Point of Care Diagnostics Market Growing at a CAGR of 10.8% - Exclusive Report by MarketsandMarkets™
2022-04-28 13:42:20 UTC | Healthcare & Pharmaceuticals
The Point of Care and Rapid Diagnostics Market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027.
The Rapid Diagnostics Market growth is mainly driven by the high prevalence of infectious diseases, supportive government policies and rising number of CLIA-waived POC tests. In addition, healthcare decentralization and greater investments and funding for product development are expected to offer growth opportunities for players in the POC Diagnostics Market. However, issues related to pricing pressure owing to reimbursement cuts and budget constraints are expected to hinder the growth of the point of care diagnostics market during the forecast period.
The Glucose Monitoring Products segment accounted for the largest share of the point of care diagnostics market, by product type, in 2021
Based on products, the Point of Care and Rapid Diagnostics Market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products. In 2021, the glucose monitoring products segment accounted for the largest share of the Rapid Diagnostics Market. This can be attributed to the growing diabetic patient population base, ongoing technological advancements, and the growing preference for home glucose testing.
The Lateral Flow Assays segment accounted for the largest share of the point of care diagnostics market, by platform, in 2021
Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The widespread adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures is a key factor contributing to the growth of this segment.
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The OTC Testing Products segment, by mode of purchase, accounted for the largest share of the global point of care diagnostics market in 2021
On the basis of mode of purchase, the point-of-care diagnostics market is segmented into OTC testing products and prescription-based testing products. The OTC testing products segment accounted for the largest share of the market in 2021. The growing prevalence of lifestyle diseases and the favorable reimbursement scenario for OTC testing products are the major factors driving the growth of this market segment.
On the basis of End Users, Hospitals & Critical Care Centers segment accounted for the largest share of the global point of care diagnostics market, in 2021
On the basis of end users, the Point of Care and Rapid Diagnostics Market is segmented into clinical laboratories; ambulatory care facilities and physicians' offices; pharmacies, retail clinics, and E-commerce platforms; hospitals, critical care centers, and urgent care centers; home care & self-testing; and other end users. The hospitals & critical care centers segment is expected to dominate the market during the forecast period, owing to the increasing adoption of POC devices offering reduced turnaround time. The clinical laboratories segment accounted for the largest share of the Rapid Diagnostics Market in 2021. However, the home care and self-testing segment is projected to register the highest CAGR during the forecast period, owing to the increasing prevalence of chronic diseases (requiring long-term care and frequent monitoring), growing awareness about home care, and the increasing availability of user-friendly and advanced POC diagnostic products.
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The global point of care diagnostics market is segmented into North America (comprising the US and Canada), Europe (includes Germany, France, and the UK), the Asia Pacific (includes Japan, China, India), Latin America (Brazil, Mexico), and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The rising prevalence of lifestyle diseases, growing number of product approvals, and government initiatives to support the wider adoption of POC testing products are the key factors driving the growth of the North American point-of-care diagnostics market.
On the other hand, the Latin American market is projected to register the highest growth during the forecast period due to government efforts to increase awareness about the early detection of diseases and regular health check-ups, further promoting point-of-care devices. Moreover, increasing healthcare expenditures, growing number of hospitals and clinical diagnostic laboratories, and increasing collaborations among players in the region are also expected to drive market growth.
As of 2020, the point of care diagnostics market is dominated by Roche Diagnostics (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Danaher Corporation (US), Quidel Corporation (US). Other leading players are Becton, Dickinson, and Company (US), Biomeriux S.A. (France), and Chembio Diagnostics (US).