Share on

Global Point of Care Diagnostics Market (POC Testing Market) Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Product, End-User and Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 1480
Pages: 165
Formats: report pdf report excel report power bi report ppt

Global Point of Care Diagnostics Market Size (2022 to 2027)

As per our report, the global point of care (POC) diagnostics market size is estimated to be growing at 9.76% CAGR during the forecast period. The global POC testing market is predicted to grow USD 39.69 billion by 2027 from USD 24.92 billion in 2022.

Point-of-care testing (POCT) is defined as medical diagnostic testing at or near the point of care—that is, at the time and place of patient care. Point-of-care tests are simple medical tests that can be performed at the bedside. The driving notion behind POCT is to bring the test conveniently and immediately to the patient. It increases the likelihood that the patient, physician, and care team will receive the results quicker, which allows for better immediate clinical management decisions to be made. The point of care diagnostics, also known as POC testing, is prevalent in enabling test results quickly and accurately. These are user-friendly, where one can take the test by simply following the instructions given on the kit. POC diagnostics have created a decentralized healthcare industry trend, enabling remote patient care, early diagnosis, and cost savings.

The coupling of POCT devices and electronic medical records enables test results to be shared instantly with care providers. The use of mobile devices in the healthcare setting also allows the healthcare provider to access patient test results from a POCT device quickly. A reduction in morbidity and mortality has been associated with such rapid turnaround times from a study using the i-STAT to analyze blood lactate levels after congenital heart surgery.

POCT has become established worldwide and finds vital roles in public health. Potential operational benefits include more rapid decision making and triage, reduced operating times, high-dependency, postoperative care time, emergency room time, number of outpatient clinic visits, number of hospital beds required, ensuring optimal use of professional time, and reduced antimicrobial medication. Tests performed at the point of care allow for a more efficient workflow process. Rapid test results enable expeditious decision-making and treatment. The portable devices are used, which means less space is required, and there’s a lot of flexibility to move workspace.

MARKET DRIVERS:

Immediate test results and growing market penetration of EMR (Electronic Medical Records) and PACS (Picture Archiving and Communication Systems) are potential factors driving the global point of care diagnostics market growth.

Adoption of sedentary lifestyles, unhealthy eating habits, and environmental factors are expected to surge the growth rate of the POC diagnostics market.

Furthermore, the growing demand for more efficient, easy-to-use, and faster consumer devices and these portable personal care devices is fuelling the global POC testing market growth. New product launches of home-testing cancer kits at regular intervals and enhanced laboratories due to the integration of automation techniques in healthcare are estimated to boost the market growth.

Increasing R & D activity to introduce new POC tests and devices for rapid disease detection and monitoring to drive the point of care diagnostics industry progress. Recently in February 2018, Siemens Healthineers gained FDA approval (Food and Drug Administration) for total carbon dioxide (TCO2) and blood urea nitrogen (BUN) POC testing, increasing its market presence.

Also, the high prevalence of chronic illnesses and cancers means that a large customer base deploys cheap and instant diagnostic tests, driving the point-of-care diagnostics/testing market. It is complemented by several cheap initiatives to facilitate POC tests in diagnostic and screening procedures.

MARKET RESTRAINTS:

Lack of skilled people in manufacturing the kits with the latest design in some areas is a major factor restraining the POC testing market demand. Cost is a roadblock factor comparatively, as laboratory testing tends to be less expensive than POC testing. Providers typically require the support of a laboratory to meet quality and accreditation requirements.

Quality assurance can be rigorous testing is performed by clinical staff rather than individuals that have been laboratory-trained. Errors could be arising if the team does not understand the importance of quality control and quality assurance practices.

