Point of Care Diagnostics Market
The Global Point of Care Diagnostics Market was valued at USD 45.06 Billion in the year 2022 and is projected to reach a value of USD 95.89 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 9.90% over the forecast period.
Market Overview
In accordance with its many applications and advantages in patient health management, the function of point-of-care diagnostics is expanding at an unprecedented rate with each passing day. Reduced treatment times, symptom classification and identification, and illness detection are all made possible by point-of-care diagnostics. Major MedTech market leaders have recently created and introduced a number of potential Points of Care Diagnostics devices. The most important POCD component for an assay's bioanalytical efficacy is the biosensor. For better POCD, several potential label-free biosensors have been created, including electrochemical, surface plasmon resonance (SPR), white light reflectance spectroscopy (WLRS), and others. In a similar vein, the development of mutually beneficial technologies.
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The COVID-19 pandemic significantly influenced the expansion of the POC diagnostics industry. For instance, a Journey Cureus article from August 2022 stated that the emergence of COVID-19 necessitated testing in order to serve containment and mitigation needs, which in turn sparked the creation of rapid COVID-19 testing. As a result, POC tests are in high demand due to the COVID-19 pandemic. However, in the current environment, because of POC diagnostics' simplicity, low cost, low incidence of complications, and quick turnaround times, consumer demand for POC diagnostics is going to increase significantly over the forecast period. Article from August 2022 stated that the emergence of COVID-19 necessitated testing in order to serve containment and mitigation needs, which in turn sparked the creation of rapid COVID-19 testing. As a result, POC tests are in high demand due to the COVID-19 pandemic. However, in the current environment, because of POC diagnostics' simplicity, low cost, low incidence of complications, and quick turnaround times, consumer demand for POC diagnostics is going to increase significantly over the forecast period.
Additionally, the rise in home-based POC device utilization, advancements in technology, and the rising number of authorizations from regulators for unique diagnostic techniques are anticipated to support the development of the market being studied over the period of forecasting. For instance, BioGX introduced the CE-marked, three-gene multiplex POC COVID-19 test in July 2022. These assays utilize the highly efficient Xfree direct sample testing chemistry developed by BioGX and found in their Xfree COVID-19 Direct RT-PCR tests, which has been approved for use in emergency situations by the US Food and Drug Administration. (USFDA). As a result, governmental approvals for the introduction of new products help the market under study expand.
The increasing incidence of diseases that are chronic and infectious, the rising number of approvals from regulators for novel diagnostic techniques and technical developments, and the growing use of residence-based POC devices for testing are the factors that are fuelling the growth of the market being studied.
Top Companies in Point of Care Diagnostics Market
o Abbott Laboratories
o Siemens Healthineers AG
o Johnson and Johnson Inc.
o Danaher Corporation (Beckman Coulter Inc.)
o Qiagen Inc.
o Becton, Dickinson and Company
o Instrumentation Laboratory
o Instrumentation Laboratory
o F. Hoffmann-La Roche Ltd.
o Johnson and Johnson Inc.
o Nova Biomedical Corporation
o Biomeriux SA
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Point of Care Diagnostics Market Dynamics:
Since point-of-care diagnostics are quicker than testing in laboratories and produce quick results, there is a substantial increase in demand for them globally. If necessary, on the other hand, it might lead to quicker therapy execution. The demand for POC kits for the detection of COVID-19 has recently risen due to the increasing prevalence of COVID-19 around the world. The point-of-care diagnostics marketplace will expand in the future years despite the high vaccination rate and deceased in Covid-19 cases. According to Delve Insight’s analysis, the market for point-of-care diagnostics is predicted to grow as a result of an increase in the number of patients with chronic diseases (such as diabetes, cardiovascular conditions, illnesses that are infectious, and others), a rise in the prevalence of geriatrics who are more likely to develop chronic diseases, and an increase in technological innovation and advancement.
Global Point of Care Diagnostics Market Segmentation
By Product
o Kit for Monitoring Glucose
o Tests for Infectious Disease
o Haematology Testing Kit
o Kit for Cardiometabolic Monitoring
o Kit for Fertility and Pregnancy Testing
o Other Products
o Test Strips for Cholesterol
By End User
o Critical Care
o Providing Ambulatory Care
o establishing the research lab
o Hospitals
o various end users
What is Point of Care Diagnostics Market?
The term "point-of-care testing" (POCT), also referred to as "near-patient testing" (NPT), refers to a type of testing in which the analysis is carried out outside the laboratory or in a location where healthcare is given close to or near the patient. Point-of-care testing is also referred to by other names, including different site testing, off-site testing, bedside testing, and physician's office testing (POL), among others. It takes time and effort to prepare the samples and transmit them securely to medical laboratories for testing. Additionally, it can result in time being wasted in urgent circumstances, particularly when the patient is being treated without the accurate diagnostic findings.
