WAREHOUSE MANAGEMENT SYSTEMS MARKET SIZE WORTH USD $62.1 BILLION BY 2028 | CAGR 11.5% BY 2028, (INCLUDING COVID-19 IMPACT ANALYSIS): ZION MARKET RESEARCH
NEW YORK, March 2, 2022 /PRNewswire/ -- As per Zion Market Research study, The global point of care diagnostics market was worth around USD 35.4 billion in 2021 and is estimated to grow to about USD 62.1 billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.5 percent over the forecast period. The report analyzes the point of care diagnostics market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the point of care diagnostics market.
Medical diagnostic screening at or near the point of care, which is, at the time and location of patient treatment, is referred to as point-of-care diagnostic. This is in contrast to the old practice of testing being limited to the medical laboratory, which required transporting samples away from the subject of care and thereafter waiting hours or days for findings, during which time treatment had to be continued without the needed information. Point of care diagnostic is rapidly gathering attention owing to the increasing geriatric population and increasing need for real-time diagnostic. This does not only save time but improves treatment outcomes.
Point of Care Diagnostics Market: Overview
Point-of-care diagnostics (POCD) is critical for detecting analytes close to the patient, allowing for improved illness monitoring, diagnosis, and management. It allows for rapid medical choices since illnesses can be detected at an early stage, resulting in better health outcomes for patients by allowing for the early initiation of therapy.
Point of Care Diagnostics Market: Growth Drivers
Globally, the burden of infectious and chronic diseases is on the rise. Lack of exercise, changes in lifestyle, and unhealthy habits are also some of the factors that are leading to an increase in chronic diseases like diabetes, chronic respiratory diseases, and cardiovascular diseases. According to WHO, cardiovascular disease constitutes the majority of non-communicable diseases mortality (17.9 million per year), followed by cancer (9.3 million), respiratory infections (4.1 million), and diabetes (1.5 million). Additionally, two-thirds of all tuberculosis cases worldwide were traced to just eight countries: South Africa, Bangladesh, Nigeria, Pakistan, the Philippines, China, Indonesia, and India. POC diagnostics can considerably enhance the treatment of infectious illnesses, particularly in underdeveloped nations where prompt medical care is difficult to come by and healthcare infrastructure is limited. Furthermore, government incentives and grants for the introduction of new products are driving the use of modern technology for infectious disease diagnostics. These efforts have made it simpler for people in undeveloped and impoverished nations to afford these tests. Moreover, factors such as the increasing number of clinics implementing POC diagnostics for the quick identification of infectious diseases are likely to fuel the growth of the global point of care diagnostics market.
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Point of Care Diagnostics Market: Restraints
According to WHO research, a worldwide health concern is a shortage of healthcare workers, which affects access to healthcare services. Low- and middle-income countries are further hampered by a shortage of trained health professionals, and new innovations, such as the adoption of POC diagnostics in medical care, are posing challenges to POCT delivery due to the increasing workload and dearth of skilled health workers.
Point of Care Diagnostics Market: Opportunities
The current POCD trend is firmly leaning toward smart devices integrated with mobile healthcare, which have the potential to genuinely transform customized healthcare monitoring and management, opening the way for next-generation point of care diagnostics. Smartphone POC technologies for the interpretation of colorimetric, chemiluminescent, fluorescence, electrochemical, label-free, and lateral flow assays detection of cells, nanoparticles, biomolecules, and microbes; and other diagnostic applications have previously been developed. The number of cellphone users has now surpassed 7.4 billion, with 70 percent of them living in poor nations with a severe need for POCD. Numerous smartphone gadgets and smart applications for managing and monitoring fundamental health metrics such as blood pressure, blood glucose, pulse rate, body analysis, physical activity, weight, and electrocardiogram have been commercialized. All these factors ensure the healthy growth of the global point of care diagnostics market during the forecast period.
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Point of Care Diagnostics Market: Segmentation
The global point of care diagnostics market is categorized based on kits product, platform, end-user, and region. Based on the kits product, the global market is bifurcated into infectious disease testing, glucose monitoring, pregnancy & fertility testing, cardiometabolic monitoring, hematology testing, urinalysis testing, coagulation monitoring, cholesterol test strips, tumor markers testing, fecal occult testing, and drugs of abuse testing. Among these, the glucose monitoring segment dominates the market with more than 25 percent of the share. By platform, the market is segregated as microfluidics and immunoassay. The end-user segment of the global market is divided into hospital, home care, and e-comm. In end-users, the home care segment is expected to register the fastest growth during the forecast period.
Recent Developments:
- On 23 September 2021, Celltrion, a specialist biologics firm, stated that the Department of Defense's Defense Logistics Agency (DLA) has granted Celltrion USA, Inc., a Celltrion affiliate, a purchase agreement for its DiaTrustTM COVID-19 Ag Rapid Test.
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Regional Landscape:
North America is expected to remain the largest market for point of care diagnostics during the forecast period. Key factors propelling the growth of the market in the region include an increase in the upper-class population, increasing cases of chronic disorders due to changes in food habitats & lifestyle, and growing demand for effective and efficient diagnostics. Further, healthcare infrastructure in major countries in the region such as the US and Canada is well developed and supports advanced treatment & diagnostics systems. Moreover, high spending power on medical treatments is well supported by increasing initiatives by private and public hospitals in the region. Asia Pacific is projected to provide plenty of opportunities for the expansion of the point of care diagnostics market. Large middle-class populations with frequent health problems are triggering the need for efficient diagnostic systems. Besides, increasing awareness regarding POC diagnostics in emerging countries such as India and China is expected to fuel the market growth over the forecast period.
Report Scope:
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Global Point of Care Diagnostics Market is segmented as follows:
Point of Care Diagnostics Market: By Kits Product Outlook (2022-2028)
- Glucose monitoring kits
- Infectious disease testing kits
- Pregnancy and fertility testing kits
- Hematology testing kits
- Cardiometabolic monitoring kits
- Urinalysis Testing Kits
- Coagulation Monitoring Kits
- Tumor Markers Testing Kits
- Cholesterol Test Strips
- Drugs of Abuse Testing Kits
- Fecal Occult Testing Kits
- Others (Calcium Assay Kits and Immunochemistry Kits)
Point of Care Diagnostics Market: By Platform Outlook (2022-2028)
- Microfluidics
- Immunoassay
Point of Care Diagnostics Market: By End Users Outlook (2022-2028)
- Rural Hospital
- Home Care
- E-comm
- Others
Point of Care Diagnostics Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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List of Key Players of Point of Care Diagnostics Market:
- Siemens Healthineers
- Roche Diagnostics
- Becton Dickinson and Company
- Danaher Corporation
- Abbott Laboratories
- Chembio Diagnostics
- Quidel Diagnostics
- Trinity Biotech
- EKF Diagnostics
- Fluxergy
- Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Point of Care Diagnostics Market?
- What are the key driving factors propelling the Point of Care Diagnostics Market forward?
- What are the most important companies in the Point of Care Diagnostics Market Industry?
- What segments does the Point of Care Diagnostics Market cover?
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