Point of care and rapid diagnostics are medical diagnostic tests that can be conducted quickly, usually at the point of care. These tests allow for immediate diagnosis and treatment of an illness or condition. Point of care and rapid diagnostics can be used to detect a range of conditions, from infectious diseases to allergies and cancer. They are usually portable, or can be done quickly in a clinician’s office. Rapid diagnostics can save time and money, as well as improve patient outcomes. They can also reduce the risk of infection by providing a quicker diagnosis and treatment. Examples of point of care and rapid diagnostics include rapid strep tests, urine tests, and fecal occult blood tests.
Currently, point of care diagnostics market is expected to reach USD 75.5 billion by 2027 from an estimated USD 45.4 billion in 2022, at a CAGR of 10.7% from 2022 to 2027. The growth of the point-of-care diagnostics market can be attributed to the high prevalence of respiratory diseases such as influenza, COVID diseases, cardiac diseases, and infectious disease, (where POC tests can greatly improve the management of these diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse).
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Growth Drivers
- Increasing prevalence of infectious diseases
- Increasing incidence of target conditions
- Supportive government policies
- Dearth of skilled laboratory technicians
- Rising number of CLIA-waived POC tests
Growth Opportunities
- Emerging markets
- Healthcare decentralization
- Increasing provider awareness about novel technologies
- POC tests with multiplexing capabilities
- Growing investments and funding for product development
Market Challenges
- Lack of alignment with definitive central lab methods
- Inadequate adoption of POC devices in professional settings
- Reluctance to change existing diagnostic practices
- Premium pricing of novel platforms
The prominent players operating in the point of care diagnostics market are Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux S.A. (France)
Abbott:
Abbott Laboratories is the leading player in the point-of-care diagnostics market. The strong focus on strengthening its brand presence and continuous investments in RD to introduce novel products and improve its existing product line and processes are expected to help Abbott witness significant growth in the point-of-care diagnostics market during the forecast period. To expand its global diagnostics presence and leadership in the point-of-care diagnostics market, the company acquired Alere, Inc. in October 2017, gaining access to new channels and Alere’s high-quality products
HOFFMANN-LA ROCHE LTD.
Roche Diagnostics is one of the leading players in the global POC diagnostics market. Roche Diagnostics focuses on RD to develop new tests and cater to the increasing demand for diagnostic testing. Also, the company has adopted several strategies, such as product launches and approvals and acquisitions. Over the past three years, Roche Diagnostics has launched several new products. In January, 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.
SIEMENS HEALTHINEERS AG
Due to its robust product portfolio in the diagnostic segment, Siemens Healthineers AG is among the leading players in the point-of-care diagnostics market. It has a broad range of testing systems, including coagulation, molecular, urinalysis, and blood gas testing systems services. The company is engaged in developing and manufacturing new products to expand its product offerings in the point-of-care diagnostics market. Siemens Healthineers focuses on acquisitions to expand its product portfolio and invest in new business ideas to tap into better market opportunities. Siemens expanded its services business by adding the digital services portfolio and the distribution of its RD workforce across international sites has enabled the firm to strengthen its foothold in the market.
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Report Objectives
- To define, describe, and forecast the point of care diagnostics market by Product, Platform, Mode of Purchase, Sample, End User, and Region
- To provide detailed information about major factors influencing market growth (key drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contributions to the overall point of care diagnostics market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the market value of various segments and sub-segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East Africa
- To profile the key players active in the point-of-care and rapid diagnostics market and comprehensively analyze their global revenue shares and core competencies2
- To track and analyze competitive market-specific developments such as product approvals commercialization, agreements, partnerships, collaborations, acquisitions, and expansions in the point-of-care and rapid diagnostics market
Frequently Asked Questions (FAQs):
- What is the projected market value of global point of care diagnostics?
- What is the estimated growth rate (CAGR) of the global point of care diagnostics market for the next five years?
- Who are the major players offering point of care diagnostics in the market?
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