Global Point of Care Diagnostics Market is expected to grow at a CAGR of 10.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Point of Care Diagnostics Market by Platform (Immunoassays, Lateral Flow Assays, Molecular Diagnostics, Microfluidics, And Dipsticks), Product (Glucose Monitoring, Infectious Disease (Hepatitis C, Influenza, Respiratory), Coagulation), Mode, End-User, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global point of care diagnostics market is expected to grow from USD 28.61 billion in 2019 to USD 62.67 billion by 2027, at a CAGR of 10.6% during the forecast period 2020-2027. North America is expected to dominate the market during the forecast period. The awareness and promotional campaigns carried out by the healthcare regulatory bodies in the region for promoting POC and self-tests are anticipated to drive the market growth. The changes in lifestyle have resulted in the increasing prevalence of cardiovascular and other chronic diseases in the region. This has led to a large number of companies coming up with innovative products that are getting speedy approvals by the government. Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The growth rate can be attributed to the rising awareness in the population regarding preventive measures and quick diagnosis. The massive investments by the developing countries, especially India and China, in the healthcare infrastructure and other healthcare expenditures, will fuel the market growth.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the leading players of the market include Abbott, F. Hoffmann-La Roche Ltd., Siemens, bioMérieux SA, Danaher, Johnson and Johnson, QIAGEN, Abaxis, Inc., Nova Biomedical, Quidel Corporation, Trividia Health, Inc., OraSure Technologies Inc., Spectral Medical, Inc., Becton Dickinson and Company, and Nipro. The companies are focusing on research and development for coming up with new technologies that can ensure improved accuracy in the outcomes of the diagnosis. In 2019, LumiraDx Platform was launched by LumiraDx U.K. Ltd. for better digital connectivity, easy-to-use, and affordable testing of the patient.
This study delivers a comprehensive analysis of types of product, platform, mode, end-user, and regions. On the basis of product, the market can be divided into glucose monitoring, infectious disease, and coagulation. The infectious disease can be further divided into hepatitis C, influenza, and respiratory disease. The glucose monitoring segment is expected to dominate the market during the forecast period. The widespread prevalence of diabetes has resulted in high demand for POC testing to ensure efficient management of glycemic levels and improve the management of disease. On the basis of the platform, the market can be divided into immunoassays, lateral flow assays, molecular diagnostics, microfluidics, and dipsticks. The lateral flow assays are expected to dominate the market during the forecast period. The growth can be attributed to its rising adoption for replacing the conventional and lengthy laboratory procedures. On the basis of mode of purchase, the market can be divided into prescription and OTC products. The OTC segment will dominate the market due to its rapid turn-around time and increasing use of self-tests, especially for testing blood sugar levels. On the basis of end-user, the market can be divided into clinical laboratories, hospitals, and homecare. The home care segment is expected to register the highest growth rate during the forecast period. The changing preferences of the consumers towards home testing for control, as well as prevention, is the major driver for market growth.
The increasing prevalence of cardiovascular and infectious diseases in the population is the primary driver for market growth. The rapidly rising cases of diabetes across the globe will significantly increase the demand for POC testing. The rising awareness regarding the early diagnosis of diseases and taking preventive measures have boosted the market demand. The smartphone-based devices are the advanced technological tools that are expected to contribute to market growth.
About the report:
The global point of care diagnostics market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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