Global Point of Care Diagnostics Market revenue was estimated at $45.4 billion in 2022 and is projected to reach $75.5 billion by 2027, with a robust growth rate of 10.7% CAGR from 2022 to 2027.
The growth of this market can be attributed to the high prevalence of respiratory diseases such as influenza, cardiac diseases, and infectious diseases (where point of care 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). Furthermore, with the increasing availability of point of care testing products via online platforms, supportive government policies, and an increase in the number of CLIA-waived point of care tests, healthcare decentralisation and greater investments and funding for product development are expected to accelerate the growth of the market in the coming years.
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Key Market Players:
1 ABBOTT
1.1 MNM VIEW
1.1.1 Key strengths/right to win
Abbott is a leading player in the point-of-care and rapid diagnostics market. Its strong focus on strengthening its brand presence, continuous investments in R&D, broad customer base, and strong geographical foothold are key factors contributing to its leading position in this market. To expand its global diagnostics presence and leadership in the point-of-care and rapid diagnostics market, the company acquired Alere, Inc. in October 2017, gaining access to new channels and Alere’s high-quality products.
Abbott is also engaged in R&D to introduce novel products and improve its existing product line and processes. In 2020, the company invested ~USD 2.4 billion in R&D activities. Furthermore, the POC diagnostics business saw expansion in domestic and emerging markets through agreements and collaborations with other players. All these strategies are expected to help Abbott witness significant growth in the point-of-care and rapid diagnostics market during the forecast period.
1.1.2 Strategic choices made
The company majorly focuses on organic strategies, including product launches, to enhance its presence in the global POC market. It also aims to create innovative products addressing the unmet needs of patients and healthcare providers and taking the first-mover advantage.
2 SIEMENS HEALTHINEERS AG
1.2 MNM VIEW
1.2.1 Key strengths/right to win
With a robust product portfolio, Siemens Healthineers holds a strong position in the point-of-care and rapid 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 and rapid diagnostics market.
Siemens Healthineers focuses on acquisitions to expand its product portfolio. It also invests in new business ideas to tap into better market opportunities. Siemens expanded its services business by adding the digital services portfolio and increasing its enterprise transformation services, thus providing its customers with value-based care. Through these activities, the company has significantly strengthened its customer base across the globe.
1.2.2 Strategic choices made
The company majorly focuses on organic strategies, including product launches, to enhance its presence in the global POC market. It also aims to create innovative products addressing the unmet needs of patients and healthcare providers and taking the first-mover advantage. The company is also entering into strategic partnerships to enhance its market presence. For example, Siemens Healthineers and the United Nations Children’s Fund (UNICEF) entered into a partnership to help strengthen fragile health systems in Sub-Saharan Africa by improving access to diagnostics and linkage to treatment. Point-of-care (POC) diagnostics can help address gaps by performing tests at the same location where the care is provided, allowing for timely diagnosis and treatment initiation.
3 F. HOFFMANN-LA ROCHE LTD.
1.3 MNM VIEW
1.3.1 Key strengths/Right to win
Roche Diagnostics is a leading player in the global POC diagnostics market. To sustain its position and ensure future growth, the company has adopted several strategies, such as product launches & approvals and acquisitions. It focuses on implementing data management in existing pharmaceutical and diagnostic businesses. The company also offers clinical decision support. Over the past three years, Roche Diagnostics has launched several new products to meet market needs. Roche’s strategic investments in developing new instruments and software for totally automated lab workflows and information management have resulted in strong business growth.
1.3.2 Strategic choices made
The company majorly focuses on organic strategies, including product launches, to enhance its presence in the global POC diagnostics market. It also aims to create innovative products addressing the unmet needs of patients and healthcare providers and taking the first-mover advantage. The company has entered into various strategic partnerships to enhance its market presence. Through its R&D efforts, the company offers its customers a wide range of innovative infectious disease diagnostic products. The company invested USD 11.41 billion in 2020. In response to the COVID-19 pandemic, the company launched PCR tests to detect the SARS-CoV-2 virus. Roche partnered with Moderna Inc. to utilize the Elecsys Anti-SARS-CoV-2 S antibody test in Moderna’s mRNA-1273 vaccine research trials. This will facilitate the quantitative measurement of SARS-CoV-2 antibodies and help to establish a correlation between vaccine-induced protection and levels of anti-receptor binding domain (RBD) antibodies.
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Recent Developments
- In May 2022, QuantuMDx announced the launch of its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.
- In March 2022, Boditech Med entered in strategic partnership with Novo Integrated Sciences, Inc. with an aim to expand its biomarker based rapid testing product line across North America
- 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.
Point of Care Diagnostics Market Segmentation:
By Platform
- Lateral Flow Assays
- Dipsticks
- Microfluidics
- Molecular Diagnostics
- Immunoassays
By Mode of Purchase
- Prescription-based Products
- OTC Products
By Sample
- Blood
- Urine
- Nasal and Oropharyngeal Swabs
- Other Samples
By End User
- Clinical Laboratories
- Ambulatory Care Facilities and Physician Offices
- Pharmacies, retail clinics, & E-comm. Platforms
- Hospitals, Critical Care Centers, Urgent care centers
- Home Care & Self Testing
- Other End Users
Report Link: ( Point of Care Diagnostics Market )
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