Point of Care Diagnostics Market Analysis | 2022-2028

“The Point of Care Diagnostics Market was estimated at US$ 36.6 billion in 2021 and is expected to grow at a CAGR of 7.28% during 2022-2028 to reach US$ 70.9 billion in 2028”.

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Market Dynamics

Introduction

Point of Care (POC) testing is a type of medical diagnostic testing done near the patient's location of care, outside of the clinical laboratory. It is often carried out by persons outside of laboratories, and the outcomes are applied to clinical decision-making. POC testing allows healthcare providers to swiftly obtain critical information, such as lab results or diagnostic imaging, enabling faster decision-making and more immediate patient care.

Market Drivers

The demand for point of care diagnostics is primarily being driven by factors including increased disease prevalence, which has led to an increase in demand for better treatment and rapid diagnostic services, and staff shortages in clinical laboratories. Regulatory agencies have tightened the validation/verification requirements for POC devices as POCT utilization rises in hospitals. For instance, a Clinical Laboratory News article from January 2022 noted that institutions must assess and verify the use of hospital POC glucose meters.

Although a formal validation is not necessary for on-label POCT devices, it is still necessary to confirm the precision, accuracy, and analytical measurement range, among other fundamental parameters specified by CLIA. Due to the affordability and comfort of POCT offered to patients at home, home care is a lucrative market. POC in the field of home healthcare also gives patients the ability to address healthcare issues at home and make decisions right away.

The point of care diagnostics-based home healthcare market is anticipated to experience profitable growth for the forecast period as the focus of healthcare shifts toward early identification and prevention of diseases.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• A growing number of regional producers of diagnostic kits and reagents are anticipated to propel the point-of-care market in the Asia Pacific, providing a variety of testing options for the diagnosis of coronavirus infection. To increase COVID-19 testing, the nations are continually expanding their capabilities. For example, the Malaysian Ministry of Health approved the use of antigen quick testing kits exported from South Korea in April 2020 to expand the nation's COVID-19 testing to a daily capacity of 16,500 tests.

Recent Developments

Diagnostics at the point of care have advanced significantly in recent years. One of the key developments in this field is the incorporation of molecular diagnostics in POC testing. Major players may have reduced the prospects for new entrants, but some businesses were still able to make their impression on the industry. To keep a competitive edge in the industry, important companies are also working to develop more advanced bench-top and portable testing solutions. For instance:

• In March 2022, the iStatis COVID-19 Antigen Home Test was given CE certification by the Canadian company bioLytical Laboratories Inc. The business will thereafter be eligible to enter the European market.
• In March 2022, a quick flu-COVID-19 PCR test for use at home will be developed by Visby Medical with financing of USD 25.5 million from the U.S. Biomedical Advanced Research and Development Authority, the company said. The test is now in the under-development stage, but it is already designed as a PCR device that can identify influenza A, B, and COVID-19 from a single sample.
• In March 2022, Una Health announced a partnership with Siemens Healthineers to broaden the patient-side immunoassay analyzer Atellica VTLi's distribution network in the United Kingdom.
• In April 2021, Siemens Healthineers received CE certification for the Atellica VTLi Patient-Side Immunoassay Analyzer. It is one of the first technologies in the field to improve the patient care paradigm and provides hs-cTnI data that help with heart attack diagnosis and care.

Segments Analysis

By Product Type

“The segment with the highest revenue share was infectious disorders”. 

The market is further segmented into glucose testing and hb1ac testing, coagulation testing, fertility/pregnancy, infectious disease, cardiac markers, thyroid stimulating hormone, lipid testing, cancer marker, blood gas/electrolytes, drug of abuse testing, urinalysis/nephrology, and others.

The infectious diseases segment is further segmented into HIV POC, clostridium difficile POC, HBV POC, pneumonia or streptococcus-associated infections, Respiratory Syncytial Virus (RSV) POC, HPV POC, influenza/flu POC, HCV POC, MRSA POC, TB and drug-resistant TB POC, HSV POC, COVID-19, and others.

The segment that accounted for the highest revenue share was infectious diseases. Better patient care has resulted from the transition of infectious disease testing from centralized to decentralized POC testing. The market is being driven by a rise in the demand for rapid tests, which has compelled businesses in the sector to offer POC solutions to decentralized areas.

For instance, Abbott launched ID NOW, the fastest molecular POC test in the world, available in a range of decentralized healthcare settings like doctor's offices and urgent care centers.

It produces COVID-19 findings in 13 minutes. The rising prevalence of diabetes and the need for ongoing blood sugar monitoring are factors in the segment expansion, which is causing the glucose testing market to expand.  Statistical data from the International Diabetes Federation show that the prevalence of diabetes worldwide will rise to 592 million in 2035.

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By End-User Type

“Pharmacies and retail clinics are the main sources of revenue for this segment”.

The market is segmented into physician offices and outpatient settings, pharmacy & retail clinics, hospitals, home care settings, research laboratories, and others. The primary sources of revenue for this segment are pharmacies and retail clinics. 

The main drivers of the expansion of POC diagnostics applications are increasing access to novel diagnostic technology, better healthcare coverage, and affordability. As a result, neighborhood pharmacies and walk-in clinics have gained recognition as prospective medical facilities that carry out certain lab tests, particularly those for measuring cholesterol and A1C levels of glycosylated hemoglobin.

The elderly population's greater access to healthcare, the frequency of communicable diseases, and the growing burden on conventional clinics are major drivers of the global market's expansion.

Regional Analysis

“The segment is expected to experience a significant surge in adoption rates in the developed markets of North America and Europe”.

The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Some of the main factors driving this industry include the high accuracy rates linked to the markers and the rising prevalence of target diseases. In addition, the segment is anticipated to have a sharp increase in penetration rates in North America and Europe's developed markets.

Over the upcoming years, market expansion is anticipated to be driven by the rising elderly population and the prevalence of disease-promoting lifestyle practices in these nations.

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Key Players

The following are the key players in the Point of Care Diagnostics Market (arranged alphabetically)

• Abbott
• BD
• BioMerieux SA
• Danaher
• F. Hoffmann-La Roche Ltd.
• Instrumentation Laboratory
• Nipro Corp.
• Nova Biomedical
• Orasure Technologies, Inc.
• Qiagen
• Quidel Corp.
• Sekisui Diagnostics
• Siemens Healthcare AG
• Spectral Medical, Inc.
• Trinity Biotech
• Trividia Health, Inc.
• Zoetis, Inc.

Note: The above list does not necessarily include all the top players in the market.

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