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Point of Care Diagnostics and Testing Market Worth USD 36,740.3 Million by 2027 at 11.6% CAGR – Report by Market Research Future (MRFR)

·5 min read

Point of Care Diagnostics/Testing Market Size, Growth and Insights By End User (Hospitals & Clinics, Diagnostic Centers, Homecare/Self Testing), By Mode of Purchase (OTC, Prescription-based), By Product (Glucose Monitoring, Cardiometabolic Monitoring, Infectious Disease Testing, Coagulation Monitoring, Pregnancy & Fertility Testing, Hematology Testing, Cancer/Tumor Marker Testing, Urinalysis Testing, Cholesterol, Drugs-of-Abuse Testing), By Platform (Immunoassays, Molecular Diagnostics, Dipsticks), and Region (North America, Europe, Asia-Pacific, Rest of the World), Competitive Market Size, Share, and Forecast to 2027

New York, USA, Aug. 12, 2021 (GLOBE NEWSWIRE) -- Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Point of Care Diagnostics Market Information by Product, End User, Mode of Purchase, Platform, and Region - Forecast till 2027”, the market is estimated to earn USD 36,740.3 Million while expanding at an 11.6% CAGR by 2027.

Market Scope:

A health analysis that is carried out near the patient and does not require a laboratory environment is known as point of care diagnostics/testing. Near-patient testing, bedside testing, mobile testing, remote testing, and quick diagnosis are all terms used to describe point of care (POC) testing. In areas with little healthcare infrastructure, the method is used to diagnose infectious infections. A point-of-care (POC) diagnostic gadget is a device that collects specific clinical data from patients in clinical and resource-constrained situations. The traditional clinical diagnostic technique necessitates high-end and expensive tools, a skilled technician for operation and result interpretation, more time, all of which exhausts and costs money. Although medical facilities in various regions' healthcare systems have improved significantly, the usage of POC diagnostic equipment is still in its infancy.

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Market Competitive Landscape:

The important companies in the point of care diagnostics market are:

  • Becton, Dickinson, and Company (US)

  • Instrumentation Laboratory Company (Werfen) (US)

  • Danaher Corporation (US)

  • PTS Diagnostics (US)

  • Nova Biomedical (US)

  • Abbott Laboratories (US)

  • Siemens Healthineers GmbH (Germany)

  • Chembio Diagnostics, Inc.(US)

  • Hoffmann-La Roche Ltd (Switzerland)

  • Johnson & Johnson Services, Inc. (US)

  • QuidelCorporation (US)

  • Sekisui Diagnostics (US)

  • Trinity Biotech (Ireland)

  • EKF Diagnostics Holdings plc (UK)

Market Drivers:

The need for self-diagnosing kits and devices has increased as the number of coronavirus cases has increased around the world. Due to limited mobility, the demand for POCs for diagnosing various coronavirus strains has increased. Furthermore, international healthcare organizations like the World Health Organization (WHO) have shared guidelines connected to COVID-POCs to enhance disease self-diagnosis and prevent the spread of the disease.

Market Restraints:

One of the key issues device manufacturers face is deploying their devices in compliance with regional authorities, which is one of the major challenges they confront. These obstacles are stifling the global market for point-of-care diagnostics and testing.

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COVID 19 Analysis

The laxation of regulations boosted demand for healthcare items that assist the point-of-care diagnostics/testing sector. The market companies have put much money into developing quick tests to diagnose COVID-19. In addition, regulatory agencies amended their criteria for SARS-CoV-2 point-of-care and fast testing. Recently, PixCell Medical, a pioneer in quick diagnostic solutions at the point of care, announced today that it had inked an exclusive distribution agreement with Gamidor Diagnostics to market PixCell's hematology analyzer, the HemoScreen, throughout Israel. The COVID-19 epidemic has prompted a global movement toward near-patient, digitally connected testing and diagnostics companies, including Roche Diagnostics. PixCell's HemoScreen is the first FDA-approved and CE-marked 5-part differential CBC analyzer for use in point-of-care settings.

Market Segmentation

In the product segment, the glucose monitoring segment is anticipated to hold a substantial share in the course of the forecast period.

In the end user segment, the hospitals &clinics held the chief segment in 2020, owing to easy handling, sample processing, and speedy delivery of results.

In the mode of purchase segment, the OTC testing products intend to hold a bigger market share in the duration of the forecast period.

The molecular diagnostics segment is estimated to alter the global market in the approaching period in the platform segment.

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Regional Insights

Due to the increasing number of market participants, North America held the biggest point of care diagnostics/testing market share in 2020. Furthermore, market players are implementing business strategies such as the launch of new products and R&D activities. Due to the limited availability of healthcare workers, diverse manufacturing facilities, changing demographics, and increasing consumer healthcare expectations, the Asia-Pacific point of care diagnostics/testing market is expected to grow. For instance, Mylab Discovery Solutions has teamed up with Hemex Health in the United States to develop next-generation diagnostic solutions for coronavirus and other illness tests at the point of care (POC). In general, point-of-care testing refers to any tests conducted on a patient at the point of care or treatment, with findings often available within a few hours. Mylab will develop test assays, while Hemex will provide its Gazelle POC testing platform and expertise as part of the technology partnership. The portable diagnostic device and test assays will enable testing at any location, in a wide range of environmental conditions, and without the need to transport the sample, allowing patients to get results quickly.

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