Point of Care/Rapid Diagnostics Market by Product, Platform, Mode of Purchase and End-user - Global Forecast to 2025 - ResearchAndMarkets.com

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The global point of care diagnostics market size is projected to reach USD 50.6 billion by 2025 from USD 29.5 billion in 2020, at a CAGR of 11.4%.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, March 1, 2021
Information
Tags: 
Health, General Health
Geotags: 
AFRICA, NORTH AMERICA, EUROPE, LATIN AMERICA, ASIA, INDIA, CHINA, MIDDLE EAST
⚠generated by AI ↴
Summary
Key Points: 
  • The global point of care diagnostics market size is projected to reach USD 50.6 billion by 2025 from USD 29.5 billion in 2020, at a CAGR of 11.4%.
  • Factors such as the technological advancements in point of care devices in the market are propelling the growth of the market.
  • The recent COVID-19 global pandemic has also impacted the point of care diagnostics market.
  • The glucose monitoring products segment to witness the highest growth rate in point of care diagnostics market, by product, during the forecast period.


The "Point of Care/Rapid Diagnostics Market by Product (Glucose, Infectious Disease (Hepatitis C, Influenza), Coagulation), Platform (Microfluidics, Immunoassay), Mode of Purchase (Prescription, OTC), Enduser (Hospital, e-comm, Home Care) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global point of care diagnostics market size is projected to reach USD 50.6 billion by 2025 from USD 29.5 billion in 2020, at a CAGR of 11.4%.

Factors such as the technological advancements in point of care devices in the market are propelling the growth of the market. Additionally, rising cases of investments from both private and public sectors boosting the research activities are likely to have effect in the growth of point of care diagnostics market. However, lack of proper alignment of POCs with central lab methods, and lower adoption, due to lack of knowledge regarding the use of PoC products for indicative diseases in many low resource economies are likely to hamper the growth of this market.

The recent COVID-19 global pandemic has also impacted the point of care diagnostics market. Demand from the main end-users has increased as key regions and countries demanded for rapid testing kits in order to detect the COVID infection at the earliest. The rapidly growing number of COVID-19 cases and the growing pressure on governments to improve patient management has boosted the demand for rapid testing kits that can be effectively used in point-of-care settings.

The glucose monitoring products segment to witness the highest growth rate in point of care diagnostics market, by product, during the forecast period.

The glucose monitoring products segment is expected to witness the highest growth rate during the forecast period. The high growth in this owes to the high prevalence of diabetes, ongoing technological advancements in blood glucose self-monitoring devices, and growing patient awareness about the availability POC products to easily monitor blood glucose level at home.

The lateral flow assays segment accounted for the largest share of the point of care diagnostics market, by platform, in 2020.

The lateral flow assays segment accounted for the largest share of the point of care diagnostics market in 2020. The increasing adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures are playing a critical factor supporting the growth of this segment.

The OTC testing segment accounted for the largest share of the point of care diagnostics, by mode of purchase, in 2020"

OTC testing products are used for glucose monitoring, pregnancy & fertility testing, infectious disease testing, and cholesterol-level testing. Moreover, many PoC devices available without prescription in many developing nations and increase in online purchase of OCT POC product are driving the demand for OTC POC testing products.

The Hospitals & Critical Care Centers segment accounted for the largest share of the point of care diagnostics, by end users, in 2020

Hospitals and clinics make use of POC devices for improving patient care and treatment efficiency. One of the main advantages of using POC devices in hospitals or clinical settings over laboratory tests is that they have a faster turnaround time for testing as compared to a laboratory. Increase in the awareness of the benefits associated with the POC diagnostics for the treatment/monitoring of various patients in hospitals/critical care centers are accelerating the use of POC devices among these end users.

The Asia Pacific market to grow at the highest CAGR during the forecast period.

The point of care diagnostics market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Government efforts to increase awareness related rapid diagnostic devices at point of care , rising healthcare expenditure, increasing healthcare expenditures, increasing number of hospitals and clinical diagnostic laboratories in India and China, and growing collaborations among players in the region are also expected to drive point of care diagnostics market growth in Aisa Pacific

Market Dynamics

Drivers

  • High Prevalence of Infectious Diseases
  • Increasing Incidence of Target Conditions
  • Supportive Government Policies
  • Dearth of Skilled Laboratory Technicians
  • Rising Number of Clia-Waived Poc Tests

Restraints

  • Pricing Pressure Owing to Reimbursement Cuts and Budget Constraints
  • Stringent Regulatory Policies

Opportunities

  • Emerging Markets
  • Healthcare Decentralization
  • Increasing Provider Awareness About Novel Technologies
  • Poc Tests with Multiplexing Capabilities
  • Growing Investments and Funding for Product Development

Challenges

  • Lack of Alignment with Definitive Central Lab Methods
  • Inadequate Adoption of Poc Devices in Professional Settings
  • Reluctance to Change Existing Diagnostic Practices
  • Premium Pricing of Novel Platforms

Companies Mentioned

  • Abbott Laboratories
  • Accubiotech
  • Becton, Dickinson and Company
  • Chembio Diagnostics
  • Danaher Corporation
  • EKF Diagnostics
  • Fluxergy
  • Instrumentation Laboratory (A Werfen Company)
  • Johnson & Johnson
  • Nova Biomedical
  • PTS Diagnostics
  • Quidel Corporation
  • Roche Diagnostics
  • Sekisui Diagnostics
  • Siemens Healthineers
  • Trinity Biotech

For more information about this report visit https://www.researchandmarkets.com/r/lub50a

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