Pune, India, May 17, 2021 (GLOBE NEWSWIRE) -- The global POC Diagnostics Market size is expected to gain momentum by reaching USD 81.37 billion by 2028 while exhibiting a CAGR of 9.4% between 2021 and 2028. This information is published by Fortune Business Insights in a report titled “POC Diagnostics Market, 2021-2028.” The report further mentions that the market stood at USD 34.49 billion in 2020. Factors such as the increasing prevalence of chronic diseases and the growing focus on introducing advanced testing kits will favor the growth of the market. According to the United Nations Program data on HIV/AIDS (UNAIDS), in 2019, around 38 million people were diagnosed with HIV/AIDS.
The occurrence of coronavirus has exerted massive economic stress onto sectors in various countries. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.
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Industry Development:
June 2020: Celltrion Group announced the launch of the SARS-CoV-2 point-of-care antigen diagnostic kit. The new development will help the company increase its access to COVID-19 diagnosis management and treatment globally.
Increasing Focus on Launch of Innovative Diagnostic Devices to Propel Market Growth
The increasing number of chronic ailments such as infectious disease, diabetes, HIV, etc., propels several pharmaceutical companies to introduce innovative testing kits. This is anticipated to boost the demand for the product. For instance, in June 2019, Abbott introduced the Afinion HbA1c Dx assay, a first-of-its-kind point-of-care test approved by the U.S Food and Drug Administration (FDA) to detect diabetes. The continual efforts exerted by major companies to develop advanced POC kits are therefore expected to contribute to the global POC Diagnostics Market growth during the forecast period.
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North America to Remain Dominant; Increasing Adoption of Advanced POC Kits to Aid Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest market position in the forthcoming years. This is attributable to the increasing adoption of advanced point-of-care (POC) diagnostics kits to detect infectious diseases in the region during the forecast period. North America stood at USD 14.10 billion in 2020.
Europe is expected to hold the second position in the market during the forecast period. This is due to the increasing investment in developing point of care (POC) diagnostics in countries such as Germany, Spain, and France. For instance, in November 2019, Linear Diagnostics secured an investment worth USD 2.6 million to develop an advanced optical POC diagnostic testing platform to detect sexually transmitted diseases.
What does the Report Include?
The market report includes a detailed qualitative and quantitative analysis of the market and focuses on crucial aspects such as materials, leading companies, applications, and products. Also, the report offers insights into the latest trends and highlights key industry developments. The report further includes historical data & forecasts revenue growth at global, regional, and country levels. It analyzes the industry's latest dynamics and opportunities to impact the market growth between 2021 and 2028.
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Key Players Focus on Facility Expansion to Strengthen Their Market Positions
The market is consolidated by prominent companies focusing on expanding their facilities to improve their sales revenues and cater to the growing demand for advanced point-of-care (POC) diagnostics kits across the healthcare settings globally. Furthermore, other key players are striving to gain a major chunk of the market share by adopting organic and inorganic strategies that will bode well for the market growth during the forecast period.
The Report Lists the Key Companies in the POC Diagnostics Market:
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
- Abbott Laboratories (Illinois, U.S)
- Quest Diagnostics Incorporated (New Jersey, United States)
- BD (Franklin Lakes, U.S)
- bioMérieux SA (Marcy l'Etoile, France)
- Cardinal Health, Inc. (Ohio, U.S)
- Mesa Biotech (California, U.S)
- Cepheid (California, U.S)
- Trinity Biotech (Bray, Ireland)
- Quidel Corporation (San Diego, U.S.)
- Bio-Rad Laboratories Inc. (California, U.S)
- Other Players
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Detailed Table of Content:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Disease Indications– For Key Country/Region
- Technological Advancements in the Point-of-care (POC) Diagnostics
- New Product Launch
- Overview of Regulatory Scenario
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Overview of COVID-19 Impact on POC Diagnostics Market
- Major Factors Driving the Impact of COVID-19
- Reimbursement Changes in Response to COVID-19 Impact
- Opportunities Offered by the Impact of COVID-19
- Global POC Diagnostics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Blood Glucose Monitoring
- Infectious Diseases
- Cardiometabolic Diseases
- Pregnancy & Infertility Testing
- Hematology Testing
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospital Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Homecare/Self-testing
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America POC Diagnostics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Blood Glucose Monitoring
- Infectious Diseases
- Cardiometabolic Diseases
- Pregnancy & Infertility Testing
- Hematology Testing
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospital Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Homecare/Self-testing
- Market Analysis, Insights and Forecast – By Country
- U.S
- By Product
- Canada
- By Product
- U.S
- Europe POC Diagnostics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Blood Glucose Monitoring
- Infectious Diseases
- Cardiometabolic Diseases
- Pregnancy & Infertility Testing
- Hematology Testing
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospital Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Homecare/Self-testing
- Market Analysis, Insights and Forecast – By Country/Sub-region
TOC Continued…!!
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