Point Of Care Diagnostics Market

Point Of Care Diagnostics Market: Overview

The size of the worldwide point of care diagnostics market reached USD 41.7 billion in 2021 and expanded at a compound annual growth rate (CAGR) of 10.5%.  In the upcoming years, the market may be driven by the rising incidence of cancer, diabetes, cardiovascular illnesses, STDs, and infectious disorders. Additionally, it is projected that rising healthcare costs will foster industry expansion. It is anticipated that the ability of these tests to deliver faster answers would result in better patient care. For instance, Abbott introduced the m-PIMA HIV-1/2 VL, a novel viral load POC test. The test is quick, accurate, and simple to use, and it is designed to control HIV in isolated and underprivileged groups. The delivery of the outcome takes about 70 minutes or less. This allows patients to receive testing and treatment in the same visit. The demand for POC diagnostic tools is also fueled by the growing use of electronic medical records (EMR) and picture archiving and communication systems (PACS). These gadgets typically use automation processes and little training. As a result, both medical professionals and non-medical staff can handle them.

In the upcoming years, rising demand for in-home healthcare facilities is also predicted to support market expansion. With their cutting-edge features and simple operation, portable devices are becoming increasingly popular. Government programs that encourage point-of-care diagnostics are also anticipated to help industry expansion. For instance, it is anticipated that the adoption of Clinical Laboratory Improvement Amendments (CLIA) for specific POC tests and products will increase the use of such equipment. In the upcoming years, the industry is anticipated to benefit greatly from developing POC diagnostics for cancer testing. These tests can increase the chances of survival by examining Circulating Tumor Cells (CTCs). The introduction of cancer kits for home testing is also anticipated to be positive for the business. The market is also anticipated to grow as a result of rising investments in the field of point-of-care diagnostics. For instance, AAD, a company that creates rapid diagnostic and data systems, stated in May 2021 that it would invest USD 7 million in Point of Care Diagnostics for animal and human health.

Point Of Care Diagnostics Market: COVID-19 Impact

COVID-19, which SARS-CoV-2 caused, harmed millions of individuals. Rapid and efficient diagnostics kits for COVID-19 detection in POC diagnostics were urgently needed due to the epidemic. Most trials conducted under the Emergency Use Authorization (EUA) program have received federal approval. The majority of COVID-19 detection tests relied heavily on RT-PCR technology. POC tests have significantly shortened the time it takes to get a result; before the pandemic, certain tests could take up to six hours. With the rising use of POC tests that can quickly identify COVID-19, the point-of-care diagnostics market will experience considerable growth in 2022. With the requirement for speedy diagnostic findings, point-of-care testing has developed into a crucial diagnostic tool. The demand for quick antigen testing kits that may be used successfully in point-of-care settings has increased due to the rapidly increasing number of COVID-19 cases and the mounting pressure on governments to enhance patient management.

Point Of Care Diagnostics Market: Drivers

Increasingly Prevalent Infectious Illnesses due to Changing Climatic Conditions will Drive Market’s Growth

POC tests can significantly enhance the management of infectious diseases, particularly in developing nations where timely access to medical care and outdated healthcare infrastructure are major obstacles. The continual climate change, rising urbanization, and shifting land-use patterns will all raise the likelihood of infectious diseases like tuberculosis, Covid-19, Swine Flu, and other outbreaks in the future. Particularly concerning climate change, diseases may be transmitted to new regions, especially those brought on by vectors. An estimated 10 million people are having tuberculosis in 2020. (TB). The population comprises 1.1 million children, 3.3 million women, and 5.6 million men. The high incidence of tuberculosis will probably increase the demand for point-of-care diagnostics, hastening the pace of tuberculosis infection treatment.

Market Demand Is Anticipated To Increase Due To POCT's Technological Advancement

Numerous technological developments in point-of-care testing have been made to speed up turnaround times and improve the use of the equipment. The development of new point-of-care testing methods has been signaled by the downsizing of chip technology, novel biosensors, and microfluidics. Lab-on-chip technology is a major force behind POCT, specifically in diagnosing infectious diseases. For instance, in February 2022, Agilent Technologies Inc. announced that it had purchased advanced artificial intelligence (AI) technology created by Virtual Control, a maker of AI and machine learning software that develops cutting-edge analysis solutions for lab testing. The software, dubbed ACIES, will be incorporated by Agilent into its top-tier gas chromatography and mass spectrometry (GS/MS) platforms to boost the effectiveness, efficiency, and precision of the high-throughput labs that the business works with all over the world. Therefore, it is anticipated that POC diagnostic testing will help the market grow as technology advances. Furthermore, the disease-causing pathogen is currently screened using a target-specific PCR technique. Real-time PCR's ability to amplify its pathogen DNA detection technologies has considerably increased diagnostic capability. Numerous molecular tests' high levels of accuracy, increased dependability, and quick turnaround on results have stoked demand for them in infectious disease management, driving up market demand.

Point Of Care Diagnostics Market: Restraints

Lack of Alignment with Unambiguous Central Laboratory Techniques to Hamper Market’s Growth

With several pre- and post-analytical mistakes, POC test findings are not properly aligned with central lab procedures. Pre-analytical errors for POC testing include inadequate test indications, improper sampling times and procedures, a lack of knowledge about patient circumstances, and additional elements like fasting before functional tests or changes in posture/position throughout similar tests. On the other hand, post-analytical errors include inadequate technological validation, incorrect result assignment, and data storage issues. POC testing is frequently done in an emergency to speed up clinical decision-making. These tests are frequently performed by nurses or other clinical team members rather than doctors. Such circumstances could result in improper order and outcome documentation. These problems may result in incorrect diagnoses and impact the standard of treatment given to patients. Patients and clinicians may decide against POC testing in light of these concerns. This is one of the main obstacles to POC testing's increased acceptability.

