Point-of-Care Diagnostics Market to Expand at a CAGR of 4.7% from 2021 to 2028

Point-of-Care Diagnostics Market Outlook 2028

• The global point-of-care diagnostics market was valued at US$ 34.1 Bn in 2020
• It is estimated to expand at a CAGR of 4.7% from 2021 to 2028
• The global point-of-care diagnostics market is expected to reach the value of US$ 66 Bn by the end of 2028

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Innovative Strategies Adopted by Market Players to Gain Competitive Benefits

R&D activities have a large part to play in strengthening the growth structure of the point-of-care diagnostics market. The players indulge in these activities for adding new technologies to the systems. Furthermore, the activities also assist in increasing the revenues of the players in the point-of-care diagnostics market. Strategic collaborations have a major role in expanding the landscape of the point-of-care diagnostics market. Mergers, acquisitions, joint ventures, and partnerships are important in boosting the influence of the players in various regional pockets. These collaborations also aid in increasing the production capacities of the players in the point-of-care diagnostics market, eventually accelerating the growth prospects.

Increase in Preference for Biosensor Integration to Drive Global Market

A blend of biosensors in point-of-care diagnostics devices help improve patient care via real-time and remote health monitoring. Furthermore, label-based techniques are time consuming and cause many complexities. These factors are accelerating the use of point-of-care diagnostics devices, ultimately contributing to the growth structure of the point-of-care diagnostics market. Point-of-care diagnostics helps healthcare practitioners to efficiently and accurately attain real-time and high-quality results in a short span. These diagnostics help physicians, clinicians, and other healthcare professionals to make quick decisions related to the line of treatment to be given to a patient.

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Lucrative Growth Opportunities for North America Market Players

The North America point-of-care diagnostics market is expected to account for the largest share of the global market. This can be attributed to the availability of advanced healthcare infrastructure and technological growth.

The point-of-care diagnostics market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The region is expected to gain market share due to rising population, government initiatives to provide better health care facilities, growing number of patients affected by various viral diseases. Rise in disposable income of people also contributes to the expansion of the market in Asia Pacific.

Governments Extend Support to Improve Healthcare Infrastructure

Due to the COVID-19 pandemic, an increase in the strain on the healthcare sector was witnessed due to increased hospitalization and complications among many individuals. These aspects are encouraging many government bodies to improve their healthcare infrastructure. This, in turn, is propelling the growth of the point-of-care diagnostics market. The advantages associated with point-of-care diagnostics devices are estimated to have a positive impact on the growth trajectory of the point-of-care diagnostics market during the forecast period. Manufacturers operating in the global point-of-care diagnostics market are focusing on innovations in services to boost the global market. Companies in the global point-of-care diagnostics market are accelerating product development and unlocking revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain competitive edge in healthcare sector.

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Impact of Coronavirus on Global Point-of-Care Diagnostics Market

The COVID-19 pandemic has changed the growth equation of many industries and sectors in different ways. The growth projections of the point-of-care diagnostics market have also been affected due to the pandemic. Numerous countries are ramping up COVID-19 testing measures for early detection and death prevention due to the infection. The novel coronavirus, if detected at a later stage, may spread at a rapid rate and also infect the lungs, which can prove to be dangerous, or even fatal in some cases. Hence, government bodies are upgrading COVID-19 testing measures. These factors assure accelerated growth of the point-of-care diagnostics market. The benefits attached to the use of point-of-care diagnostics as compared to other techniques are predicted to strengthen the growth prospects of the global market. Other aspects such as precision, accuracy, and enhanced sensitivity assist in increasing the growth rate of the point-of-care diagnostics market.

Point-of-Care Diagnostics Market: Overview

• According to Transparency Market Research’s latest report on the global point-of-care diagnostics market for the historical period 2017–2019 and forecast period 2021–2028, increase in incidence of diabetes, cancer, and other chronic diseases, and technological advancements in the field of point-of-care that has resulted in new and innovative products are projected to drive the global point-of-care diagnostics market during the forecast period

Rise in Prevalence of Chronic, Infectious, and Lifestyle Diseases: Key Driver

• The number of patients inflicted with infectious diseases and other lifestyle diseases is increasing. However, early screening at the onset stage prevents the last stage complications and health care costs for patients.
• According to the IDF Diabetes Atlas Tenth edition 2021, around 537 million adults (20 years to 79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
• Using data from 2015 to 2018, around 93.9 million, or 38.1%, of the U.S. adults had total cholesterol of 200 mg/dL or higher, according to the American Heart Association, Inc.

Technological Innovations to Boost Market Growth

• Technological innovations that provide early, safe, and accurate results for diagnosis are projected to boost the growth of the global point-of-care diagnostics market. Advanced technology helps in continually updating the market by bringing on better products.
• Introduction of the fifth generation HIV test for diagnosis helps patients with early detection of HIV infection by diagnosing HIV antigen. The 5th generation HIV test provides more information than ever before about a person’s HIV status. Moreover, this test can now detect and identify both HIV-1 and HIV-2 antibodies and the p24 antigen individually in one blood sample, thereby specifically indicating which marker is positive. The 4th generation test reports on all three markers together.
• In response to the ongoing two-year-long COVID-19 outbreak, the World Health Organization (WHO) has supported bedside diagnostics as a major research priority. In comparison to the gold standard lab-based PCR test, the goal is to enhance turnaround time and ease of use. Rapid antigen tests, alternative DNA amplification technologies, and innovative sensors in close proximity to patients have all been used.
• With built-in sensors, high-resolution cameras, high-speed wireless connectivity, and the capacity to use numerous applications and apps, smartphones operate as minicomputers for sensitive and particular data quantification. Hence, these can be used in mobile POCT as standalone sensors and detectors.

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Lack of Quantification in Results of Point-of-Care Diagnostics to Hamper Global Market

• Rapid medical diagnostic kits provide for only qualitative results for the tests performed. These results are easily observable. For confirmation of the test results, other diagnostic methods have to be deployed, which increases the health care costs incurred by patients.
• Rapid diagnostic test kit for malaria was used to check for malarial antigens at onset stage. The results were indicative of the presence of malarial antigens; however, the amount or quantity was not observed.

Point-of-Care Diagnostics Market: Competition Landscape

• This report profiles major players in the global point-of-care diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global point-of-care diagnostics market is consolidated, with the presence of small number of major global players
• Leading players operating in the global point-of-care diagnostics market are
  • Johnson & Johnson Services, Inc.
  • bioMérieux SA
  • F. Hoffmann-La Roche Ltd.
  • Nova Biomedical
  • Siemens AG
  • Bio Rad Laboratories, Inc.
  • BD
  • Abbott
  • Danaher Corporation
  • Cardinal Health Inc.
  • Thermo Fisher Scientific, Inc., among others

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