The global point-of-care diagnostics market size is projected to reach USD 50.6 billion by 2025 from USD 29.5 billion in 2020, at a CAGR of 11.4% during the forecast period. Factors such as the growing increase in the prevalence of infectious diseases globally, extensive focius on research and development activities, rising level of healthcare decentralization in several countries, increase in Clinical Laboratory Improvement Amendments (CLIA) point of care devices and the growing demand for the early diagnosis of infectious diseases of driving the growth of the point-of-care diagnostics market.
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COVID-19 Impact on the global point of care diagnostics market
The COVID-19 pandemic has significantly affected the point of care diagnostics market. The outbreak of COVID-19 has expedited the global demand for diagnostic kits to rapidly detect thedisease. However, countries across the globe are facing a severe shortage of laboratory-based molecular assays. Thus, many players are emphazing on increasing the supply of tests worldwide.
The point-of-care diagnostics market will witness significant growth in 2020, owing to the increasing usage of POC tests that can rapidly diagnose COVID-19. With the increase in the demand for speedy diagnostic results, the adoption of point of-care testing is booming. The rapidly growing number of COVID-19 cases and the growing pressure on governments to improve patient management has boosted the demand for rapid antigen testing kits that can be effectively used in point-of-care settings.Such rapidly detecting tool are vital in providing accurate treatment option.
Leading Key Players:
As of 2019, major players in the global point-of-care diagnostics market included Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Becton Dickinson and Company (US), Abbott Laboratories (US), Quidel Diagnostics (US), and Chembio Diagnostics (US). Other prominent players operating in this market are EKF Diagnostics (UK), Trinity Biotech (Ireland), and Fluxergy (US), among others. The analysis of market developments between 2017 and 2020 revealed that several growth strategies such as, product launch, research collaborations and parternships were adopted by market players to strengthen their product portfolios and maintain a competitive position in the point of care diagnostics market
Roche Diagnostics was founded in 1896 and is headquartered in Basel, Switzerland. The company specializes in offering medicines for oncology, virology, inflammation, metabolism, and other areas. The company operates through two business divisions—pharmaceuticals and diagnostics. The diagnostics division operates through four segments: centralized point-of-care solutions, diabetes care, molecular diagnostics, and tissue diagnostics. The company has adopted several strategies, such as product launches, product approvals, and acquisitions, and focused on implementing data management to existing pharmaceutical & diagnostic businesses to sustain its global position in the market. The company operates 23 manufacturing facilities and 29 research facilities worldwide.Roche Diagnostics has a strong geographical presence across North America, Europe, Latin America, Africa, and Asia.
Danaher Corporation is engaged in the development, manufacturing, and marketing of develops, manufactures, and sells medical, industrial, and commercial products and services. The company operates through three business segments—life sciences, diagnostics, and environmental & applied solutions The company operates through three business segments—life sciences, diagnostics, and environmental & applied solutions. The point of care diagnostics comes under the critical care diagnostics, a sub segment of diagnostics segment. The company pursues both organic and inorganic growth strategies. The company has a strong geographic presence in North America, Asia Pacific, Europe, and Latin America. Its major subsidiaries are AB SCIEX (US), HemoCue AB (Sweden), Beckman Coulter, Inc. (US), Leica Biosystems Nussloch GmbH (Germany), Leica Microsystems GmbH (Germany), Pall Corporation (US), Molecular Devices, LLC (US), and Radiometer Medical ApS (Denmark).
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- In 2019, Roche Diagnostics FDA approval for the VENTANA PD-L1 (SP142) Assay for identifying triple-negative breast cancer (TNBC) patients.
- In 2019, Abott anouced the launch of Afinion HbA1c Dx Assay , a point of care test for diabetes.
- In 2019, Quidel Corporation received US FDA approval to commercialize Quidel Triage TOX Drug Screen
- In 2019, Danaher acquired the Biopharma business of GE Life Sciences with an aim to established as a standalone operating company and strengthen the point of care diagnostics product portfolio.