Latest Study on “Point Of Care/Rapid Diagnostics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Point Of Care/Rapid Diagnostics market size is expected to be worth around US$ 54.6 Billion by 2027, according to a new report by nova one advisor.
The global Point Of Care/Rapid Diagnostics market size was valued at US$ 28.9 Billion in 2020 and is anticipated to grow at a CAGR of 10.9% during forecast period 2021 to 2027.
Overview of Point Of Care/Rapid Diagnostics Market Study
Point Of Care/Rapid Diagnostics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The global point of care diagnostics market offers significant growth potential for prominent as well as emerging product manufacturers. Technological advancements in POC devices, rising incidence of infectious dieases, and increase in the investments by key players are key factors driving the growth of the point of care diagnostics market.
Clinical Microbiology Market Dynamic
Driver: Increase in the prevalence of Infectious dieases
POC tests can greatly improve the management of infectious diseases, especially in developing countries where access to timely medical care is a challenge, and the healthcare infrastructure is sparse. In addition, government funds and grants for developing novel products are also fueling the adoption of advanced technologies for infectious diseases diagnosis. Such initiatives have made it easier for people in underdeveloped and developing countries to afford these tests. Factors such as the rising number of clinics adopting POC testing for the rapid detection of infectious diseases in the near future are expected to drive market growth during the forecast period
Restraint: Strigent Regulatory policies
Despite the high demand for POC devices, manufacturers face several regulatory barriers due to multi-layered regulations set by the FDA and laboratory regulations under CLIA which is required for the for the premarket approval of POC testing kits. For the approval of any new POC device in the US, manufacturers must submit performance data to the FDA. This should demonstrate that healthcare professionals and patients can use these devices and obtain results similar to clinical laboratory tests. POC tests intended for point-of-laboratory (POL) testing also require special recognition from the FDA with additional onsite performance data. Such implantation of stringent regulations can become a major factor hindering the market growth.
Opportunity: Healthcare Decentralization
The US healthcare system is already decentralized, and several European countries are also focusing ondecentralizing their respective healthcare systems. Furthermore, many countries have begun to decentralize HIV treatment to primary healthcare centers to decrease the burden of HIV services Decentralization aims to increase the efficiency of treatment and citizen participation as well as improve access to healthcare services at a regional level thus increasing the accessibility of point of care devices for the early diagnosis of diseases.
Challenge: Inadeqaute adoption of POC in professional settngs
A majority of POC tests are performed by clinical personnel, such as medical assistants and nurses, who have limited laboratory knowledge. These individuals focus on patient care and are always under pressure to deliver fast treatments, as hospitals have a large number of patients. Clinical personnel performing POC tests are often unfamiliar with routine laboratory procedures like sample collection, calibration, and proper patient preparation. Additionally, In most cases, it has been observed that the view of healthcare and lab professionals from hospitalis not taken into consideration during the use of POCT devices in hospitals; also, they are unaware of a number of current POCT devices available in the market.
By product, glucose monitoring segment is expected to have the largest market share during the forecast period
The large share of this segment is attributed to factors such as the significant adoption of new technologies among researchers and academia technological advancements, growing diabetic patient population base, and the growing preference for home glucose testing.
lateral flow assays is the largest platform segment of the point of care diagnostics market
The segment captured a largest market share owing to the adavanatge offerd by lateral fow assay assays in POC testing by replacing lengthy, conventional laboratory procedures. Rise in the awareness of such adavantages and the strong focus of many players towards the developemnt of innovative LFA-based POC devices are likely to boost the of the lateral flow assay in the near future.
OCT testing products accounted for the largest share of the point of care diagnostics market, by end users, in 2020
The growing prevalence of chronic and infetious diseases and the demand for the early detection of diseases and the growing awareness about the avaolibility of OCT poc products for the home use are likely to fuel the growth of Oct testing product segment during the forecast period.
Hospitals & critical care centers accounted for the largest share of the point of care diagnostics market, by end users, in 2020
The segment accounted for the highest share owing to the increasing prevalence of chronic diseases in need of long-term care and frequent monitoring in the critical care units and rapidly growing awareness of the presence of cost-effective and highly innovative POC diagnostic products. Moreover, the rise in the number of hopitals and critical care centers, reduction in the patient waiting time with the use of rapid POC tets, and the initiatives undertaken by government to provide improved care top the patient in hopitals are likely to propel the growth of this segmnt.
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COVID-19 Impact on Point Of Care/Rapid Diagnostics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Point Of Care/Rapid Diagnostics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Point Of Care/Rapid Diagnostics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Point Of Care/Rapid Diagnostics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Point Of Care/Rapid Diagnostics market include:
Roche Diagnostics , Abbott Laboratories , Siemens Healthineers , Becton, Dickinson and Company , Johnson & Johnson , Danaher Corporation , Chembio Diagnostics , Quidel Corporation, EKF Diagnostics , Trinity Biotech , AccuBioTech , Nova Biomedical , PTS Diagnostics , Instrumentation Laboratory Company , and Sekisui Diagnostics .
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Glucose Monitoring Products
- Cardiometabolic Monitoring Products
- Infectious Disease Testing Products
- Coagulation Monitoring Products
- Pregnancy & Fertility Testing Products
- Fecal Occult Testing Products
- Hematology Testing Products
- Tumor/Cancer Marker Testing Products
- Urinalysis Testing Products
- Drugs-of-abuse Testing Products
- Cholesterol Testing Products
- Other POC Products
- Lateral Flow Assays
- Microfluidics 1
- Molecular Diagnostics
By Mode of Purchase
- OTC Testing Products
- Prescription-based Testing Products
By End Users
- Outpatient & Ambulatory Care Facilities
- Hospitals & Critical Care Centers
- Home Care Settings 5
- Other End Users
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The purpose of Nova one advisor’s Point Of Care/Rapid Diagnostics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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