Point of Care Diagnostics Market -Overview:
According to MRFR analysis, the global Point of Care Diagnostics/Testing Industry is expected to register a CAGR of~11.6% from 2021 to 2027and hold a value of ~USD 36,740.3 million by 2027.
The medical equipment utilized to get an immediate result in examining various diseases, diabetes, cancer, heart diseases, are defined as point of care (POC) diagnostics. These devices include glucose monitoring kits, infectious disease testing kits, pregnancy and fertility testing kits, and drug abuse testing kits, to name a few.
The tests can be employed in a variety of circumstances, with each requiring a different course of action depending on the outcome. The drug screening kit can be used for several different purposes. In general, the test is used to determine whether or not a person has consumed any narcotic substance. Sportsmen and women can take the test to ensure that no narcotic substances are present before competing. The advent of portable POC devices supporting government policies is supplementing the POC diagnostics/testing market, with an increasing number of chronic conditions such as diabetes around the globe and a relatively small number of healthcare facilities in developing nations. In addition, market participants are introducing digital and wireless POC solutions to improve diagnosis efficiency and accuracy.
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Regional Analysis:
The market for point-of-care diagnostics is dominated by North America (which includes the United States and Canada). With the rising incidence and prevalence of lifestyle diseases, North America is gaining traction. More awareness of self-testing and home care goods and a considerable adoption of novel technologies are projected to play a crucial role in driving the point-of-care diagnostics market in North America. Healthcare product providers are merging and acquiring current market participants to extend their product availability across the region. Lacuna Diagnostics (US), a company that provides digital cytology point of care and telehealth services, was bought by Heska Corporation (US).
Owing to the limited availability of healthcare workers, various manufacturing facilities, changing demographics, and increasing consumer healthcare expectations, the Asia-Pacific point of care diagnostics/testing market is expected to be the fastest-growing market sector. Furthermore, comforting government rules, significant funding by industry participants, and innovative technically advanced solutions are all elements boosting the point of care diagnostics/testing market.
Segmentation:
The global point of care diagnostics/testing market is categorized into product, end user, mode of purchase, and platform. Based on the product category, the market has been segregated into glucose monitoring, pregnancy & fertility testing, infectious disease testing, drug abuse testing, coagulation monitoring, cardiometabolic monitoring, cancer/tumor marker testing, hematology testing, urinalysis testing, cholesterol, and others. The glucose monitoring segment is expected to hold a considerable share of the market in 2020. Increasing POC urine hCG (Human Chorionic Gonadotropin) tests to diagnose pregnancy is fueling the market growth. Companies such as Abbott (US) are offering total β-hCG for the early detection of pregnancy. In addition, rising POC testing for early tumor detection is strengthening the demand for POC diagnostic products.
Based on end user, the global point of care diagnostics/testing market has been classified as hospitals & clinics, diagnostics centers, homecare/self-testing, and others. Hospitals &clinics held the largest segment share in 2020, owing to easy maneuvering, sample processing, and quick delivery of results. A laboratory information system also manages and stores patient’s test data for further reference, which further drives the market growth. Additionally, the demand for homecare/self-testing is accelerating due to increasing health risks during the pandemic outbreak and rising connectivity between patients and health care providers.
Based on mode of purchase, the global point of care diagnostics/testing market has been classified as over-the-counter (OTC) testing products and prescription-based testing products. The OTC testing products aim to hold a larger market share in the mode of purchase category. OTC products are sold without the prescription for generic disease-diagnosed patients. Theycomply with certain parameters that include the highest standards for efficacy and safety, Good Manufacturing Practice (GMP) manufacturing, stability testing, and labeling under 21 CFR 201.66. According to the FDA, over 300,000 marketed OTC drug products are categorized into 80 therapeutic classes. The largevariety and availability of the products are driving the point of care diagnostics/testing market.
Based on the platform, the global point of care diagnostics/testing market has been classified as immunoassays, molecular diagnostics, dipstick, and others. Immunoassays is estimated to hold the largest segment share in 2020, owing to the increasing demand forthe products for testing particular antibodies or a specific antigen in blood or other body fluids. The immunoassays-based POC test is carried out in countries with low resources and facilities. Among the immunoassays, lateral flow immunoassays are highly used for quick diagnosis as they are sensitive to specific antigens and offer quick & accurate results.
Key Players:
Some of the key players in the global point of care diagnostics/testing market are Abbott Laboratories (US), Siemens Healthineers GmbH (Germany), Chembio Diagnostics, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson Services, Inc. (US), Becton, Dickinson and Company (US), Danaher Corporation (US), PTS Diagnostics (US), Nova Biomedical (US), Quidel Corporation (US), Sekisui Diagnostics (US), Trinity Biotech (Ireland), AccuBioTech Co., Ltd.(China), Instrumentation Laboratory Company (Werfen) (US), and EKF Diagnostics Holdings plc (UK) among others.
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