Point of Care Diagnostics Market Analysis, COVID-19 Impact,Outlook, Opportunities, Size, Share Forecast and Supply Demand 2021-2027|Trusted Business Insights

Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Point of Care Diagnostics market.

Trusted Business Insights presents an updated and Latest Study on Point of Care Diagnostics Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Point of Care Diagnostics market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.

Get Sample Copy of this Report @ Point of Care Diagnostics Market 2020 and Forecast 2021-2027 Includes Business Impact Analysis of COVID-19

Report Overview: Point of Care Diagnostics Market

The global point of care diagnostics market size was valued at USD 17.7 billion in 2020 and is expected to register a CAGR of 2.1% over the forecast period 2021-2027. The integration of electronic health records (EHR) and Picture Archiving and Communication System (PACS) has revolutionized the market for point of care diagnostics or testing. The integration of EHR provides accurate and complete patient information at the point of care (POC). Moreover, the use of PACS increases productivity, reduces workload, and improves patient care, thus benefitting the point of care testing market.

Several smartphone-based devices and associated tools have emerged as a next-generation point of care diagnostics or testing devices, contributing to the market revenue throughout the forecast period. For instance, the smartphone-app combined with an autonomous capillary microfluidic chip is used for rapid testing of cardiac troponin I in myocardial infarction. This platform is easily applicable in resource-limited settings where it provides test results within 12 minutes.

The presence of favorable regulations, such as the guidelines of the Clinical Laboratory Improvement Amendments (CLIA), promotes POC testing over other forms. The CLIA waived point of care diagnostics or testing possesses a lower risk of inaccurate results and they are simple laboratory tests approved by the U.S. FDA for home use, which is expected to increase the adoption of these tests.
Robust government initiatives to promote the use of point of care diagnostics or testing technologies across different healthcare settings is expected to increase POC diagnostics market growth. The Point of Care Technologies Research Network established by the U.S. National Institute of Biomedical Imaging and Bioengineering accelerates point of care diagnostics or testing product development. It facilitates collaboration among several organizations to merge their technological and scientific capabilities for rapid diagnosis.

Companies continually seek ways to design advanced products to provide enhanced user comfort in a cost-effective manner. For instance, in June 2019, Abbott launched a rapid point of care diagnostics or testing method, Afinion HbA1c Dx assays, which aids the clinicians for diagnosis and risk assessment of diabetes in patients. The advent of such tests enables rapid, reliable diabetes screening by clinicians to immediately link patients to comprehensive care.

Product Insights: Point of Care Diagnostics Market

The glucose testing segment accounted for the largest revenue share in 2019. One of the factors attributive for the larger share is a high prevalence of diabetes globally. As per data reported by the International Diabetes Federation, in 2019 around 463 million adults had diabetes globally and it is expected to reach 700 million cases in 2045. This raises the demand for point of care diagnostics or testing glucose meters that efficiently diagnose glycemic levels in diabetic patients and enhance disease management.

Growing popularity of wearable or portable glucose meters due to their speed, easy operation, and less cost is anticipated to generate the demand for glucose testing. Rise in potential applications of these devices further propels segment growth. For instance, glucose meters assist the determination of various targets by coupling of target recognition elements, such as nucleic acid hybridization, with signal transduction and amplification strategies.

Emerging partnerships and collaborations among the key vendors support the point of care cancer diagnostics or testing. For instance, in August 2019, Xylonix along with BioGemex developed XDX-01, which is a pretreatment point of care diagnostics or testing method to detect the immunotherapy reactions in patients with solid tumors. Such innovations in cancer diagnosis are expected to drive the cancer marker segment at the fastest growth rate in the near future.

End-Use Insights: Point of Care Diagnostics Market

A rise in the availability of on-site point of care laboratory tests, especially in the physician office and retail clinics, is attributive to the largest revenue share of clinics in 2019. This rise improves patient-centered care while reducing practice costs and creating additional benefits. These benefits include long-term savings, high penetration in rural areas, resulting in healthcare decentralization,

and improved patient outcomes.

An introduction of outsourced tests adds another benefit to POC diagnostics method in physicians offices, such as increase test efficiency, incurs lower labor costs, and improves practice sustainability. Moreover, the presence of the Medicare Access and CHIP Reauthorization Act has revolutionized the scenario of how Medicare pays for physician services.

The home segment witnessed the fastest growth rate owing to the continuous development of the tests that can be done in the absence of healthcare professionals. Key vendors are capitalizing on the increasing ubiquity of smartphones by developing next-generation pregnancy point of care diagnostics or testing products. These devices can be connected to a smartphone to provide rapid and accurate results.

Regional Insights: Point of Care Diagnostics Market

North America lead the global point of care diagnostics market in terms of revenue generation. This is attributed to the presence of supportive government bodies that promote the point of care based diagnostics or testing. The American Heart Association, the American Diabetes Association, the U.S. Department of Health and Human Services, and the Pan American Health Organization, are among the few public organizations that encourage these tests in this region, thereby boosting the regional revenue generation.

With the miniaturization of technology, lower system cost, enhanced portability, and improved ease of use have allowed the expansion of ultrasound technology in the point of care diagnostics or testing field. For instance, in October 2019, FUJIFILM SonoSite presented point of care ultrasound solutions at the annual meeting of the American College of Emergency Physicians. This demonstration raised the awareness of point of care ultrasound in this region, thus driving the regional POC testing market.

Asia Pacific witnessed a lucrative growth rate in the near future. This is attributive to constant developments by international and local players to reach an untapped market need. For instance, in January 2020, Mindray Medical introduced the TE7 ACE point of care ultrasound system. This launch allowed the delivery of targeted solutions in various point of care diagnostics or testing scenarios, such as emergency, critical care, and anesthesia.
Point of Care Diagnostics Market Share Insights

Key participants operating in the market for point of care diagnostics or testing include

F. Hoffmann-La Roche Ltd.
Abbott
Siemens
Danaher
bioMerieux SA
Johnson and Johnson
Abaxis, Inc.
QIAGEN
Nova Biomedical
Trividia Health, Inc.
Quidel Corporation
OraSure Technologies Inc.
Becton Dickinson and Company
Spectral Medical, Inc.
Nipro.

These vendors are involved in the commercialization of their products through distribution agreements to reinforce their presence in several regions. Furthermore, key companies are engaged in the development of more sophisticated bench-top and portable testing solutions to maintain a competitive edge in the space.

For instance, in August 2019, LumiraDx U.K. Ltd. launched a point of care diagnostic/testing solution, known as LumiraDx Platform, which is designed to improve patient testing. This new platform incorporates smart technology of a small portable device, seamless digital connectivity, and advanced low-cost test strip to provide simple and affordable patient care. This product launch expanded the companys product portfolio in the market for point of care diagnostics or testing.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this report, Trusted Business Insights has segmented the global point of care diagnostics market on the basis of product, end use, and region:

Product Outlook (Revenue, USD Million, 2016 – 2027)