SAN FRANCISCO, March 19, 2020 /PRNewswire/ -- The global point of care diagnostics market size is expected to reach USD 24.1 billion by 2027, expanding at a CAGR of 3.2%, according to a new report by GrandView Research, Inc. Continuous advancement in the development of highly sensitive and specific miniaturized biosensors, based on microfluidic systems along with handheld devices, is anticipated to drive the market. These systems are capable of automation, integration, and multiplex detection, suitable for use in areas without well-trained professionals.
Key suggestions from the report:
Glucose testing accounted for the largest revenue share owing to the high incidence rate of diabetes and the abundant usage of portable glucose meters
Cancer markers are expected to witness the fastest growth rate due to the extensive ongoing R&D activities related to cancer and growing demand for circulating tumor cells (CTC) - based cancer detection
POC tests offer several benefits as compared to conventional lab tests that lead to their high utilization rate in clinics, resulting in the largest revenue share of clinics
These benefits include reduced turnaround testing timeline, delivery of on-site results, minimal contact with clinical staff, and faster diagnosis
Continuous development of point of care devices, especially glucose meters, for home care settings, early detection, and prevention of diseases is expected to drive the home segment at the fastest growth rate
North America dominated the point of care testing market owing to the favorable government initiatives and programs related to lipid and blood sugar level testing that encourage the usage rate of point of care tests in this region
Key participants operating in this market include Danaher; Abbott Laboratories; bioMérieux SA; Trividia Health, Inc.; QIAGEN, F. Hoffmann-La Roche Ltd.; and Siemens
Companies are adopting several strategic developments related to the development of biosensors for point of care settings
For instance, in September 2019, BioMed X completed its collaboration with Roche Diagnostics for the development of nanomaterial-based biosensors for point of care testing
These tests have emerged as an indispensable part of modern healthcare, as it improves the quality, accuracy, availability, and affordability of patient care. The uptake of POC devices is rapidly progressing due to the incorporation of advanced technologies. For instance, in July 2019, HiberGene Diagnostics has outlined plans to develop a cost-effective POC testing system based on its licensed loop-mediated isothermal amplification technology.
The growing popularity of rapid testing in near-patient settings has positively impacted point of care testing market growth. The rise in investments to develop advanced rapid testing devices, such as single integrated user-friendly devices, fuels market progression. For instance, in February 2019, the Global Health Investment Fund (GHIF) granted USD 6 million to Atomo Diagnostics for the commercialization of its AtomoRapid diagnostic test platform.
Grand View Research has segmented the global point of care diagnostics/testing market based on product, end use, and region:
Point of Care Diagnostics/Testing Product Outlook (Revenue, USD Million, 2016 - 2027)
Clostridium Difficile POC
Pneumonia or Streptococcus Associated Infections
Respiratory Syncytial Virus (RSV) POC
TB and Drug-Resistant TB POC
Other Infectious Diseases
Thyroid Stimulating Hormone
Primary Care Systems
Decentralized Clinical Chemistry
Drug Abuse Testing
Point of Care Diagnostics/Testing End-Use Outlook (Revenue, USD Million, 2016 - 2027)
Pharmacy & Retail Clinics
Urgent Care Clinic
Assisted Living Healthcare Facilities
Point of Care Diagnostics/Testing Regional Outlook (Revenue, USD Million, 2016 - 2027)
Point-of-Care Molecular Diagnostics Market– The global point-of-care molecular diagnostics market size was valued at USD 1.72 billion in 2018 and is anticipated to expand at a CAGR of 14.4% over the forecast period.
Primary Care POC Diagnostics Market – The global primary care POC diagnostics market size was estimated at USD 6.3 billion in 2016.Rapid evolution of point-of-care testing holds enormous potential for the growth of both primary and secondary care settings.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.