Point of Care and Rapid Diagnostics Market – Current Trends and Global Forecast 2027
Point of care diagnostics are medical tests that are performed quickly with results available right away. These tests can be used to determine a wide range of conditions and illnesses, ranging from infections to chronic illnesses. Point of care diagnostics can be performed at home, at a doctor’s office, or even in public places such as airports. These tests are becoming increasingly popular because they are faster and more convenient than traditional laboratory tests. Additionally, they can be used to quickly diagnose a variety of conditions, including sexually transmitted diseases, influenza, and other infections.
Currently, point of care diagnostics market is expected to reach USD 75.5 billion by 2027 from an estimated USD 45.4 billion in 2022, at a CAGR of 10.7% from 2022 to 2027. The growth of the point-of-care diagnostics market can be attributed to the high prevalence of respiratory diseases such as influenza, COVID diseases, cardiac diseases, and infectious disease, (where POC tests can greatly improve the management of these diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse).
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Growth Drivers
- Increasing prevalence of infectious diseases
- Increasing incidence of target conditions
- Supportive government policies
- Dearth of skilled laboratory technicians
- Rising number of CLIA-waived POC tests
Growth Opportunities
- Emerging markets
- Healthcare decentralization
- Increasing provider awareness about novel technologies
- POC tests with multiplexing capabilities
- Growing investments and funding for product development
Market Challenges
- Lack of alignment with definitive central lab methods
- Inadequate adoption of POC devices in professional settings
- Reluctance to change existing diagnostic practices
- Premium pricing of novel platforms
The prominent players operating in the point of care diagnostics market are Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux S.A. (France)
Abbott:
Abbott Laboratories is the leading player in the point-of-care diagnostics market. The strong focus on strengthening its brand presence and continuous investments in R&D to introduce novel products and improve its existing product line and processes are expected to help Abbott witness significant growth in the point-of-care diagnostics market during the forecast period. To expand its global diagnostics presence and leadership in the point-of-care diagnostics market, the company acquired Alere, Inc. in October 2017, gaining access to new channels and Alere’s high-quality products
F. HOFFMANN-LA ROCHE LTD.
Roche Diagnostics is one of the leading players in the global POC diagnostics market. Roche Diagnostics focuses on R&D to develop new tests and cater to the increasing demand for diagnostic testing. Also, the company has adopted several strategies, such as product launches and approvals and acquisitions. Over the past three years, Roche Diagnostics has launched several new products. In January, 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.
SIEMENS HEALTHINEERS AG
Due to its robust product portfolio in the diagnostic segment, Siemens Healthineers AG is among the leading players in the point-of-care diagnostics market. It has a broad range of testing systems, including coagulation, molecular, urinalysis, and blood gas testing systems & services. The company is engaged in developing and manufacturing new products to expand its product offerings in the point-of-care diagnostics market. Siemens Healthineers focuses on acquisitions to expand its product portfolio and invest in new business ideas to tap into better market opportunities. Siemens expanded its services business by adding the digital services portfolio and the distribution of its R&D workforce across international sites has enabled the firm to strengthen its foothold in the market.
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Report Objectives
- To define, describe, and forecast the point of care diagnostics market by Product, Platform, Mode of Purchase, Sample, End User, and Region
- To provide detailed information about major factors influencing market growth (key drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and their contributions to the overall point of care diagnostics market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the market value of various segments and sub-segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players active in the point-of-care and rapid diagnostics market and comprehensively analyze their global revenue shares and core competencies2
- To track and analyze competitive market-specific developments such as product approvals & commercialization, agreements, partnerships, collaborations, acquisitions, and expansions in the point-of-care and rapid diagnostics market
Recent Developments
- In May 2022, QuantuMDx announced the launch of its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.
- In March 2022, Boditech Med entered in strategic partnership with Novo Integrated Sciences, Inc. with an aim to expand its biomarker based rapid testing product line across North America
- In January 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics’ newest generation of connected point-of-care solutions for professional blood glucose management.
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