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According to the latest report by IMARC Group, titled “Point-of-Care Diagnostics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global point-of-care diagnostics market size reached US$ 27.66 Billion in 2020. Point-of-care diagnostics (POCD) enable medical practitioners and physicians to rapidly analyze various diseases and achieve real-time results through portable blood analyzers. POCD devices are utilized for diagnosing oxygen saturation, temperature, blood pressure and electrocardiogram (ECG). These diagnostic tests include various disposable kits, reusable handheld devices, multifunctional benchtop devices. Point-of-care testing (POCT) helps to diagnose a disease at an early stage, which enables faster decision-making regarding the treatment response and simplifies procedures and processes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Point-of-Care Diagnostics Market Trends:
The increasing prevalence of various acute and chronic diseases, such as cardiac diseases, hepatitis, cancer, gastrointestinal ailments, respiratory and sexually transmitted diseases (STDs), is one of the major factors driving the global POCD market. In line with this, the outbreak of coronavirus disease (COVID-19) has escalated the demand for rapid testing kits across the globe, which is fueling the market growth. Moreover, governments of various countries are undertaking initiatives to support the adoption of POCT devices to rapidly diagnose infectious diseases, such as human immunodeficiency virus/acquired immunodeficiency syndrome (HIV/AIDS), which is contributing to the market growth. Other factors, such as the growing preference for home-based healthcare and self-testing, technological advancements and increasing healthcare expenditure, are further creating a positive outlook for the market. Looking forward, the market is expected to exhibit a CAGR of around 3.25% during 2021-2026.
Market Summary:
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