Point Of Care Diagnostics Market: Segments

Glucose Testing Segment to Dominate Market due to Increase in Diabetic Patient Population

Utilizing glucose monitoring devices, one may track and continuously monitor blood sugar levels in the body and learn how much insulin is being secreted. Utilizing such monitoring tools improves glucose management and allows for precise treatment choices. POC glucose monitoring kits are less invasive than lab tests since they only require a small volume of blood for analysis (often from a finger prick). Patients who are elderly can utilize these kits with ease. Type I and type II diabetes patients can monitor their glucose levels and avoid complications using glucose monitoring kits. The increasing prevalence of diabetes worldwide, ongoing technological improvements in blood glucose self-monitoring devices, and rising patient awareness of POC testing contribute to the market's growth. According to the IDF Diabetes Atlas, there will be 642 million people living with diabetes by 2040, up from the current 425 million. Most of these people will be under the age of 80 and originate from low- and middle-income nations. With the market's growth potential, numerous businesses are concentrating on creating cutting-edge self-monitoring glucose meters.

Increased Clinical Use of POC Diagnostics due to Growing Number of Chronic Diseases

Since chronic diseases require long-term care and frequent monitoring, the clinic is becoming more popular, and there are more user-friendly and sophisticated POC diagnostic products available, the clinic’s segment is anticipated to grow at the highest CAGR during the forecast period. The recent COVID-19 epidemic had a favorable effect on the clinical laboratories market since it increased the availability of clinical laboratory testing services. The development of clinical laboratories is likely to be fueled by the rising number of COVID-19 variants. To improve its COVID-19 testing capacity, Thermo Fisher Scientific introduced the Towpaths COVID-19 HT Kit in February 2021 for use on its automated amplitude platform. This kit combines Tecan Group's liquid handling devices with Thermo Fisher's extraction and real-time PCR apparatus. The expansion of this market over the projection period is likely to be boosted by increased public-private partnerships to identify and isolate patients of new COVID variants.

Point Of Care Diagnostics Market: Regional Landscape

Latin America to Acquire Significant Market Share due to Rapid Development in Healthcare Sector

With the government initiatives to promote point-of-care devices and raise awareness of early disease diagnosis and routine health checkups, the Latin American region is anticipated to grow at the fastest rate throughout the projection period. Additionally, rising healthcare costs, an increase in hospitals and clinical diagnostic labs, and growing regional player cooperation are all anticipated to fuel market expansion. Brazil had the most hospitals in Latin America as of 2022, with around 7.5 thousand medical facilities. Thus the increasing number of hospitals will increase the regional product demand. One of the primary drivers of expanding the PoC diagnostics market in Latin America is the country-by-country rapid development of the geriatric population. Additionally, the prevalence of various infectious diseases, including AIDS, the flu, and malaria, is rising in this area. In Mexico, the number of people with HIV was estimated to be close to 9,000 in 2020. As a result, there is a high demand for diagnostics for infectious diseases. Additionally, rising healthcare costs, an increase in hospitals and clinical diagnostic labs, and developing regional player cooperation are all anticipated to fuel market expansion.

Throughout the forecast period, the POCT market in the Asia Pacific is anticipated to post a noticeably higher revenue CAGR. Increased healthcare awareness, an aging population, an increase in the prevalence of chronic and targeted diseases like diabetes and cancer, as well as infectious diseases like HIV, syphilis, COVID-19, respiratory syncytial virus (RSV), and others, are all contributing to the growth of the POCT market in the Asia Pacific. Additionally, a larger patient pool has emerged due to the recent COVID-19 epidemic in Asia, particularly in China and India. Throughout the forecast period, the point-of-care testing market in the Asia Pacific is anticipated to continue expanding in terms of revenue due to rising consumer demand for quicker and more efficient diagnosis and treatment.

Global Point Of Care Diagnostics Market: Competitive Landscape

In January 2022, Roche (RHHBY) announced the availability of the cobas pulse system in countries that accept the CE Mark. The gadget represents Roche Diagnostics' newest generation of linked point-of-care solutions for expert blood glucose management. The business claimed that the cobas pulse system's mobility and Android-based user interface make it as simple as a smartphone. For instance, in October 2021, Thermo Fisher Scientific declared that the FDA had granted it an Emergency Use Authorization (EUA) to use a high-throughput, automated COVID-19 testing system on the Amplitude Solution to conduct COVID-19 tests using a new saliva sample collection technique with the Spectrum Solutions SpectrumDNA SDNA-1000 collection device.

Few of the players in the Point Of Care Diagnostics Market include Qiagen; F. Hoffmann-La Roche Ltd.; Becton Dickinson (BD); Danaher Corp.; Abbott Laboratories; Biomerieux SA; Zoetis, Inc.; Siemens Healthcare AG; Nova Biomedical; Instrumentation Laboratory; Quidel Corp.; Trividia Health, Inc.; Sekisui Diagnostics; Trinity Biotech; Nipro Corp.; Orasure Technologies, Inc.; Spectral Medical, Inc.

Regional Classification of the Global Point Of Care Diagnostics Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Point Of Care Diagnostics Market

• Point Of Care Diagnostics Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2022
• Market Value at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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