WASHINGTON, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Point of Care Diagnostics Market finds that the growth in the implementation of the newest technological developments and the high rate of chronic and infectious diseases all over the world are anticipated to enhance the growth of the Global Point of Care Diagnostics Market during the forecast period.
The Global Point of Care Diagnostics Market revenue is expected to reach a value USD 73.9 Billion in 2028.
The Global Market revenue was valued at USD 41.5 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period; states Vantage Market Research, in a report, titled “Point of Care Diagnostics Market Size, Share & Trends Analysis Report by Product (Glucose Testing, Hb1Ac Testing, Coagulation Testing, Fertility/Pregnancy, Infectious Disease, Cardiac Markers, Thyroid Stimulating Hormone, Hematology, Primary Care Systems, Decentralized Clinical Chemistry, Feces, Lipid Testing, Cancer Marker, Blood Gas/Electrolytes, Ambulatory Chemistry, Drug of Abuse (DOA) Testing, Urinalysis/Nephrology), by End Users (Clinics, Hospitals, Home, Assisted Living Healthcare Facilities, Laboratories), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Point of Care Diagnostics Market was valued USD 41.5 Billion in 2021 and is all set to surpass USD 73.9 Billion by 2028, exhibiting a CAGR of 10.1% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Point of Care Diagnostics industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
High Prevalence of Chronic and Infectious Diseases Worldwide to Drive the Market Growth
Significant growth in the incidence of chronic disorders such as diabetes, cardiovascular disorders, and infectious diseases has been detected globally. In addition, the increasing occurrence rate of these disorders is one of the most critical factors fuelling the demand for Point of Care Diagnostics Market. For example, according to CDC, 4-5 million children worldwide develop respiratory syncytial virus (RSV) lower respiratory tract infection once a year. Moreover, significant growth in the incidence of diabetes worldwide is creating a high demand for Point of Care Diagnostics Market intending to manage these ailments efficiently.
Furthermore, POC tests significantly improve the management of infectious disorders, mainly in emerging nations where access to timely medical care is challenging and the healthcare infrastructure is old and spare. Besides, the growing occurrence of HIV is expected to enhance the demand for Point of Care Diagnostics Market, further expediting HIV infection treatment. Furthermore, the inadequate healthcare infrastructural facilities in developing nations are also likely to propel the adoption of Point of Care Diagnostics Market. Therefore, the Point of Care Diagnostics Market is expected to grow considerably worldwide.
Increasing Adoption of Latest Technological Advancements to Stimulate Market Growth
The increase in technological advancements in the Point of Care Diagnostics Market is the significant factor expected to propel the expansion of the Point of Care Diagnostics Market during the forecast period. In addition, the expanding POC tests with multiplexing capabilities, the growing awareness through conferences and events, healthcare decentralization, and the emerging markets will bring new prospects for the Point of Care Diagnostics Market in the coming years. Moreover, in the Point of Care Diagnostics Market, several technological advancements intend to decrease the turnaround time and make the devices accessible. The chip technology miniaturization, novel biosensors µ fluids have been an indication for making new Point of Care Diagnostics Market systems. Besides, a lab on chip technology drives the Point of Care Diagnostics Market industry, particularly in the diagnosis of infectious disease, as a result, growing the market demand for Point of Care Diagnostics Market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide and the Global Point of Care Diagnostics Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Point of Care Diagnostics Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Point of Care Diagnostics Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Point of Care Diagnostics Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Point of Care Diagnostics Market has considered the impact of COVID-19 on the Point of Care Diagnostics Market globally and the subsidiaries for the Point of Care Diagnostics Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Point of Care Diagnostics Market industry for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long-Term Dynamics
- Short-Term Dynamics
The report on Point of Care Diagnostics Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
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Segment Analysis:
- Product
- Glucose Testing
- Hb1Ac Testing
- Coagulation Testing
- Fertility/Pregnancy
- Infectious Disease
- Cardiac Markers
- Thyroid Stimulating Hormone
- Hematology
- Primary Care Systems
- Decentralized Clinical Chemistry
- Feces
- Lipid Testing
- Cancer Marker
- Blood Gas/Electrolytes
- Ambulatory Chemistry
- Drug of Abuse (DOA) Testing
- Urinalysis/Nephrology
- End Users
- Clinics
- Hospitals
- Home
- Assisted Living Healthcare Facilities
- Laboratories
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis:
North America Dominated the Global Point of Care Diagnostics Market
North America dominated the Global Point of Care Diagnostics Market in 2021 and will likely continue the same trend during the forecast period. This can be attributable to the rapidly escalating COVID-19 cases in the region. Moreover, the surge in product innovations and the growing incidences of chronic and infectious disorders will drive the market growth in North America. Also, key market players in the U.S. and Canada are responsible for regional market development.
