as lung cirrhosis and lung fibrosis
- CHU de Limoges (France) is currently recruiting candidates for testing a sepsis diagnostics device. So far, it has successfully managed to enroll 63 candidates for study
- Northern California Research, Hillcrest Medical Research, ENT Allergy & Associates of South Florida are engaged in developing immunoassay or diagnostics test for Sinusitis Bacterial. They have collectively enrolled 1,500 candidates for testing sensitivity and specificity of the test
SkyQuest has covered over 20 products under its product pipeline category. The report would help you in understanding current and upcoming product development, impact of new product launch of existing players, their competitive landscape, and market value that they are likely to generate once launch commercially.
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Top Players in Global Point of Care Diagnostics Market
- Abbott Laboratories (US)
- Siemens Healthineers AG (Germany)
- Quidel Corporation (US)
- F. Hoffman-La Roche Ltd. (Switzerland)
- Danaher Corporation (US)
- Becton, Dickinson and Company (US)
- Chembio Diagnostics (US)
- EKF Diagnostics (UK)
- Trinity Biotech plc (Ireland)
- Instrumentation Laboratory (US)
- Nova Biomedical (US)
- PTS Diagnostics (US)
- Sekisui Diagnostics (US)
- Thermo Fisher Scientific (US)
- BioMerieux S.A. (France)
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