The global point-of-care diagnostics market grew at a CAGR of 9.5% during 2014-2019. Point-of-care (PoC) diagnostics refer to the medical testing conducted to enable rapid analysis and obtain immediate results. PoC testing involves various portable instruments for glucose monitoring and infectious disease, cardiometabolic and urinalysis testing, among others. It aids in the early detection of critical illnesses, thus providing an enhanced patient-centric approach of healthcare. This kind of medical testing is widely utilized for supplying diagnostic facilities to remote locations where it is difficult to set up clinical laboratories. Owing to this, PoC testing essentials are integrated with medical vehicles, including helicopters, air ambulances, airplanes and spacecraft.
The growing prevalence of chronic diseases, which lead to increased morbidity and mortality rates, is one of the key factors driving the growth of the market. Furthermore, the increasing geriatric population across the globe, which is more prone to chronic illnesses, is also providing a thrust to the market. Moreover, infectious diseases such as Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome (HIV/AIDS), dengue fever, malaria and influenza require timely diagnosis and rapid screening, which is usually done through PoC diagnostic devices. Additionally, owing to the development of miniaturized devices and the integration with wireless technology, healthcare professionals can maintain electronic medical records (EMR) and provide more personalized intervention to individual patients. These records enable the direct transmission of test results from PoC devices to a specialist in the lab, thus minimizing the chances of discrepancies in the obtained test results. Moreover, the advent of home-testing cancer kits, which can actively monitor and analyze tumor cells, is further acting as a growth-inducing factor. Other factors, including enhanced research and development (R&D) to develop molecular diagnostic devices and the rising awareness for early detection of diseases, are projected to drive the market growth. Looking forward, IMARC Group expects the market to continue its strong growth during the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players being Abbott Laboratories, Beckman Coulter, Inc., Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Instrumentation Laboratory, Johnson & Johnson, Nova Biomedical Corporation, Pts Diagnostics, Qiagen, Siemens, Trinity Biotech, etc.
Key Questions Answered in This Report:
The global point-of-care diagnostics market size was valued at US$ 27.66 Billion in 2020.
According to the estimates by IMARC Group, the global point-of-care diagnostics market is expected to witness a CAGR of 3.25% from 2021 to 2026.
The growing prevalence of chronic diseases that require timely diagnosis and rapid screening represents one of the key drivers for the global point-of-care diagnostics market.
The advent of home-testing cancer kits, which can actively monitor and analyze tumor cells, along with the growing number of R&D activities to develop molecular diagnostic devices, represent some of the key trends in the global point-of-care diagnostics market.
Sudden outbreak of the COVID-19 pandemic has led to an increasing demand for point-of-care diagnostics due to the surge in clinical experiments for the diagnosis of coronavirus disease.
On the basis of the product type, the market has been segmented into blood-glucose monitoring kit, cardio-metabolic monitoring kit, pregnancy and fertility testing kit, infectious disease testing kit, cholesterol test strip, hematology testing kit, and others. Among these, blood-glucose monitoring kit accounts for the majority of the market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global point-of-care diagnostics market are Abbott Laboratories, Beckman Coulter, Inc., Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Instrumentation Laboratory, Johnson & Johnson, Nova Biomedical Corporation, Pts Diagnostics, Qiagen, Siemens, Trinity Biotech, etc.
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