Impact of COVID-19 on the global POC diagnostics market:

The recent eruption of SARS -CoV-2 posed a significant risk to global health. Due to the lack of vaccine and efficient treatments, many countries have been ruined with an augmenting illness spread with increasing COVID 19 cases. Due to the pandemic crisis, Point-of-Care technologies have quickly pioneered to direct fundamental limitations facing the existing standard diagnostic procedures. The Point-of-care testing market was observed to have a decline during the growth rate. The pharmaceutical and biotechnology companies are employed in COVID 19 point-of-care testing kits for the virus diagnosis. For instance, in July 2020, Becton Dickinson declared about the U.S (FDA) allowed Emergency Use Authorization (EUA) for fast, POC, COVID 19 diagnostic test for use with its extensive availability of BD Veritor Plus System. During the period, the demand and sales for these kits are scheduled to increase the market value.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This market research report on the Global Point of Care Diagnostics Market (POC Testing Market) has been segmented and sub-segmented based on the product, end-user, and region.

Point of Care Diagnostics Market - By Product:

  • Infectious Diseases
  • Cardiac Markers
  • Oncology Markers
  • OTC Diagnostic Tests
  • Drugs Of Abuse
  • Blood Gas Testing
  • Fertility Testing
  • Urinalysis
  • Coagulation
  • Hematology
  • Glucose Monitoring
  • Ambulatory Chemistry
  • Decentralized Clinical Chemistry

Based on the product, the Glucose monitoring segment leads the market among the products due to factors such as increasing the adoption rate of portable glucose meters with each passing year, growing awareness among diabetic patients to monitor glucose levels in the blood at regular intervals. The cancer markers market segment is to grow at a high pace.

Point of Care Diagnostics Market - By End-User:

Based on end-users, the Clinics segment dominates the market by contributing a significant share to the market every year. It is to grow further during the forecast period due to market boosting factors like availability of portable POC devices, government initiatives, differentiation of healthcare services in different regions, and a rise in the number of CLIA approved testes to diagnose various disorders.

The Home Health care segment is contributing a significant share to the market. It is likely to be growing at a high pace during the forecast period due to the emergence of economical and mobile POC testing devices and increasing demand for POC in home settings. It offers a high level of comfort to the patients.

Point of Care Diagnostics Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Geographically, the North American POC diagnostics market is the market leader in accounting for the highest number of shares in the global POC testing market. In 2020, the North American market was worth USD 8340 Million, and it will continue the growing trends in the years to come. Unhealthy lifestyles, a high number of chronic diseases, a rising number of FDA approvals, and government regulations related to healthcare development are acting as the key drivers behind the growth of POC diagnostics in North America.

The point of care testing market in the Asia Pacific is to grow at a CAGR of 10.2% during the forecast period. In the Asia Pacific, the market is expanding due to the rising prevalence of strategic initiatives taken by international players to improve healthcare infrastructure and increasing awareness in developing countries. In the Asia-pacific region, the market is expanding due to the rising prevalence of strategic initiatives taken by international players to improve healthcare infrastructure.

Europe is the second-largest region with a share of 32% due to the increased adoption of advanced Point of care diagnostic devices, a rise in awareness about innovative and advanced Point of care diagnostic devices.

KEY MARKET PARTICIPANTS:

Notable market participants in the Global Point of Care Diagnostics Market profiled Abbott Laboratories, Inc., Danaher Corporation, Roche Diagnostics Limited, BioMerieux, Siemens Healthcare, Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson, Alere Inc., and PTS Diagnostics.

Key market players are investing more in R & D to develop innovative products and expand revenues through collaborations with other companies, research universities, and private research organizations.

Siemens Healthineers, one of the leading companies in the POC diagnostics market, presents its customizable products for in vitro diagnostic tests, which are designed to improve workflow, efficiency, and clinical outcomes. The company offers the latest innovations in Central Laboratories' Atellica® solutions, blood gas testing during treatment, and molecular diagnostics. The RAPIDPoint® 500e Blood Gas System2 provides an improved user experience and sets a higher standard for healthcare simplicity, quality, and data security. For labs interested in expanding the reach of molecular diagnostics, the new Fast Track Diagnostics test menu from Siemens Healthineers provides a syndrome panel to improve patient care and workflow.

KEY MARKET HAPPENINGS IN THE RECENT PAST:

Please wait. . . . Your request is being processed

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: sales@marketdataforecast.com

Click for Request Sample