|Status : Published||Published On : Dec, 2021||Report Code : VRHC1054||Industry : Healthcare||Available Format :||Page : 200|
The global point of care rapid diagnostic market was valued at USD 30 billion in 2020 and is anticipated to reach USD 56.5 billion in 2027, registering a CAGR of 11.5% during the forecast period 2021-2027. Point of care diagnostic allows diagnoses in the remote setting, home, physician’s office, or in the hospital.
The outcomes of diagnosis are rapid, and allow speedy treatment to the patient. The global point of care/rapid diagnostic market is growing at significant rate, due to mounting occurrence of infectious diseases and technological improvements and innovative product launches. Different products contributed to the point of care/rapid diagnostic market size. The market has witnessed high demand for infectious disease testing over the last few years due escalating accessibility and alertness about infectious disease POC testing products.
Insight by Product
On the basis of product the market is subdivided into coagulation testing, glucose monitoring, tumor/cancer marker testing, cardiometabolic testing, pregnancy and fertility testing, infectious disease testing, urinalysis testing, drugs-of-abuse testing, cholesterol testing, fecal occult testing, hematology testing and others. Of all products, infectious disease testing segment is expected to grow at fastest rate in the market due to mounting patient population base and escalating accessibility and alertness about infectious disease POC testing products.
Insight by Platform
On the basis of platform the market is subdivided into lateral flow assays (immunochromatography tests), molecular diagnostics, dipsticks, immunoassays and microfluidics. Mounting progressions in technology, resource-limited locations, and intensifying initiatives of market players for developing POC diagnostics products are some of the factors responsible for the growth of the molecular diagnostics segment. Of all the platforms, the molecular diagnostics is expected to grow at fastest rate in the point of care/rapid diagnostic market. In addition, lateral flow assays accounted the largest share in the market due to mounting occurrence of infectious diseases and budding acceptance of lateral flow POC diagnostics.
Insight by Prescription Mode
On the basis of prescription mode the market is subdivided into OTC testing and prescription-based testing. Mounting occurrence of lifestyle diseases and the absence of alertness on OTC POCT devices in developing nations are the factors growing the demand of prescription-based testing. Among the all prescription mode, the prescription-based testing accounted largest share in the point of care/rapid diagnostic market.
Insight by End User
The different end users of the market are research laboratories, professional diagnostic centers, home care and others. Mounting inclination for home and remote monitoring and expanding need for rapid tests among home care users are the factors growing the demand of home care setting. Among the all end users, the home care is expected to grow at fastest rate in the point of care/rapid diagnostic market.
The mounting occurrence of infectious diseases, budding government support, mounting occurrence of target diseases, technological improvements and innovative product launches and boosting use of home-based POC devices are the primary growth drivers for point of care/rapid diagnostic market.
In addition, mounting amount of regulatory sanctions for innovative immunoassay techniques, expanding amount of clia-waived POC tests and lack of trained laboratory technicians are also driving the growth of the market.
Healthcare decentralization, expanding number of conferences and events and POC tests with multiplexing competences are also facilitating the growth for the point of care/rapid diagnostic market.
The product recalls, expanding development period for product launches, limited reimbursements, and strict and time exhausting regulatory policies are the major challenges for the growth of point of care/rapid diagnostic market. In addition, lack of alignment with definitive central lab methods, elevated price of devices, insufficient expertise about the usage of POC devices in professional settings and disinclination towards altering existing diagnostic practices are some of the factors hindering the growth of the market.
Globally, the manufacturing companies trying to enter the point of care/rapid diagnostic market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest point of care/rapid diagnostic market as in the region the occurrence of lifestyle associated diseases is increasing. Mounting number of product approvals and expanding government schemes are also up surging growth of the North American point of care/rapid diagnostic market.
Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base. In addition, mounting occurrence of lifestyle associated diseases, budding government initiatives, and escalating occurrence of infectious disease are also creating a positive impact on the point of care/rapid diagnostic market growth in the region.
Key players in the point of care/rapid diagnostic market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In June 2018, Abbott received FDA clearance for the Afinion HbA1c diagnostic assay for identifying patients at risk of diabetes and diagnosing diabetes.
Abbott Laboratories, Danaher Corporation, Accubiotech, Johnson & Johnson, Becton, Dickinson, and Company, EKF Diagnostics, Nova Biomedical, Quidel, Roche Diagnostics, Chembio Diagnostics, PTS Diagnostics and Instrumentation Laboratory are the key players offering point of care/rapid diagnostic.
Source: VynZ Research