The market for point-of-care diagnostics was valued at $33.12 billion globally in 2021 and will grow to $90.25 billion by 2030, representing a CAGR of 11.78% from 2021 to 2030. Point-of-Care Diagnostics (POC) is a crucial component of clinical diagnostics that evaluates acute infections and chronic diseases. Every year, 7 out of 10 people in the United States pass away from chronic illnesses. More than 38 million people die from chronic diseases each year in the world, with cardiovascular diseases accounting for the majority of deaths (roughly 17.5 million per year), followed by cancer (8.2 million), illnesses of the respiratory systems (4 million), and diabetes (1.6 million) (1.5 million).
COVID-19 impact analysis
The unexpected COVID-19 outbreak was favorable for the market. The need for diagnostic tools to quickly identify acute infections and chronic diseases has increased. The COVID-19 pandemic caused an abrupt rise in the demand for quick diagnostic results, which sharply increased the demand for POC globally. Additionally, governments have been forced to spend more on patient management due to the rising prevalence of COVID-19 cases worldwide, which has significantly increased the demand for rapid antigen tests. A rapidly detecting tool like this is absolutely necessary for giving patients precise treatment options. Additionally, the ELISA test was developed to determine whether a person’s blood contains antibodies to the SARS-CoV-2 virus. Furthermore, point-of-care diagnostics tests are performed to detect current or previous SARS-CoV-2 virus infections.
Key industry drivers
- The factor driving the market growth is an increase in the prevalence of infectious diseases around the world. As per the WHO, more than 17 million people die each year as a result of infectious diseases, fuelling the robust growth of the POC Diagnostics Market.
- Lab-on-a-chip technology is also a key driver of POC testing, allowing various bioassays such as PCR and ELISA tests to be performed at POC centers, propelling the market forward rapidly.
- The use of saliva as a liquid biopsy, an increase in investments in point care diagnostics by the leading market players, and an increase in the need for POC testing in clinical microbiology are some of the key factors driving the market’s overall growth rate.
- Furthermore, the increasing prevalence of various POC testing processes such as Neuropsychological tests, urine analysis, pregnancy tests, international normalized ratio tests, Haemoglobin A1c tests, blood alcohol content, Chlamydia testing, cholesterol levels cardiac biomarkers, D-dimer, arterial blood test gas analysis, electrolyte test, ionized calcium levels, lactate blood test, point of care coagulation testing, Multiplexed point-of-care testing, etc. is stimulating the market growth.
The FDA’s implication of strict regulatory guidelines is a significant roadblock that may impede the expansion of the market.
Trends and Opportunities
The effectiveness rate of the market has significantly increased due to the decentralization of healthcare facilities globally.
Additionally, the use of IVD point-of-care test equipment is expanding quickly. As a result, the UK Global Point-of-Care Diagnostics Market is expect to improve.
Based on the product, a rise in demand for at-home glucose testing is due to rising patient numbers. And the adoption of highly advanced technologies by researchers. Around the world, glucose monitoring products influenced the market in 2020 with a CAGR of 7.73% and a market share of USD 12.73 billion.
Based on the payment method, with a total CAGR of 11.63%, OTC Testing Products has the largest market share. The demand for POC products and growing public awareness fuel this segment’s growth.
Depending on the Platform, the market was completely dominated by Lateral Flow Assays in 2020, with a CAGR of 4.93% and a market share of 8.273 billion, thanks to an increase in LFA-based POC devices and a rise in public awareness of the benefits of POC testing.
Based on the End-User, hospitals and critical care centers held the largest market share, owing to increased demand for cost-effective and highly efficient point-of-care diagnostics products, frequent monitoring of chronic illness and acute infections, and the rising prevalence of long-term care.
The irresistible illnesses portion held the biggest income portion of more than 20.0% in 2021. Irresistible sickness testing has moved from concentrated to decentralized POC testing, bringing about better understanding consideration. For example, Abbott has presented ID NOW, the world’s speediest sub-atomic POC test. This gives Coronavirus discoveries quickly and is usable in an assortment of decentralized medical services settings like specialists’ workplaces and pressing consideration centers.
The glucose testing portion caught the second-biggest income share in 2021. The high predominance of diabetes. Combined with the prerequisite of steady checking of glucose levels, is adding to the fragment development. According to measurements distributed by the Worldwide Diabetes Alliance, the worldwide commonness of diabetes will increase from 382 million in 2013 to 592 million by 2035.
The developing pervasiveness of diabetes and the presentation of compact symptomatic. Hardware is suppose to support fragment development from 2022 to 2030. For example, in Walk 2022, research on the appraisal of glucose levels in hospitalized patients. The local area obtained pneumonia expected to record regular glucose information from February to June 2021. The analysts utilized POC slim blood glucose testing to observe the glucose in patients.
The cardiovascular markers portion is suppose to observe critical development during the gauge time frame. Yearly, a great many patients report to the trauma center with side effects of respiratory failure. Roughly 31% of all passings are because of cardiovascular infection. Players are surveying the forthcoming interest and starting item improvement techniques as needs are. For example, in April 2021, Siemens Healthineers got CE checking for Atellica VTLi Patient-Side Immunoassay Analyzer. It is quite possibly the earliest innovation in the business that plans to improve the patient consideration worldview. And offers hs-cTnI results that aid the finding and treatment of cardiovascular failures.
High precision rates related to these markers and the developing commonness of target illnesses are a few essential drivers of this section. In any case, the pandemic upset the store network and confined the producers to getting significant natural substances from across borders. An expansion in financing by various sources, including the U.S. For example, Fantastic Difficulties Canada. And the Bill and Melinda Doors Establishment have sent off a joint drive for POC diagnostics. Expanding utilization of telehealth as a new ordinary is a basic go-to-showcase methodology for POCT players. According to the U.S.
The rising significance of POC diagnostics in natural checking and general well-being likewise requests the coordination of advancements. That work with simple systems administration makes it advantageous for medical care experts to decipher test results precisely. Organizations are creating reasonable POC with high explicitness and awareness. For example, in Walk 2022, Everything Hereditary got an endorsement from the U.K. administrative bodies for selling Coronavirus Antigen Tests in the U.K. market. The organization sells parallel stream gadgets at GBP 2 for single packs.
Due to highly supportive government policies, high awareness of self-testing, and other factors. North America dominated the POC diagnostics market with an overall CAGR of 9.83%. The market for point-of-care diagnostics in the US was worth USD 5.83 billion in 2020. The UK, France, and Germany are the three most dominant nations in the European POC diagnostics market.
Abbott Laboratories, AccuBioTech Co., Ltd., Becton Dickinson and Company, Chembio Diagnostic Systems, Inc., Danaher Corporation, EKF Diagnostics Holdings plc, WerfenLife, S.A., Johnson and Johnson Service, Inc., Nova Biomedical, F. Hoffmann-La Roche Ltd, Sekisui Diagnostics LLC, Quidel Corporation, Siemens AG, and Trinity Biotech are some of the major companies in the market.