The report “Point of Care/ Rapid Diagnostics Market by Product (Glucose, HIV, Hepatitis C, Pregnancy), Platform (Microfluidics, Dipstick, Immunoassay), Purchase(OTC, Prescription), Sample(Blood, Urine), User (Pharmacy, Hospital, Homecare) – Global Forecast to 2027″, is expected to reach USD 75.5 billion by 2027 from an estimated USD 45.4 billion in 2022, at a CAGR of 10.7% from 2022 to 2027.
Browse in-depth TOC on “Point of Care Diagnostics Industry“
334 – Tables
48 – Figures
398 – Pages
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Factors such as increasing incidence of infectious diseases, rising number of CLIA-waived POC tests and supportive government policies, healthcare decentralization and greater investments and funding for new point-of-care testing product development are anticipated to drive the growth of the point-of-care and rapid diagnostics market during the forecast period. However, rising pricing pressure due to the budget constraints, and reimbursement cuts and are expected to hamper the growth of the point-of-care and rapid diagnostics market.
“The infectious disease testing products is anticipated to register the highest growth rate during the forecast period.
Based on products, the point-of-care and rapid diagnostics market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, thyroid stimulating hormone testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products.
The infectious disease testing products is anticipated to register the highest growth rate during the forecast period. Globally, the surge in the infectious diseases cases has acceleretd the demand for rapid diagnostic tests. Accoring to WHO, in 2021, an estimated 1.5 million individuals worldwide acquired HIV infection. Leading players enaged in the manufacturing of infectious dieases tetsting products and the initiatves by government to promote the warness about POCT products are likely to support the growth this segment in near future.
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“The Lateral Flow Assays segment accounted for the largest share of the point-of-care diagnostics market, by platform, in 2021”
Based on platform, the point-of-care and rapid diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The growing adoption of lateral flow assays owing to the advantages offered by lateral low assay over other technologies by replacing conventional, lengthy laboratory procedures are likely to contribute towards to the rapid growth of this segment during the forecast period.
“The OTC Testing Products segment, by mode of purchase segment, accounted for the largest share of the global point-of-care and rapid diagnostics market in 2021”
On the basis of mode of purchase, the point-of-care and rapid diagnostics market is segmented into OTC testing products and prescription-based testing products. The OTC testing products segment accounted for the largest share of the market in 2021. Factors such as the rising prevalence of diabetes, growing patient preference of OTC products for the diagnosis of pregnancy, blood glucose monitoring, and stigmatized conditions such as STDs and HIV/AIDS, and lower cost of OTCproducts are propelling the growth of the OTC testing products segment.
“On the basis of sample, blood segment is accounted for the largest share of the global point-of-care and rapid diagnostics market in 2021”
On the basis of sample, the point-of-care and rapid diagnostics market is segment into blood, urine, nasal and oropharyngeal swabs, and other samples. The blood sample segment accounted for the largest market share 2021. Growing applications of blood samples for the diagnosis of various diseases such as malaria, HIV , cardiac biomarkers, blood glucose testing, blood gas and electrolytes analysis and presence of portable and handheld instruments and test kits using blood sample to diagnose of diseases are anticipated to support the growth of the segment.
“On the basis of End Users, Home Care and Self-testing segment is anticipated to grow at a significant rate during the forecast period”
On the basis of end users, the point-of-care and rapid diagnostics market is segmented into clinical laboratories; ambulatory care facilities and physicians’ offices; pharmacies, retail clinics, and E-commerce platforms; hospitals, critical care centers, and urgent care centers; home care & self-testing; and other end users. The homecare and Self-testing segment is anticipated to grow at a significant rate during the forecast period. The rapid test kits designed for the at-home use had offered high convinenece to patient in detecting and monitoring their own health issues , reducing the hopsital visit and uncomfortable situations.Rising prevalavnce of diabetes, increasing need for the diagnosis & continoud monitoring of health conition has driven the inclinication of patimets towards home & remote monitoring devices. Rapid develeopment and ongoing partesnhip amoung players in develoeping innovative POCT for home setting is anticipated to fule the growth of this end user in the coming years.
“The Asia Pacific market is expected to grow at the highest CAGR during the forecast period”
The global point-of-care and rapid diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The Asia Pacific market is projected to register the highest growth during the forecast period. Owing to the rising prevalence of cardiac diseases, diabetes, and infectious diseases, growing economy, expansion of healthcare infrastructure, growing initiatives by government boost the adoption of POCT, emergence of new rapid diagnostic kits manufacturer, and increased focus of key players to boost their distribution channel in the region.
The major players operating in the point-of-care and rapid diagnostics market are Abbott (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd. (Switzerland), Quidel Corporation (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux SA (France).
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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.
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