Point of Care Diagnostic Market Worth $73,293 Million by 2031: Visiongain Research Inc
Visiongain has published a new report Point of Care Diagnostic Market Forecast 2020- 2030: Forecasts by Product (Glucose Monitoring, Cardiometabolic Monitoring, Infectious Disease Testing, Coagulation Monitoring, Pregnancy & Fertility Testing, Cancer Marker Testing, Urinalysis Testing, Cholesterol Testing, Hematology Testing, Drugs-of-abuse Testing, Fecal Occult Testing, and Other POC Products) By Mode (Prescription-based, and OTC), By End User (Clinics, Hospitals, Home Care Setting, and Other End Users), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) Including Forecasts by Major Developed Countries and Developing Countries, Profiles of Leading Companies in the Market & PLUS COVID-19 Recovery Scenarios.
‘The global point of care diagnostics market was valued at $32,945 million in 2020 and is projected to reach $73,293 million in 2031’ says Visiongain’s lead analyst. Point-of-care diagnostics is as an investigation undertaken at the time of the consultation with instantaneous availability of results to make speedy and informed decisions in relation to patient care. It allows physicians and medical staff to accurately achieve real-time, lab-quality diagnostic results within minutes rather than hours. Recent years have seen significant advances in point-of-care diagnostics test and devices.
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Rise in prevalence of target condition has led to increase in adoption of PoC diagnostic in clinics, hospitals and even in homecare settings. Diabetes is a severe, long-term condition which can have a major impact on the lives and well-being of individuals, and families worldwide. According to International Diabetes Federation (IDF), in 2019, approximately 463 million adults were living with diabetes in the world which is further anticipated to rise to 700 million by 2045. China accounted for the largest number of people with diabetes followed by India which had the second highest diabetic population. The point of care diagnostics for glucose monitoring was the highest contributor to the global market and is anticipated to dominate the market during the forecast period 2021-2031.
Moreover, cardiovascular diseases (CVDs) are the number one cause of death globally, taking an estimated 17.9 million lives each year. Whereas, cancer is the second prominent cause of death globally, with an estimated 9.6 million deaths in a year. OTC or prescription based PoC tests assists in regular monitoring of blood glucose, to detect high troponin values for CVDs, and in early detection and screening of cancer biomarkers which further enables doctors to design an effective therapy and to figure out the necessity to admit the individual to the hospital. In 2020, the point of care diagnostics market for OTC was the highest contributor to the global market.
Other factors such as high prevalence of infectious diseases namely HIV, tuberculosis, malaria, Ebola, influenza, etc. in both developed and developing countries, is also expected to drive the adoption of PoC testing worldwide. Moreover, the ongoing pandemic of Covid-19 has put the world to standstill. According to WHO, there have been 107,423,526 confirmed cases of COVID-19, including 2,360,280 deaths as of February 2021. The US recorded more than 27.4 million Covid-19 cases followed by India and Brazil with 10.9 million & 9.7 million cases respectively as of February 2021. This has led to a high surge in demand for POC diagnostics in hospitals.
The Visiongain report analyst commented that “It is essential for the point of care diagnostic device manufacturers to focus on developing more PoC devices that can run multiple analyses on single device. These devices simultaneously measure multiple analyses on the same cartridge also known as multiplexing. Multiplex PoC tests has numerous advantages over widely adopted singleplex test such as greater output per sample, higher throughput and increased efficiency at lower costs. These advantages of multiplex devices over singleplex devices will help in gaining more resolute and detailed diagnostics and facilitate personalized medicine for patient suffering from various conditions.”
In 2019, The North America point of care diagnostics market was the highest contributor to the global market. This is due to the growing prevalence of lifestyle diseases, and target conditions, supported by advance medical technology and increasing number of product approvals in the region. Whereas, Asia-Pacific point of care diagnostic market is anticipated to growth at the highest CAGR during the forecast period. This is attributed to high prevalence of infectious diseases, and large number of diabetic patients leading to rise in adoption of PoC tests in countries such as China and India. Also increase in government support indicates a favourable approval environment globally and which will encourage key manufacturers to focus and contribute to innovation thereby driving the market growth.
However, despite the high demand for PoC test and PoC diagnostic devices, manufacturers are facing several regulatory barriers due to multi-layered regulations set by the FDA and laboratory regulations under CLIA for the premarket approval of PoC testing kits which might pose a threat to the market growth.
To gain additional share in the point of care diagnostic market, key manufacturers are adopting several strategies and development such as new product launch/approval, acquisition, partnership, collaboration, expansion and technology development. For instance, In December 2020, Beckman Coulter a Danaher acquired company, launched the new Access SARS-CoV-2 Antigen assay capable of processing up to 200 samples per hour, enabling high throughput screening in just 30 minutes. In November 2020, Becton, Dickinson and Company launched its rapid point-of-care, SARS-CoV-2 antigen test for use on the BD Veritor Plus System.
In October 2020, Siemens Healthineers launched rapid antigen test for the detection of SARS-CoV-2 in 15 minutes which helps in isolating covid-19 +ve patients sooner and avoid the spread. In May 2020, Chembio Diagnostic made an agreement with Thermo Fisher Scientific (US) to expand its commercial footprint in the US by strengthening the distribution channel for Chembio’s DPP COVID-19 system across the US. Key players profiled in the report include Abbott Laboratories, Roche, Quidel, AccuBiotech, Johnson & Johnson, Becton, Dickinson, and Company, Danaher Corporation, PTS Diagnostics, Trinity Biotech, Siemens Healthineers Group Chembio Diagnostic Systems, Instrumentation Laboratory, Nova Biomedical, Sekisui Diagnostics and Fluxergy.
Key players profiled in the report include:
Abbott Laboratories, Roche, Quidel, AccuBiotech, Johnson & Johnson, Becton, Dickinson, and Company, Danaher Corporation, PTS Diagnostics, Trinity Biotech, Siemens Healthineers Group Chembio Diagnostic Systems, Instrumentation Laboratory, Nova Biomedical, Sekisui Diagnostics and Fluxergy.
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