China is poised to be the most lucrative market for point-of-care diagnostics in East Asia, exhibiting substantial growth with a notable CAGR of 9.0% during the forecast period. The USA, Germany, China, Japan and France are the top countries that are driving the demand for point-of-care diagnostics globally.
NEWARK, Del, May 25, 2023 (GLOBE NEWSWIRE) — As per Future Market Insights’ latest industry analysis, the valuation for the global point-of-care diagnostic market was around US$ 36.6 Billion in 2022 and is projected to exhibit a CAGR growth of close to 6.8% over the forecast period, with an estimated valuation of US$ 74.8 Billion in 2033.
The increase in the prevalence of infectious disease resulted in higher uptake of POCT because of rapid diagnosis and availability of rapid testing kits. Promoting illness awareness is a crucial component of early identification and screening. Action plans may be carried out more effectively if the public has a broad grasp of illnesses and symptoms.
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As the point-of-care testing (POCT) market expands swiftly, there is an increasing need for effective distribution strategies to ensure that products reach patients and medical professionals as soon as possible. As e-commerce usage in the healthcare sector rises, major market participants are creating online marketplaces to offer their POCT products. These systems simplify the ordering and distribution of POCT equipment and consumables to healthcare providers’ facilities. Now more patients may get access to POCT products who previously would not have had it.
In terms of point-of-care diagnostics, the biotechnology and pharmaceutical industries have not expanded. Better and quicker medication delivery occurs when the pharmaceutical industry uses cutting-edge procedures and biotechnology developments. The pharmaceutical industry has benefited from biotechnology by being able to produce vaccinations and drugs correctly. The pharmaceutical industry wants to develop goods to aid in the management of various disorders. This might lead to pharmaceutical firms producing point-of-care (POC) devices.
Key Takeaways from Market Study
- Food sensitivity testing is the most lucrative segment expected to grow at a CAGR of close to 9.5% over the forecast period owing to its growing recommendation by functional health practitioners.
- Handheld POC monitoring devices dominated the global point-of-care diagnostic market withholding the total market share of about 41.3% by the end of 2022, due to ease of mobility and handling the device.
- By sample, nasal swabs are leading in the global market and are expected to continue to do so and held about 28.4% market share in 2022 due to their efficiency compared to other samples.
- By end user, hospitals are leading in the global market with around 27.7% market share in 2022 due to the availability of testing kits and services.
- By region, North America is leading in the global point-of-care diagnostic market with about 33.3% market share in 2022.
“Growing Awareness Regarding Rapid Testing and Use of E-commerce Platform in POCT to create the lucrative potential for the market to grow,” says an analyst of Future Market Insights.
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Market Competition
The leading companies in the point-of-care diagnostics market expand their companies through alliances, purchases, mergers, and collaborations. Major players concentrate on strategies including boosting sales and using innovative technology for the creation of distinctive products.
- In July 2022, BD finished acquiring Parata Systems in order to penetrate the expanding pharmacy automation industry by providing a complete set of solutions throughout the care continuum.
- In June 2021, Danaher acquired Aldevron. Aldevron creates plasmid DNA, mRNA, and proteins for study and commercial usage. Post-acquisition, Aldevron will function as a distinct operational company and brand inside Danaher’s life sciences division.
Key Players:
- F. Hoffmann-La Roche Ltd
- Becton Dickinson & Company
- Cepheid (Danaher)
- Siemens Healthineers
- Abbott
- Diasorin S.p.a.
- Thermo Fisher Scientific Inc.
- Qiagen
- BIOMÉRIEUX
- Hologic Inc.
- Bio Rad Laboratories
- Quidel Corporation
- EKF Diagnostics
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the point-of-care diagnostic market in its latest study, presenting a historical demand assessment of 2012 – 2022 and projections for 2023 – 2033. The global Point-of-Care Diagnostic market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on POCT – by product –(dipstick, strips & cards, cassettes and handheld POC monitoring market), by sample – (saliva, nasal swabs, urine, blood, plasma, sweat and other fluids) by Test Type – Infectious Disease (HIV POC Testing, Clostridium Difficile POC Testing, HBV POC Testing, Pneumonia or Streptococcus Associated Infections Testing, Respiratory Syncytial Virus (RSV) POC Testing, HPV POC, Influenza/Flu POC Testing, HCV POC Testing, MRSA POC Testing, TB and Drug-resistant TB POC Testing & HSV POC Testing), COVID-19 Testing, Glucose Testing, Hb1Ac Testing, Coagulation Testing, Pregnancy & Fertility Testing, Allergy Tests, Cholesterol & Lipids Tests, Drug of Abuse (DOA) Testing, Food Sensitivity Tests, Metabolism Tests, Vitamin D Tests, Vitamins B Test, Urinary Tract Infection (UTI) Tests, Sexual Health Tests, Water Testing Kits, Alcohol Tests, and Others], by end user – (hospitals, clinics, diagnostic laboratories, home care settings, non-government organization, government & federal agencies and long term care centres) across seven regions of the world.
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Key Segments Covered in Global Point-of-Care Diagnostics Industry Research
By Product:
- Dipstick
- Strips & Cards
- Cassettes
- Handheld POC Monitoring Devices
By Sample:
- Saliva
- Nasal Swabs
- Urine
- Blood
- Plasma
- Sweat
- Other Fluids
By Test Type:
- COVID-19 Testing
- Glucose Testing
- Hb1Ac Testing
- Coagulation Testing
- Pregnancy & Fertility Testing
- Allergy Tests
- Cholesterol & Lipids Tests
- Drug of Abuse (DOA) Testing
- Food Sensitivity Tests
- Metabolism Tests
- Vitamin D Tests
- Vitamins B Test
- Urinary Tract Infection (UTI) Tests
- Sexual Health Tests
- Water Testing Kits
- Alcohol Tests
- Others
- Infectious Disease
- HIV POC Testing
- Clostridium Difficile POC Testing
- HBV POC Testing
- Pneumonia or Streptococcus Associated Infections Testing
- Respiratory Syncytial Virus (RSV) POC Testing
- HPV POC
- Influenza/Flu POC Testing
- HCV POC Testing
- MRSA POC Testing
- TB and Drug-resistant TB POC Testing & HSV POC Testing
By End User:
- Hospitals
- Clinics
- Diagnostic Laboratories
- Home Care Settings
- Non-Government Organization
- Government & Federal Agencies
- Long Term Care Centers
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Development/Innovation Trends
4. Value-Added Insights
4.1. Disease Epidemiology, By Indication
4.2. Regulatory Scenario
4.3. Reimbursement Landscape
4.4. Unmet Needs and Opportunities
4.5. Point-of-care Testing (POCT) Compared to a Conventional Testing Procedure
4.6. Challenges and Benefits of POCT
4.7. PESTLE Analysis
4.8. Porter’s Analysis
4.9. Value Chain Analysis
4.10. Parent Market Analysis
5. Market Background
5.1. Macro-Economic Factors
5.1.1. Global GDP Growth Outlook
5.1.2. Global Healthcare Expenditure
5.1.3. Global In-vitro Diagnostics Market
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-17291
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