Point of Care (POC) Diagnostics Market to Hit $70.23 Billion by 2030, With a CAGR of 11.78 %. Rising Occurrence of Infectious Diseases, Preference of Minimally Invasive Surgeries and Rise in Geriatric Population to Drive the Market Growth

New York, United States, June 01, 2022 (GLOBE NEWSWIRE) -- Point-of-care (POC) diagnostic device is regarded as an instrument that is used mainly to acquire any particular clinical information of the patients in clinical as well as resource-limited settings. Rapid diagnostic tests (RDTs) are known as a type of point-of-care (POC) diagnostic, which means that these assays are intended to provide diagnostic results much more conveniently to the patient as compared to the other tests. The key factors that are accelerating the overall growth rate of the Global Point of Care & Rapid Diagnostics Market are the rise in cases of various infectious diseases worldwide, the increase in the conduction of POC tests, and the rise in usage of saliva as a liquid biopsy. In terms of Products, the ‘Glucose Monitoring Products’ segment held the largest proportion of the share of around 42.96% in 2020. On a regional basis, North America held the largest share, with nearly 40.72% of the entire market. However, the Asia-Pacific (APAC) region was regarded as the fastest growing market with a robust CAGR throughout the prevised period of 2020 to 2030. 

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The report promulgated by Strategic Market Research on the Point of Care & Rapid Diagnostics Market is ramified on the basis of:

Product

· Glucose Monitoring Products

· Coagulation Monitoring Products

· Drugs-of-abuse Testing Products

· Fecal Occult Testing Products

· Infectious Disease Testing Products

· Pregnancy & Fertility Testing Products

· Cholesterol Testing Products

· Cardiometabolic Monitoring Products

· Cancer Marker Testing Products

· Urinalysis Testing Products

· Hematology Testing Products

· Other POC Products

Mode of Purchase

· Prescription-based Testing Products

· OTC Testing Products

Platform

· Lateral Flow Assays

· Microfluidics

· Immunoassays

· Dipsticks

· Molecular Diagnostics

End-User 

· Home Care

· Hospitals and Critical Care Centers

· Outpatient & Ambulatory Care Facilities

· Others

Regions:

North America

• USA
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• Finland
• Switzerland
• France
• Russian Federation
• U.K
• Finland
• Turkey
• Netherlands 
• Belgium
• Spain
• Italy
• Rest of Europe
  
  

Asia Pacific

• China
• India
• Japan
• Indonesia
• South Korea
• Thailand
• Singapore
• Malaysia
• Philippines
• New Zealand
• Australia
• Rest of APAC

LAMEA

• Brazil
• Uruguay
• Saudi Arabia
• Argentina
• Rest of LAMEA
  
  

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Pivotal factors driving the Market Growth:

• The continuous rise in the prevalence of infectious diseases across the globe is one of the major reasons that is fuelling the overall market growth. The WHO (World Health Care Organization) has announced that approximately 17 million people die each year from infectious diseases.  
  
  
• Apart from the rise in infectious diseases, the Lab-on-a-chip technology is also a key factor driving the market growth as it enables the various bioassays such as PCR & ELISA tests to be conducted at the different POC centres. As per BioRad, the typical range of detection for an ELISA test is (0.1 to 1) fmole or 0.01 ng to 0.1 ng, with its sensitivity depending upon the different characteristics of the antibody-antigen interaction.
  
  

• Furthermore, the rise of several POC testing processes like urine tests, pregnancy tests, and Neuropsychological tests are augmenting the market growth significantly.
  
  

In terms of Products, the ‘Glucose Monitoring Products’ segment dominated the market.

In terms of Products, the market is ramified into Glucose Monitoring Products, Coagulation Monitoring Products, Drugs-of-abuse Testing Products, Fecal Occult Testing Products, Infectious Disease Testing Products, Pregnancy & Fertility Testing Products, Cholesterol Testing Products, Cardiometabolic Monitoring Products, Cancer Marker Testing Products, Urinalysis Testing Products, Hematology Testing Products, and Other POC Products. The ‘Glucose Monitoring Products’ segment held the highest share of nearly 42.96% in 2020. The continuous increase in demand for home glucose testing, rise in the number of patients from infectious diseases& the adoption of highly advanced technologies among the researchers worldwide are augmenting the growth of this segment. As per VeryWell Health, Home blood glucose meters are only considered as clinically accurate if the result is within a range of around 20% of what a lab test would indicate. A glucose meter result of 100 mg/dL can vary on the downside up to 80 mg/dL or on the upside to 120 mg/dL & still be considered accurate.

