Rising Prevalence Of Chronic And Infectious Diseases Across The Globe To Boost The Point Of Care Diagnostics Market Growth

 

Point Of Care Diagnostics Market

Point Of Care Diagnostics Market By Product (Infectious Diseases, Glucose Testing, Cardiac Markers), By End-use (Clinics, Home, Hospitals), Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Outlook, Size, Share, and Opportunity Analysis, 2023 – 2030

The Global Point Of Care Diagnostics Market Was Valued At US$ 18,219.4 Million In 2016 And Is Expected To Witness A Robust CAGR Of 9.2% Over The Forecast Period (2017 – 2025).

Market Overview:

Point Of Care Testing (POCT), also called as bedside testing, and includes any kind of diagnostic test that is not performed in the labs. More particularly, this kind of testing is done as close as possible to the individual, it could be near the bed or the patient. Point of care patient testing makes it reliable for a physician to take rapid critical care decision. Point of care testing considerably decreases the time that it takes between medical tests and the influx of outcomes.  

Competitive Landscape:

Key players involved in the global Point Of Care Diagnostics Market are BD, bioMerieux SA, Qiagen, Nova Biomedical, Instrumentation Laboratory, Abbott, Nipro Corp., Orasure Technologies, Inc., Zoetis, Inc., Siemens Healthcare AG, Spectral Medical, Inc.,  Quidel Corp., Trividia Health, Inc., F. Hoffmann-La Roche Ltd., Sekisui Diagnostics, Danaher and Trinity Biotech.

Market Key Drivers:

Rising prevalence of chronic and infectious diseases across the globe is expected to boost the growth of the global Point Of Care Diagnostics Market. For instance, as per NCBI, around one in three adults suffer from multiple chronic diseases across the globe.

The rising use of telehealth is projected to propel the growth of the global point of care diagnostics market. For instance, according to U.S. CDC, around 95% of health centers in the U.S. supplied telehealth services in the pandemic.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of global Point Of Care Diagnostics Market due to the imposition of strict lockdown and social distancing measures. The rising surge in pandemic led to less number of hospital admissions. The rising interruption in supply chain and restriction and delay on the supply of raw materials impeded the market growth.

Key Takeaways:

The global Point Of Care Diagnostics Market is expected to exhibit a CAGR of XX % during the forecast period due to affordable POC with specificity and sensitivity. For instance, in March 2022, the U.K. regulatory bodies approved Everything Genetic for the sale of COVID-19 Antigen Tests in the U.K. market

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global Point Of Care Diagnostics Market owing to the increasing chronic diseases such as Diabetes and CVDs, the increasing pool of diagnostic kits and increasing Covid-19 cases and presence of key players for the expansion of the market. For example, in March 2022, Canada-based Company, CE marking for the iStatis was received by bioLytical Laboratories Inc. for COVID-19 Antigen Home Test