POCT are typically portable and can generate test results in a matter of minutes. The point-of-care testing market has expanded recently as a result of technological advancements and a rising demand to increase access to testing for a variety of test settings. Point-of-care testing has contributed to the decentralisation trend in in vitro diagnostics (IVD) testing and improves patient outcomes with a higher standard of care by giving doctors instant information about the patient's condition. The Point-of-Care Diagnostics (POCD) market is being driven by ongoing advancements in biosensors, which microfluidic, bioanalytical platforms, test formats, lab-on-a-chip technologies, and related technologies.
The tools or packages for point-of-care testing are available in a variety of variations and shapes. Simple dipsticks like those used in urinalysis, portable devices like glucometers, or molecular analysers or identifying infectious diseases may be used in the test. A portable device can also be used by a medical professional to perform the patient's examination. As an alternative, the doctor can collect blood from the patient and send the sample right away to the lab, where it is processed and put through a series of tests.
In the coming years, the infectious disease category is expected to hold a sizable market revenue share in the point-of-care diagnostics market's application sector. The market for point-of-care diagnostics for infectious diseases will be stimulated by several important factors, including an increase in the number of product approvals related to contagious diseases and a rise in research and development for POC kits that aid in infectious disease diagnosis.
Point of Care Diagnostics Market Challenges
Quality control and outcome reporting are two difficulties with POC testing. By using wireless testing facilities information system interactivity for POC devices, laboratories can cope with these. (2). Test errors are a second issue; home tests should be made reliable with outcomes comparable to those of central laboratories. However, even central lab tests can rarely experience different types of interference. In POC, analytical contamination is also seen. The answer is the same as in the centre lab: Serial dilution of the sample can confirm suspected interference and deviation from linearity if a result does not fit the clinical picture or other test findings. To lessen this influence, most tests reagents now include a variety of blockers, such as heterophilic antibody blockers.
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Point of Care Diagnostics Market Opportunities
One of the most popular tests performed around the world detects the amount of glucose in the blood. Due to the increasing number of diabetes cases reported worldwide and the company's recent product launches, blood glucose testing POC diagnostics is anticipated to experience significant growth over the forecasted period.
The introduction of portable diagnostic tools and the increasing incidence of diabetes are anticipated to accelerate segment development. For instance, the International Diabetes Federation (IDF) reported that 536,600.0 out of every 10,000 adults (20-79 years old) in the world had diabetes in 2021; this number is projected to rise to 642,800.0 out of every 1,000 adults by 2030; and to 783,700.0 out of every 1,000 adults by 2045. Therefore, there is growing demand for quick diagnostics as a result of the rise in diabetes instances. Thus, the demand for POC diagnostics is growing as the number of diabetes cases rises.
Recent Development
Considering approval of goods and launches, there have been several significant developments in the point-of-care diagnostics industry over the past few years. In the point-of-care diagnostics market, a number of significant companies are active on a global scale. Many of these firms have recently joined the market with fresh, cutting-edge solutions to meet a variety of needs and gain market share. The point-of-care diagnostics industry expects higher returns and revenue due to the high consumer demand.
Chembion Diagnostics, Inc. stated on November 28, 2022 that it had submitted a request for a Clinical Laboratory Improvement Amendments (CLIA) authorization for the DPP HIV-Syphilis System to the U.S. Food and Drug Administration (FDA). A tiny drop of blood from the fingertip or alternative materials can be used to obtain high-quality, quick diagnostic findings from Chembion’s proprietary DPP technology platform in 15 to 20 minutes.
The FDA Emergency Use Authorization for the over-the-counter selling of the COVID-19 Antigen Rapid Test was granted to IHealth Labs on November 12, 2022.
Takara Bio Europe was granted the CE-IVD Mark on October 11, 2022 for its COVID-19 Diagnostic Kit and SARS-CoV-2 Direct Polymerase Chain Reaction (PCR) Diagnostic Detection Kit.
The first nano biosensor to produce a protein response and be ready for commercialization was revealed by NanoDx on August 24, 2022.
Regional Analysis
North America is one of the leading markets for point of care diagnostics due to the presence of advanced healthcare infrastructure, increasing adoption of technologically advanced diagnostic devices, and rising prevalence of chronic diseases. The United States is the largest market for point of care diagnostics in the region, followed by Canada.
Europe is also a significant market for point of care diagnostics, driven by the growing demand for rapid diagnostic tests and increasing healthcare expenditure. The United Kingdom, Germany, France, and Italy are some of the major markets in the region.
The Asia Pacific region is expected to witness the highest growth rate in the point of care diagnostics market due to the rising demand for better healthcare facilities, increasing government initiatives for early disease diagnosis, and growing awareness about the benefits of point of care testing. China, Japan, India, and Australia are some of the key markets in the region.
Latin America is also a growing market for point of care diagnostics, driven by the increasing prevalence of chronic diseases, rising healthcare expenditure, and growing awareness about the benefits of early disease diagnosis. Brazil, Mexico, and Argentina are some of the major markets in the region.
The Middle East and Africa region is expected to witness significant growth in the point of care diagnostics market due to the rising prevalence of infectious diseases, increasing adoption of point of care testing devices, and growing awareness about the benefits of early disease diagnosis. South Africa, Saudi Arabia, and UAE are some of the key markets in the region.
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