Point of Care and Rapid Diagnostics Market worth $72.0 billion by 2027 – Exclusive Report by MarketsandMarkets™


Northbrook, April 04, 2022 (Globe Newswire) — According to a new market research report “Point of Care and Rapid Diagnostics Market by Product (Glucose, Infectious Disease (HIV, Hepatitis C), Pregnancy Test), Platform (Microfluidics, Dipsticks), Mode of Purchase (OTC, Prescription), End User (Pharmacy, Hospital, Home) ) ) – global forecast until 2027”, MarketsandMarkets . published by™The Global Point of Care Diagnostics Market is expected to grow from an estimated USD 43.2 billion in 2022 to USD 72.0 billion by 2027 at a CAGR of 10.8% from 2022 to 2027.

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The growth of the rapid diagnostics market is primarily driven by the high prevalence of infectious diseases, supportive government policies, and increasing number of CLIA-free POC tests. Furthermore, healthcare decentralization and greater investment and funding for product development are expected to provide growth opportunities for players in the POC diagnostics market. However, issues related to pricing pressure due to reimbursement cut and budget constraints are expected to hinder the growth of the care diagnostics market during the forecast period.

The glucose monitoring products segment accounted for the largest share of the point of care diagnostics market by product type in 2021.

On the basis of products, the Point of Care & Rapid Diagnostics Market has been segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy and fertility testing products, hematology testing products, tumor/ Has been done. Cancer marker test products, stool occult test products, urinalysis test products, drug abuse test products, cholesterol test products and other products. In 2021, the glucose monitoring products segment accounted for the largest share of the rapid diagnostics market. This can be attributed to the growing population of diabetics, ongoing technological advancements and increasing preference for home glucose testing.

The lateral flow assays segment accounted for the largest share of the point of care diagnostics market by platform in 2021.

On the basis of platform, the point-of-care diagnostics market has been segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. Widespread adoption of lateral flow assays in POC testing as a replacement for lengthy, traditional laboratory procedures is an important factor contributing to the growth of this segment.

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The OTC testing products segment, through purchases, accounted for the largest share of the global point of care diagnostics market in 2021.

On the basis of procurement method, the point-of-care diagnostics market has been segmented into OTC testing products and prescription-based testing products. The OTC test products segment accounted for the largest share of the market in 2021. Rising prevalence of lifestyle diseases and favorable reimbursement scenario for OTC test products are the key factors driving the growth of this market segment.

On the basis of end users, the hospital and critical care center segment accounted for the largest share of the global point of care diagnostics market in 2021.

On the basis of end users, the Point of Care and Rapid Diagnostics Market has been segmented into Diagnostic Laboratories; ambulatory care facilities and physicians’ offices; pharmacies, retail clinics and e-commerce platforms; hospitals, critical care centers and urgent care centers; home care and self-testing; and other end users. The Hospitals and Critical Care Center segment is expected to dominate the market during the forecast period owing to the increased adoption of PoC devices offering shorter turnaround time. The clinical laboratories segment accounted for the largest share of the rapid diagnostics market in 2021. However, the home care and self-testing segment is projected to register the highest CAGR during the forecast period due to rising prevalence of chronic diseases (requiring long-term care and frequent monitoring), increasing awareness of home care , and the increasing availability of user-friendly and advanced POC diagnostic products.

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Latin America market is expected to grow at the highest CAGR during the forecast period

The global point of care diagnostics market is segmented into North America (including the US and Canada), Europe (including Germany, France and the UK), Asia Pacific (including Japan, China, India), Latin America (Brazil, Mexico). ), and the Middle East and Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. Rising prevalence of lifestyle diseases, increasing number of product approvals, and government initiatives to support the widespread adoption of POC testing products are the key factors driving the growth of the North American point-of-care diagnostics market.

On the other hand, the Latin American market is projected to register the highest growth during the forecast period, due to government efforts to increase awareness about early detection of diseases and routine health check-ups, further boosting point-of-care devices . Moreover, rising healthcare expenditure, increasing number of hospitals and clinical diagnostic laboratories, and increasing collaboration among players in this sector are also expected to boost the market growth.

As of 2020, the Point of Care Diagnostics market is dominated by Roche Diagnostics (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Danaher Corporation (US), Quidl Corporation (US). Other major players are Becton, Dickinson, and Company (US), Biomerics SA (France), and Chembio Diagnostics (US).

        

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