According to the latest report by Renub Research, “Point of Care Diagnostic Market Size, Global Forecast 2021-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis” the Point of Care Diagnostics Market is expected to be USD 44 Billion by 2027. Point-of-care testing is essential for rapidly detecting analyses near the patient, facilitating better monitoring, disease diagnosis, and management. POC tests are executed outside central laboratories and produce quick results. POC has been a vital goal in vitro diagnostics, and new consequences have made achieving it possible. Point of care diagnostics will be part of a paradigm shift from corrective medicine to predictive, personalized, and preemptive treatment.
Around the world, the demand for POC diagnostics is rapidly growing because of the prevalence of acute and chronic diseases. As per World Health Organization (WHO), in 2019, about 10 million people were impacted by tuberculosis globally, and 1.4 million people died from tuberculosis. Moreover, according to the United Nations Program on HIV/AIDS (UNAIDS), worldwide; around 37.7 million people were living with HIV in 2020. The demand for diagnosis products among patients is probable to boost the POC diagnostics market growth.
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Factors Driving Point of Care Testing Market
Furthermore, Point-of-care is gaining wide acceptance by different patients worldwide, as samples are collected from the patient’s location for tests. The results can be achieved significantly less due to micro fluids, nano diagnostics, and chips. Factors such as the increasing regulatory support for novel immunoassay techniques, technological advancements, and the rising usage of home-based POC devices drive market growth. Point-of-care testing diagnostics have numerous advantages, which allow patient diagnoses at many places, such as in the ambulance, physician’s office, home, field, or hospital. The upshots of care are timely and quickly remedy the patient.
How COVID-19 Benefited the Global Point Of Care Diagnostics Industry:
The COVID-19 pandemic has dramatically affected the point of care diagnostics market. The outbreak of COVID-19 has expedited the global demand for diagnostic kits to detect the disease rapidly. Regardless, owing to the increasing usage of POC tests that can rapidly diagnose COVID-19. With the enlargement in demand for speedy diagnostic results, the adoption of point-of-care testing is booming. The rapidly extending number of COVID-19 cases and the growing pressure on governments to improve patient management have raised the demand for rapid antigen testing kits that can be virtually used in point-of-care settings.
Coagulation Monitoring Testing is the Major Revenue Share
Based on Diagnostics type, Point-of-care testing (POCT) diagnostics market segmented into Glucose Monitoring Infectious Disease, Pregnancy & Fertility Testing Market, Hematology Testing, Cardiometabolic Monitoring, Coagulation Monitoring, Urinalysis, and Tumor Markers. The rising number of patients suffering from bleeding disorders such as Von Willebrand, hemophilia, and venous thromboembolism generate considerable demand for Coagulation Monitoring testing.
Worldwide the rising prevalence of diabetes demands for Blood glucose testing point-of-care diagnostics due to the triumph of hand-held glucose meters, owing to their high adoption rate among the population across the world. Periodic monitoring of glucose levels is vital for diabetic patients, encouraging POC adoption among diabetic patients. Nevertheless, technology such as Lateral Flow technology uses across healthcare. There is an enormous demand for this segment owing to the advantage offered by lateral flow assay assays in POC testing by replacing lengthy, conventional laboratory procedures.
Regional Analysis: United States Controls the Point of Care Diagnostics Industry
Currently, the United States has highest market for point-of-care-diagnostics globally. This can be attributed to the country's growing geriatric population base and the aspects such as the increasing plurality of disorders and the flawless government regulations and initiatives undertaken for the evolution of healthcare infrastructure. Besides, the Asia-Pacific industry is to witness considerable enlargement due to the higher adoption of POC diagnostics kits in India. China is another significant factor supporting the growth in the Asia Pacific region.
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The point-of-care diagnostics market is relatively competitive and consists of several major players such as Sysmex, Abbott Laboratories (US, Becton Dickinson and Company (US), Danaher Corporation (US), Quidel Diagnostics (US)
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