Publication Month: Jun 2021 | Report Code: TIPRE00006394 | No. of Pages: 245 | Category: Medical Device | Status: Published
Point of care testing (POCT) is described as medical diagnostic testing at or near the point of care that is, at time and place of patient care. The purpose of POCT is to provide immediate information to physicians about the patient's condition. POCT is an important diagnostic tool used in various locations in the hospital such as the intensive care unit (ICU), the operating room (OR), and the emergency department (ED). The market growth is primarily attributed to increase in prevalence of infectious diseases, product developments and launches, and rise in number of CLIA-waived POC tests. However, product recalls are expected to hamper the market growth.
The point of care diagnostics market is witnessing substantial growth amid the COVID-19 pandemic. Certain factors such as sudden rise in coronavirus infections and exponential growth in COVID-19 diagnostic kits played a prominent role in the growth of the point of care diagnostics market during the pandemic. In addition, the growing demand for rapid test kits for faster diagnosis at public places is also estimated to have positive impact on the market growth.
The use of point of care testing has steadily increased over the last 40 years since its widespread introduction. The point of care diagnostics market is likely to grow with the introduction of new products into the market, aimed at delivering inexpensive care at the facilities located at the closest-possible distances from the patients’ location. New technologies or products are being refined and improved to deliver easier to use devices with incremental improvements in analytical performance.
The growth of the POC market is mainly attributed to the introduction of new devices to perform molecular testing. Many new devices have been launched in recent years. For instance, in June 2019, Abbott launched first-ever rapid POC HbA1c test to aid in the diagnosis of diabetes; this test provides results in three minutes, enabling clinicians to develop informed, individualized care plans during patient consultation. Moreover, in July 2021, BD announced launch of rapid and portable point-of-care antigen test for diagnosis of COVID-19. The new test kit is capable to deliver results within 15 minutes of the test. Besides, in December 2020, Beckman Coulter also introduced its rapid antigen kit for diagnosis of COVID-19. Similarly, in 2017, Roche Diagnostic division launched CoaguChek Vantus PoC in the US; this system enables handheld coagulation monitoring system for the self-assessment of health. The division has also launched new point-of-care mobile application—Cobas Infinity—designed to meet the needs of point-of-care coordinators to manage important tasks on the go. Such advancements in new launched devices will propel the overall POC market growth during the forecast period.
Based on product, the point of care diagnostics market is segmented into glucose monitoring, infectious disease testing, cardiometabolic testing, pregnancy and fertility testing, coagulation testing, tumor/cancer marker testing, cholesterol testing, urinalysis testing, hematology testing, and other POC products. The infectious diseases segment is further subsegmented into HIV testing, influenza testing, sexually transmitted disease (STD) testing, hepatitis c testing, healthcare-associated infection (HAI) testing, tropical disease testing, respiratory infection testing, and other infectious disease testing. In 2020, the glucose monitoring segment held the largest share of the market. However, the infectious diseases segment is estimated to register the highest CAGR during the forecast period.
Based on prescription mode, the point of care diagnostics market is bifurcated into prescription-based testing and OTC testing. In 2020, the prescription-based testing segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. The growth of this segment is mainly attributed to the increase in incidence and prevalence of lifestyle diseases and the lack of awareness about OTC POCT devices in developing nations.
In terms of end user, the point of care diagnostics market is segmented into professional diagnostic centers, home care, research laboratories, and others. In 2020, the professional diagnostic centers segment held a substantial market share. The professional diagnostic centers segment is further subsegmented into hospitals, clinical laboratories, outpatient healthcare, and ambulatory care settings. However, the home care segment is expected to register the highest CAGR during the forecast period.
|Market Size Value in||US$ 36,000.4 Million in 2021|
|Market Size Value by||US$ 82,958.3 Million by 2028|
|Growth rate||CAGR of 12.7% from 2021-2028|
|No. of Pages||245|
|No. of Tables||138|
|No. of Charts & Figures||91|
|Historical data available||Yes|
|Segments covered||Product , Prescription Mode , and End User , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The point of care diagnostics market players are adopting the product launch and expansion strategies to meet changing customer demands, which further allows them to maintain their brand name globally.
The List of Companies - Point of Care Diagnostics Market