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Global Point-of-Care (POC) Diagnostics Market to Grow at a CAGR of 8% During 2021-2026, Aided by the Advanced Testing Product

According to a new report by EMR titled, ‘Global Point-of-Care (POC) Diagnostics Market Report and Forecast 2021-2026’, the global point-of-care (POC) diagnostics industry is expected to grow at a CAGR of 8% in the forecast period of 2021- 2026.

The global point-of-care (POC) market is growing fast with the introduction of advanced and innovative testing kits. Nanotechnology in POC has diverse applications and reduces the samples required for the test result. Some government regulations also have been relaxed for POC diagnostic kits. Simple laboratory tests for home use have also been approved that is expected to bolster the POC industry. The results for POC tests are obtained in little time. With the rising healthcare awareness, POC market is anticipated to have rapid growth in demand.

Glucose monitoring kits is one of the leading segments of POC by product. This is because of the large and expanding base of diabetic patients around the world. Diabetic patients require continuous monitoring for blood sugar. This process is made very convenient with time and cost savings through the glucose monitoring POC kit. The OTC segment of mode of purchase is also performing well because of the ease of use, convenience, and quick results.

The POC diagnostics have recently being started to be used for COVID-19 pandemic management. One of the key players in POC market is Abbot Point of Care Inc. (NYSE: ABT). On 16 December 2020, Abbott announced that the virtual guided at-home use of its rapid test for the detection of COVID-19 infection was granted Emergency Use Authorization (EUA) by the United States Food and Drugs Administration. It is claimed that there are low difficulties in operating testing kit and time taken for receiving result is only 20 minutes for the antigen test. This POC kit is also expected to be highly portable and inexpensive. This will drive the point-of-care diagnostic demand to greater heights in the forecast years.

Market Analysis by Product, Platform, Mode of Purchase, End Use, and Regions:

  • The types of point-of-care (POC) diagnostic products are glucose monitoring kits, infectious diseases testing kits, pregnancy and fertility testing kits, haematology testing kits, cardiometabolic monitoring kits, urinalysis testing devices, coagulation monitoring kits, tumour or cancer markers testing devices, cholesterol testing strips, drugs of abuse testing kits, and faecal occult testing kits, among others.
  • On the basis of platforms POC can be divided into lateral flow assays, dipsticks, microfluidics, molecular diagnostics, and immunoassays, among others.
  • The mode of purchase of POC diagnostics are prescription-based products and OTC products.
  • The industry finds its end use in professional diagnostic centres, hospitals/critical care centres, assisted living healthcare facilities, and research laboratories.
  • The regional markets for POC diagnostics include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The new and innovative testing products is providing impetus to the market growth.
  • Rising population, increased disposable income, and growing healthcare awareness is driving the POC demand.
  • The use of POC kits in COVID-19 detection is expected to propel the industry growth.
  • Increasing patient base requires lower patient turnover which is possible through POC diagnostics that is leading to rising market demand.
  • The government regulations and approval for point-of-care diagnostic kits will drive the industry in forecasting years.

Key Offerings of the report:

  • The EMR report gives an overview of the global point-of-are (POC) diagnostic industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the product, platform, mode of purchase, end use, and major regions of POC diagnostics. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global point-of-care diagnostics market are Abbott Point of Care Inc., F. Hoffmann-La Roche Ltd, Chembio Diagnostics, Inc., Johnson & Johnson Services, Inc., Siemens AG, Becton, Dickinson and Company, and Danaher Corp, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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