"The Point of Care Diagnostics Market: A Game-Changer in Healthcare Delivery"

September 05, 2023

September 5^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Point of Care Diagnostics Market.

Point of Care Diagnostics Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The Point of Care Diagnostics Market was estimated at US$ 36.6 billion in 2021 and is expected to grow at a CAGR of 7.28% during 2022-2028 to reach US$ ~70.9 billion in 2028. The demand for POC diagnostics is primarily being driven by factors including increased disease prevalence, which has led to an increase in demand for better treatment and rapid diagnostic services, and staff shortages in clinical laboratories.

Segments Analysis

By Product Type

The market is further segmented into glucose testing and hb1ac testing. coagulation testing, fertility/pregnancy, infectious disease, cardiac markers, thyroid stimulating hormone, lipid testing, cancer marker, blood gas/electrolytes, drug of abuse testing, urinalysis/nephrology, and others. The infectious diseases segment is further segmented into HIV POC, clostridium difficile POC, HBV POC, pneumonia or streptococcus-associated infections, Respiratory Syncytial Virus (RSV) POC, HPV POC, influenza/flu POC, HCV POC, MRSA POC, TB and drug-resistant TB POC, HSV POC, COVID-19, and others.

The segment with the highest revenue share was infectious disorders. Better patient care has resulted from the transition of infectious disease testing from centralized to decentralized POC testing. The market is being driven by a rise in the demand for rapid tests, which has compelled businesses in the sector to offer POC solutions to decentralized areas. For instance, Abbott launched ID NOW, the fastest molecular POC test in the world, available in a range of decentralized healthcare settings like doctor's offices and urgent care centers. It produces COVID-19 findings in 13 minutes. The rising prevalence of diabetes and the need for ongoing blood sugar monitoring are factors in the segment expansion, which is causing the glucose testing market to expand.  Statistical data from the International Diabetes Federation show that the prevalence of diabetes worldwide will rise to 592 million in 2035.

By End-User Type

The market is segmented into physician offices and outpatient settings, pharmacy & retail clinics, hospitals, home care settings, research laboratories, and others. The primary sources of revenue for this segment are pharmacies and retail clinics. The main drivers of the expansion of POC diagnostics applications are increasing access to novel diagnostic technology, better healthcare coverage, and affordability. As a result, neighborhood pharmacies and walk-in clinics have gained recognition as prospective medical facilities that carry out certain lab tests, particularly those for measuring cholesterol and A1C levels of glycosylated hemoglobin. The elderly population's greater access to healthcare, the frequency of communicable diseases, and the growing burden on conventional clinics are major drivers of the global market's expansion.

Regional Analysis

The point of care diagnostics market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Some of the main factors driving this industry include the high accuracy rates linked to the markers and the rising prevalence of target diseases. In addition, the segment is anticipated to have a sharp increase in penetration rates in North America and Europe's developed markets. Over the upcoming years, market expansion is anticipated to be driven by the rising elderly population and the prevalence of disease-promoting lifestyle practices in these nations.

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Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Point of Care Diagnostics Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

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Author : Emily