What Are Several of the Benefits of Point of Care/Rapid Diagnostics Market?

ASEAN and North Asian POC Market by Product (Glucose Monitoring, COVID, HIV, STDs, HAIs, Influenza, Tropical & Respiratory diseases), Technique (Rapid test, Molecular diagnostics), User (Hospital, Home Care) – Forecast to 2026” The ASEAN and North Asian Point of Care/Rapid Diagnostics market size is expected to grow from an estimated USD 2.0 billion in 2021 to USD 3.9 billion by 2026, at a CAGR of 13.0%. The growing demand for accurate and early diagnostic methodologies, modernization and expansion of healthcare infrastructure and significant disease prevalence are the major factors that are expected to drive the growth of the ASEAN and North Asian Point of Care/Rapid Diagnostics market during the forecast period.

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Key Market

The major players operating in the ASEAN and North Asian Point of Care/Rapid Diagnostics market are Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Abbott Laboratories (US), Danaher Corporation (US), Becton, Dickinson and Company (US), Sysmex (Japan), Cardinal Health (US), Quidel (US), GE Healthcare (US) EKF Diagnostics (UK), bioMérieux SA (France), Accubiotech (China), PTS Diagnostics (US), Chembio Diagnostics (US) Trinity Biotech (Ireland), Johnson and Johnson(US), Sekisui Diagnostics (US), Nova Biomedical (US), Thermo Fisher Scientific (US), Ortho Clinical Diagnostics (US) and Bio-Techne (US).

Driver: Evolving patient preferences and rapid modernization of healthcare services are poised to augment the PoC diagnostics market growth in target countries during next decade

Rapid rates of urbanization and development within the ASEAN and North Asian countries have boosted the overall healthcare environment. Moreover, approximately half of the SEA population lives in urban areas. The ASEAN region is expected to surpass the EU as the world’s second-largest med-tech market (after the US), and most customers will lie beyond the premium segment. Universal insurance schemes are covering more and more people, which will lead to favorable conditions for growth. In addition, ASEAN and North Asian point of care diagnostics are being adopted due to the growing demand for accurate and early diagnostic methodologies.

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Restraints: Dearth of skilled workforce and significant out-of-pocket healthcare expenditure across target countries are dampening the optimal market growth for PoC diagnostics products

High out-of-pocket expenditure could be attributed to the tendency of patients to not follow pathways covered by insurance and self-refer to higher-level hospitals for care. According to the WHO, ~65 million people are pushed into poverty because of health expenditure mainly because of direct out-of-pocket expenditures, which adds to the already high incidence of poverty in Southeast Asia. Indonesia, Vietnam, and the Philippines are implementing universal health coverage plans, but out-of-pocket spending remains high due to low reimbursement for over-the-counter and patented drugs and inadequate insurance coverage of services. Southeast Asia faces challenges such as shortages, unequal distribution, retention, adapting health workers’ education to fit rapidly changing needs, and improving health worker performance. They are a major factor restraining the growth of the ASEAN and North Asian Point of Care/Rapid Diagnostics market in the coming years.

Opportunities: Growth potential offered by emerging markets

Workflow automation and decentralization of diagnostic services offer significant revenue growth opportunities for PoC diagnostic vendors in the region during next decade. Emerging health tech has thrown the spotlight on four areas that set the forces of decentralization in motion. The four areas to watch are Decentralized healthcare at home, Decentralized healthcare at clinics, Insurance providers and HMOs shifting their orientation towards digital solutions, and Major players’ response to decentralization. More than half the labs in developed countries in Asia reported using automation systems, compared to only 28.7% in developing countries. Large labs, defined as those processing over 1,000 samples/day, had a relatively high rate of adoption compared to smaller labs. This suggests that automation of diagnostic workflows is a significant growth opportunity in the ASEAN and North Asian Point of Care/Rapid Diagnostics market.

South Korea, Hong Kong, and Taiwan are among the top ASEAN countries to dominate the Point of Care diagnostics market.

The high growth in this regional market is majorly attributed to factors such as the growing demand for accurate and early diagnostic methodologies.

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