Point Of Care Diagnostics Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Point-Of-Care Diagnostics Market: Snapshot
The latest business intelligence study indicates that the global point of care diagnostics market was initially evaluated at US$ 37.03 Bn in the base year of the study i.e., 2021. It also predicts that the global point of care diagnostics market will surpass this initial evaluation and hit the final mark of US$ 68.59 Bn the end of the forecast period in 2030.
The research report also projects that the global point of care diagnostics market will record a considerable growth rate of 6.8 % over the forecast years i.e, 2022 to 2030. The growth of the global point of care diagnostics market is anticipated to be driven by the increase in the prevalence of various target diseases.
Furthermore, some other prominent drivers, motivating the expansion of the global point of care diagnostics market in coming years include the rising amount of funding coming from various sources, as well as the rising requirement for addressing the increased healthcare needs post the outbreak of the novel coronvirus.
Point-of-care or point-of-use diagnostics, sometimes known as bedside testing, has gained increased prominence in analytical testing over the past few years. They provide clinically relevant information without the need for a dedicated laboratory. Recent technological advancements in a host of microfluidic diagnostics platforms have consequently improved their functionality and performance. Constant advances such as devices miniaturization, multiplexing of samples, and development of networking technologies have led to the evolution of advanced point-of-care diagnostics. This has led to the advent of devices with higher specificity and sensitivity, which is helpful in boosting patient outcomes in a variety of clinical settings. Furthermore, they increase the availability of diagnostics and reduces the overall healthcare cost. Point-of-care diagnostics are expected to open up promising prospects in areas such as veterinary medicine, space travel, and critical care.
In recent years, intensive researches are being done for the technical feasibility and clinical viability of point-of-care diagnostic using saliva in case of periodontitis. Saliva, as source of excellent biomarkers, have already been tested for the application in bedside testing. While this has been proven to be technically feasible, still hurdles remain in the clinical application. For instance, the viability of the method is still not validated for a large, diverse set of patient population. Periodontitis is chronic in nature and progresses without causing any noticeable discomfort to patients, until periodontium is destroyed. Hence, world over, researchers and clinicians are focused on meeting the unmet needs of various populations suffering from gingival inflammation.
Global Point Of Care Diagnostics Market: Overview
The continuous development in the field of information technology pertaining to healthcare plays an imperative role in the growth of the global point of care diagnostics market. Point of care diagnostic systems are used for various applications including glucose monitoring, infectious disease testing, cardiometabolic monitoring, hematology testing, pregnancy and fertility testing, fecal occult testing, and tumor/cancer testing. These systems are widely used in professional diagnostic centers, home care, and research laboratories.
This research report provides a detailed analysis of the global point of care diagnostics market by segmenting the overall market on the basis of various criteria including end users, products, and geography. Each segment has been meticulously studied in terms of both value and volume. The report offers insights into the historic scenario and current landscape of the market and uses the data to estimate future trends. It uses Porter’s five force analysis and market attractiveness analysis to derive the vendor landscape of the market. It profiles key players of the market and presents data regarding their business strategies, latest development, market shares, and contact information. It also presents a detailed description of the factors influencing the market and analyzes the extent to which they impact the growth.
Global Point Of Care Diagnostics Market: Drivers and Restraints
The increasing prevalence of infectious diseases and lifestyle-related diseases is triggering the global demand for point of care diagnostic systems. The growing investments by governments and private organizations in the development of innovative diagnostic products are fuelling the global point of care diagnostics market. Moreover, rapid advancements in technologies and increasing focus of manufacturers towards new product launches are providing a fillip to the market. The rising demand for home-based POC devices is another factor augmenting the market. Furthermore, the increasing number of regulatory approvals for new and advanced immunoassay techniques is catalyzing the growth of the market.
Despite the numerous drivers, the growth of the market is restrained by arduous and stringent regulatory policies, which are adversely affecting the gestation period for product launches. Moreover, pricing pressures due to lack of favorable reimbursement policies and budgetary constraints are limiting the widespread adoption of point of care diagnostic systems.
Global Point Of Care Diagnostics Market: Geographical Segmentation
Based on geography, the key segments reviewed in the research report are Asia Pacific, Europe, North America, and Rest of the World. North America will account for a substantial share in the market throughout the forecast period. The rising prevalence of lifestyle-related diseases, increasing initiatives by governments to promote the development of novel healthcare products, and the growing number of product approvals are escalating the growth of the region.
Asia Pacific is expected to register a significant CAGR during the same span owing to the improving healthcare infrastructure and expanding patient base. The increasing initiatives by market players for expanding their distribution network are working in favor of the growth of the region. Moreover, high unmet medical needs and rising consumer expenditure on healthcare are propelling the market in the region.
Global Point Of Care Diagnostics Market: Competitive Landscape
Prominent players in the global point of care diagnostics market are focusing towards business expansion through product innovation and technological advancements. They are involved in the development and commercialization of more sophisticated products to enhance their shares in the market. Several companies operating in the market are involved in collaborations with large hospitals in order to stay ahead. Some of the key players in the global point of care diagnostics market are Siemens AG, Abbott Laboratories Inc., Beckman Coulter Inc., Roche Diagnostics Limited, Becton, Dickinson and Company, Alere Inc., and Johnson & Johnson.
Frequently Asked Questions:
What are the diverse growth parameters influencing the Point of Care Diagnostics Market?
Rising funding from multiple sources positively influenced the growth within the global point of care diagnostics market in the recent past.
Which regions will contribute largely to the growth of the Point of Care Diagnostics Market?
The Asia Pacific, as well as North America regions are most likely to positively affect the expansion of the global point of care diagnostics market in the near future.
What are the recent innovations and technological advancements in the Point of Care Diagnostics Market?
The increasing integration of various next gen digital technologies is anticipated to favor the growth within the global point of care diagnostics market in the coming years.
What are the emerging trends across the Point of Care Diagnostics Market?
The rising prevalence of target disorders, as well as the high accuracy rates associated with the cardiac markers are expected to trigger sales growth in the global point of care diagnostics market.
How has COVID-19 affected the Point of Care Diagnostics Market?
The advent of COVID-19 virus had a favorable impact on the demand within the global point of care diagnostics market.
What will be the post-pandemic scenario of the Point of Care Diagnostics Market?
The resuming of the global supply chains and international trade activities will substantially affect the global point of care diagnostics market in post pandemic era.
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