List of Prominent Players in Point of Care Diagnostics Market:
- F. Hoffmann-La Roche Ltd.
- Qiagen
- Danaher Corp.
- Becton Dickinson (BD)
- Biomerieux SA
- Abbott Laboratories
- Siemens Healthcare AG
- Zoetis Inc.
- Instrumentation Laboratory
- Nova Biomedical
- Trividia Health Inc.
- Quidel Corp.
- Trinity Biotech
- Sekisui Diagnostics
- Orasure Technologies Inc.
- Nipro Corp.
- Spectral Medical Inc.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Point of Care Diagnostics Market Size, Share & Trends Analysis Report by Product (Glucose Testing, Hb1Ac Testing, Coagulation Testing, Fertility/Pregnancy, Infectious Disease, Cardiac Markers, Thyroid Stimulating Hormone, Hematology, Primary Care Systems, Decentralized Clinical Chemistry, Feces, Lipid Testing, Cancer Marker, Blood Gas/Electrolytes, Ambulatory Chemistry, Drug of Abuse (DOA) Testing, Urinalysis/Nephrology), by End Users (Clinics, Hospitals, Home, Assisted Living Healthcare Facilities, Laboratories), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
December 2021: Siemens Healthineers’s CLINITEST Rapid COVID-19 Antigen Self-Test received Emergency Use Approval (EUA) by the U.S. Food and Drug Administration (FDA). This user-friendly nasal swab test was used to rapidly detect SARS-CoV-2 (COVID-19-causing virus) and get quick results in 15 minutes. This introduction of a novel point of care item enabled the company to have a competitive position and increased brand recognition.
October 2021: Thermo Fisher Scientific stated that it received FDA Emergency Use Authorization (EUA) to run the COVID-19 tests from a new saliva sample collection technique through the Spectrum Solutions Spectrum DNA SDNA-1000 collection device, a high-throughput, automated COVID-19 testing system on the Amplitude Solution.
July 2021: Abbott introduced the Panbio COVID-19 Antigen Self-Test that can be used to detect the SARS-CoV-2 virus in adults and children. Also, the test received CE Mark approval and is approved by the ICMR advisory in India.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Point of Care Diagnostics Market for the base year and forecast period?
This market titled “Point of Care Diagnostics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Product • Glucose Testing • Hb1Ac Testing • Coagulation Testing • Fertility/Pregnancy • Infectious Disease • Cardiac Markers • Thyroid Stimulating Hormone • Hematology • Primary Care Systems • Decentralized Clinical Chemistry • Feces • Lipid Testing • Cancer Marker • Blood Gas/Electrolytes • Ambulatory Chemistry • Drug of Abuse (DOA) Testing • Urinalysis/Nephrology • End Users • Clinics • Hospitals • Home • Assisted Living Healthcare Facilities • Laboratories • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • F. Hoffmann-La Roche Ltd. • Qiagen • Danaher Corp. • Becton Dickinson (BD) • Biomerieux SA • Abbott Laboratories • Siemens Healthcare AG • Zoetis Inc. • Instrumentation Laboratory • Nova Biomedical • Trividia Health Inc. • Quidel Corp. • Trinity Biotech • Sekisui Diagnostics • Orasure Technologies Inc. • Nipro Corp. • Spectral Medical Inc. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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