Point-of-Care Diagnostics Market to Expand at a CAGR of 4.7% from 2021 to 2028

Point-of-Care Diagnostics Market: Introduction

According to the report, the global point-of-care diagnostics market was valued at US$ 34.1 Bn in 2020 and is projected to expand at a CAGR of 4.7% from 2021 to 2028. Point-of-care diagnostic test is carried out close to or near the patient location for analysis of health condition as well as presence of infectious diseases.

The test procedure, testing frequency, and testing requirement, in which a particular point-of-care test device is used in disease diagnostics, could differ based on different types of point-of-care test. Rapid diagnostic tests are used for detection of disease conditions, including blood sugar in diabetic patients, strep throat, and pregnancy. Point-of-care diagnostic tests are used at home or by minimally trained healthcare workers due to easy test procedure in both the developing and developed countries.

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Increase in Incidence of Infectious Diseases and Chronic Diseases to Drive Market

Rise in prevalence of infectious diseases such as HIV/AIDS and malaria is projected to drive the global point-of-care diagnostic market. According to the World Health Organization, globally, around 37.7 million people were living with HIV/AIDS at the end of 2020, with over two thirds (25.4 million) living in the WHO African Region. Increase in the number of chronic diseases such as cancer, diabetes, and cardiovascular diseases are projected to drive the market in the next few years.

According to the IDF Diabetes Atlas Tenth edition 2021, around 537 million adults (20 years to 79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.

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Lateral Flow Assays Segment to Dominate Global Market

In terms of platform, the global point-of-care diagnostics market has been classified into lateral flow assays, dipsticks, microfluidics, molecular diagnostics, immunoassays, and others. The lateral flow assays segment accounted for the largest share of the global point-of-care diagnostics market in 2020. Lateral flow assay test is mostly preferred because of affordability, stability of product, and easy diagnostic procedure. Lateral flow tests are the simplest type of rapid diagnostic test with no equipment required to perform.

Increase in population, rise in healthcare expenditure, and favorable reimbursement policies contribute to the growth of the segment in developing countries such as Brazil, China, and India. In developing countries, lateral flow assay tests are primarily used for infectious diseases such as HIV, malaria, tuberculosis, and influenza.

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North America to Dominate Global Market

In terms of region, the global point-of-care diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global point-of-care diagnostics market in 2020, followed by Europe.

North America was the largest market for point-of-care diagnostics in 2020. The region’s large market share can be attributed to rise in prevalence of cancer & cardiovascular diseases and increase in geriatric population. The U.S. reported about 1.7 million new cancer cases in 2018 and the number is expected to increase in the near future. These factors are likely to drive the point-of-care diagnostics market in North America. Increase in demand for home healthcare and rise in prevalence of multiple chronic conditions are projected to propel the point-of-care diagnostics market in the region over the next few years.

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The market in Asia Pacific is projected to expand at the fastest CAGR from 2021 to 2028 due to large population base, increase in government initiatives to provide better healthcare facilities, high patient pool, rise in awareness among people, and surge in disposable income. Rise in prevalence of viral diseases is another factor propelling the point-of-care market in Asia Pacific. The region accounts for 70% of the dengue patients globally, and it is the most common viral disease among people in South Asia.

Competition Landscape

The global point-of-care diagnostics market is consolidated in terms of number of players. Key players in the global market include Johnson & Johnson Services, Inc., bioMérieux SA, F. Hoffmann-La Roche Ltd., Nova Biomedical, Siemens AG, Bio-Rad Laboratories, Inc., BD, Abbott, Danaher Corporation, Cardinal Health, Inc., and Thermo Fisher Scientific, Inc.

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