In terms of Mode of Purchase, the ‘OTC Testing Products’ segment held the largest market share.

Based on Mode of Purchase, the market is ramified into prescription-based testing products & OTC testing products. The ‘OTC Testing Products’ segment held the highest share in 2020 due to the rising demand for early detection of diseases & growing awareness of the usage of POC products worldwide. As per a research study, it was figured out that there are more than 300,000 marketed OTC drug products. Around 9 out of every 10 people in the United States use OTC medications on a daily basis.

In terms of Platform, the ‘Lateral Flow Assays’ segment held the largest market share.

For Platform, the market is bifurcated into Lateral Flow Assays, Immunoassays, Microfluidics, Molecular Diagnostics, and Dipsticks. The ‘Lateral Flow Assays’ held the highest revenue of around USD 8.27 billion in 2020 due to the increase in LFA-based POC devices & a rise in awareness of the various advantages associated with POC testings.

In terms of End-User, the ‘Hospitals & Critical Care Centres’ segment held the most significant share of the market in 2020.

For End-User, the market is segmented into Hospitals and Critical Care Centers, Home Care, Outpatient and Ambulatory Care Facilities, and Others. The ‘Hospitals and Critical Care Centres’ held the largest market share in 2020. The AHA (American Hospital Association), declared that there are a total of 6090 hospitals in USA out of which there are around 2946 Nongovernment Not-for-Profit Community Hospitals, approximately 962 Local & State Government Community Hospitals, nearly 1233 Investor-Owned Community Hospitals, around 625 Non-Federal Psychiatric Hospitals, close to 208 Federal Government Hospitals, & around116 other types of hospitals.

North America held the maximum share during the forecasted period.

North America spearheaded the POC diagnostics market in 2020, with a decent CAGR of 9.83% because of the rise in awareness of self-testing, highly favourable government policies, etc. In 2020, the United States Point of Care (POC) Diagnostics Market size summed up to USD 5.83 billion. 

The Point of Care Diagnostic Market in Europe is estimated to be the 2nd-largest market after North America. UK, France, & Deutschland are the 3 most dominant countries in the POC diagnostics market of the European Union. 

On the other hand, Asia Pacific is the fastest-growing region of the POC diagnostics market. The POC Diagnostics Market in the Asia Pacific region is growing comprehensively with a steady CAGR & is expected to reach up to USD 7.98 billion by 2028. In China and India, the higher growth potential of the organizations in the development & distribution of point of care devices is augmenting the market growth of this region. 

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Key players existing in the Point of Care and Rapid Diagnostics Market:

• Roche Diagnostics
• Abbott Laboratories
• Danaher Corporation
• Siemens Healthineers
• Becton Dickinson and Company
• Quidel Diagnostics
• EKF Diagnostics
• Chembio Diagnostics
• Trinity Biotech
• Fluxergy

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Recent Developments:

• On April 4th 2022, the CDC (Centres for Disease Control & Prevention) introduced some of the major guidelines on SARS-CoV-2 Rapid Testing in Point-of-Care (POC) settings. This guidance provides accurate information on the various regulatory requirements for the conduction of SARS-CoV-2 rapid testing at the point-of-care settings like the collection of specimens, performing rapid tests safely & correctly, and also convey the information accurately on reporting test results.
  
  
• On Oct 15th, 2021, the United States FDA successfully approved Roche’s TECENTRIQ. It was introduced as adjuvant therapy for people who were suffering from early stages of lung cancer. TECENTRIQ is by far the only existing cancer immunotherapy that is available for the adjuvant treatments of NSCLC (Non-Small Cell Lung Cancer Treatment)
  
  
• On Mar 27th, 2020, Abbott successfully introduced its Molecular Point-Of-Care test for the accurate detection of the COVID-19 virus that works within five minutes. It has been decided by the upper management that the test will continue to run on Abbot’s ID NOW platform, thus providing much quicker results in the healthcare facilities such as physician’s offices, urgent care clinics, & hospital emergency departments.
  
  

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