New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Point-of-Care Diagnostics Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277179/?utm_source=GNW
The global point-of-care diagnostics devices and equipment market will grow from $28.47 billion in 2022 to $32.34 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The point-of-care diagnostics devices and equipment market is expected to grow to $48.35 billion in 2027 at a CAGR of 10.6%.
The point-of-care diagnostics market consists of sales of instruments such as pregnancy and fertility testing kits, cholesterol test strips, drug abuse testing kits, and others that are used in point-of-care diagnostics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
Point-of-care diagnostics devices are designed to aid doctors in performing medical diagnostic testing at or near the point of care, for immediate knowledge on diseases or conditions. These devices are used to test glucose and cholesterol levels, do electrolyte and enzyme analysis, test for drugs of abuse and for infectious diseases, and for pregnancy testing.
North America was the largest region in the point–of–care diagnostic devices and equipment market in 2022.Asia Pacific was the second-largest region in the point–of–care diagnostic devices and equipment market.
The regions covered in point-of-care diagnostics devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types in point-of-care diagnostic devices and equipment are infectious disease testing kits, cardiometabolic monitoring kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, and others.Pregnancy and fertility tests kits in point-of-care diagnostic devices are the devices that are used to test the pregnancy and fertility in advance before going to the doctor.
The various prescription mode includes prescription-based testing devices, and over-the-counter (OTC) testing devices. These are used by end-users such as professional diagnostic centres, hospitals/critical care centres, outpatient healthcare settings, ambulatory care settings, research laboratories, and homes.
An increase in the incidence of target diseases is driving the POC devices and equipment market globally.The rising incidence of chronic diseases, like diabetes, rheumatism, or cancer is increasing steadily worldwide due to poor lifestyle choices and increasing obesity, thus driving the growth of the POC devices and equipment market.
For example, according to the Centers for Disease Control and Prevention, In 2020, about 697,000 people in the US died due to heart disease.
The POC diagnostics devices and equipment market is expected to slow down due to stringent regulatory policies, which increase the gestational period before the product enters the market.POC devices and equipment manufacturers are required to obtain multiple FDA clearances before launching their product into the market.
The entire process of approval consumes a lot of time, thereby restraining the market growth.
Over-the-Counter (OTC) testing is being termed as an important trend driving the growth of the point of care diagnostics market.FDA has approved OTC test kits for cholesterol, fecal occult blood, pregnancy, and HIV/HCV.
This method would improve the access to testing and early detection of the disease. These testing kits may generate more revenue than prescription tests over the forecast period due to ease of using the kits, increased home care and self-testing, and a rise in availability and adoption rate.
Point of care devices is regulated by the U.S. Food and Drug Administration (FDA) and all the diagnostic laboratory tests are regulated by the clinical laboratory improvement amendments of 1988 (CLIA) that are administered by the Centers for Medicare & Medicaid Services (CMS). As these devices measure the biomarker levels in the body they are classified as class II (requiring 510[k] approval), or III devices (requiring the more tedious premarket approval). On the contrary, to the stringent approvals by FDA, China has a moderately lenient approval mechanism. Therefore, the top companies are using a partnership approach with local vendors and distributors to expand their market share.
The countries covered in the point–of–care diagnostic devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The point-of-care diagnostics devices and equipment market research report is one of a series of new reports that provides point-of-care diagnostics devices and equipment market statistics, including point-of-care diagnostics devices and equipment industry global market size, regional shares, competitors with a point-of-care diagnostics devices and equipment market share, detailed point-of-care diagnostics devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the point-of-care diagnostics devices and equipment industry. This point-of-care diagnostics devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06277179/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
