United States, Rockville, MD, April 26, 2022 (GLOBE NEWSWIRE) -- In 2020, the point of care diagnostics market was worth US$ 34.1 Bn, and is projected to surge to an impressive estimated valuation of US$ 66 Bn by 2028.
Increasing number of people being affected by chronic diseases has substantially influenced the demand for rapid diagnosis and testing services. This trend is expected to propel point of care diagnostics market potential over the forecast period of 2022-2032. Rapid diagnostic kits are accurate and efficient; hence, are seeing a rise in popularity, which is expected to be prevalent over the years to come.
However, longer approval procedures and times taken by regulatory authorities are expected to limit the adoption of point of care diagnostic solutions and systems to some extent.
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Key point of care testing market players are focusing on launching new advanced testing products to boost their revenue potential.
- In July 2021, QuantuMDx a U.K.-based leading biotechnology firm announced the launch of a new rapid PCR point of care diagnostic system called Q-POC™. This molecular diagnostic testing solution is capable of providing results in around 30 minutes, which makes it an impressive offering in the global market.
Rising demand for rapid testing kits for diseases such as HIV, tuberculosis, etc. is also expected to boost shipments of point of care systems and solutions through 2028.
Prevalence of blood cancer and other blood-related disorders will also propel the consumption of hematology point of care devices. Glucose monitoring products are anticipated to see the most demand owing to the rising incidence of diabetes as they are specifically used by most diabetic patients.
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Key Takeaways from Sales of Point of Care Diagnostics Study
- In 2020, the global point of care diagnostics market totaled a valuation of US$ 34.1 Bn.
- The point of care diagnostics market is anticipated to expand at a CAGR of 7% from 2021 to 2028.
- Increasing prevalence of chronic diseases, rising demand for rapid diagnosis, technological advancements in the healthcare industry, and rising research and development activities are major factors that will drive point of care diagnostics market potential through 2028.
- Slower approval times for point of care diagnostic products from regulatory bodies are expected to constrain market growth to some extent.
- The North America point of care diagnostics market accounted for a revenue of US$ 14 Bn in 2020.
“Rising demand for rapid diagnosis and testing will propel point of care diagnostics demand on a global scale,” says a Fact.MR analyst
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Winning Strategy
Point of care diagnostic solution providers are investing in the research and development of novel products to widen their product portfolios and maximize sales. Point of care diagnostic system providers are also focusing on mergers and acquisitions to increase their market presence and reduce research and development times.
Increasing investments in the healthcare sector and rising support from governments across the world will also provide lucrative opportunities for point of care diagnostic market players over the coming years.
Key Segments Covered in Point of Care Diagnostics Industry Research
- Point of Care Diagnostics Market by Platform:
- Lateral Flow Assays-based POC Tests
- Dipsticks POC
- Microfluidic Point of Care Testing
- Molecular Diagnostics
- Immunoassay Technology
- Others
- Point of Care Diagnostics Market by Application:
- Glucose Monitoring Products
- Cardiometabolic Monitoring Products
- Infectious Disease Testing Products
- Pregnancy & Fertility Testing Products
- Urinalysis Testing Products
- Cholesterol Testing Products
- Hematology Testing Products
- Drugs-of-abuse Testing Products
- Others
- Point of Care Diagnostics Market by End User:
- Point of Care Diagnostics for Hospitals
- Point of Care Diagnostics for Diagnostic Laboratories
- Point of Care Diagnostics for Clinics/Physician Offices
- Point of Care Diagnostics for Home Care
- Others
- Point of Care Diagnostics Market by Region:
- North America Point of Care Diagnostics Market
- Latin America Point of Care Diagnostics Market
- Europe Point of Care Diagnostics Market
- East Asia Point of Care Diagnostics Market
- South Asia & Oceania Point of Care Diagnostics Market
- MEA Point of Care Diagnostics Market
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global point of care diagnostics market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.
The study divulges essential insights on the market on the basis of platform (lateral flow assays, dipsticks, microfluidics, molecular diagnostics, immunoassays, others), application (glucose monitoring products, cardiometabolic monitoring products, infectious disease testing products, pregnancy & fertility testing products, urinalysis testing products, cholesterol testing products, hematology testing products, drugs-of-abuse testing products, others), and end user (hospitals, diagnostic laboratories, clinics/physician offices, home care, others), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, the Middle East & Africa).
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Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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