Point of Care Diagnostics Market Size to Reach USD 35370 Million by 2027 at CAGR 5.7% - Valuates Reports
BANGALORE, India, Nov. 24, 2021 /PRNewswire/ -- The Point of Care Diagnostics Market is Segmented by Type (Blood Glucose Testing, Infectious Diseases Testing, Cardiac Markers Testing, Coagulation Testing, Pregnancy and Fertility Testing, Blood Gas/Electrolytes Testing, Tumor Markers Testing, Urinalysis Testing, Cholesterol Testing, Others), End User (Clinics, Hospitals, Assisted Living Healthcare Facilities. Laboratory). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Medical Facilities & Services Category.
The global Point of Care Diagnostics Market size is projected to reach USD 35370 Million by 2027, from USD 23310 Million in 2020, at a CAGR of 5.7% during the forecast period 2021-2027.
Major Factors Driving The Growth Of The Point of Care Diagnostics Market Are:
An increase in the number of diabetic cases is expected to drive the growth of the Point of Care Diagnostics Market. Moreover, the technological developments in POC devices, as well as increased investments by key players, are propelling the Point of Care Diagnostics Market forward.
Furthermore, The rising prevalence of chronic and infectious diseases such as heart disease, hepatitis, cancer, gastrointestinal, respiratory, and sexually transmitted diseases (STDs) is driving the Point of Care Diagnostics Market.
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Point Of Care Diagnostics Market Trends And Growth Drivers
An increase in the number of diabetic cases is expected to drive the growth of the Point of Care Diagnostics Market. The adoption of blood glucose monitoring systems is increasing due to factors such as the growing number of diabetic patients, increased patient knowledge of the importance of blood sugar monitoring, and the development of novel monitoring devices by important players
Other key factors likely to drive the growth of the Point of Care Diagnostics Market include the rising prevalence of other respiratory illnesses around the world, the shift toward decentralized diagnostics, and improved access to point-of-care devices through online platforms.
POC testing can significantly enhance the management of infectious diseases, particularly in underdeveloped nations where prompt medical care is difficult to come by and healthcare infrastructure is lacking. Furthermore, government incentives and grants for the development of new goods are accelerating the adoption of improved diagnostic technology for infectious diseases. People in undeveloped and developing countries can now afford these tests thanks to such initiatives. During the forecast period, factors such as the increasing number of clinics implementing POC testing for the rapid identification of infectious diseases are expected to fuel Point of Care Diagnostics Market growth.
Nanotechnology integration in rapid diagnostics to drive Point of Care Diagnostics Market growth. With technological improvements, it is critical that high-quality healthcare management be implemented for fast patient care. Nanotechnology has allowed scientists to investigate a wide range of healthcare applications. Product demand will be boosted even more by the production of nanotechnology-based POC diagnostics.
COVID -19 outbreak is expected to further propel the growth of the Point of Care Diagnostics Market. Increasing usage of POC tests that can rapidly diagnose COVID-19 is being used around the world.
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Point Of Care Diagnostics Market Share Analysis
Based on region, North America is expected to be the most lucrative region in the point of care diagnostics market. With the rising incidence and prevalence of lifestyle diseases, North America is gaining traction. Furthermore, the presence of major key players in the region, favorable government scenarios, increased awareness of self-testing and home care products, and significant adoption of novel technologies are all expected to contribute significantly to the growth of the North American point of care diagnostics market.
Based on type, the glucose monitoring segment is expected to be the most lucrative in the point of care diagnostics market. The considerable adoption of new technologies among academics and academia, the rising diabetic patient population base, and the growing preference for home glucose testing are all aspects that contribute to this segment's size.
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Leading Players in the Point of Care Diagnostics Market
- Abbott Laboratories
- Johnson & Johnson
- Siemens Healthcare
- Bayer Healthcare
- Beckman Coulter
- Nipro Diagnostics
- Bio-Rad Laboratories
- Nova Biomedical
- Helena Laboratories
- OraSure Technologies
- Chembio Diagnostics
- Trinity Biotech
- Instrumentation Laboratory
- Sekisui Diagnostics
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- The global Point-of-Care Infectious Disease Diagnostics & Testing market size is projected to reach USD 1530.4 Million by 2027, from USD 1024.8 Million in 2020, at a CAGR of 5.4% during 2021-2027.
- In 2020, the global Point-of-Care Testing (POCT) market size was USD 23460 Million and it is expected to reach USD 44000 Million by the end of 2027, with a CAGR of 9.4% during 2021-2027.
- The global DNA Testing/Diagnostics market size is projected to reach USD 24190 Million by 2027, from USD 10880 Million in 2020, at a CAGR of 11.6% during 2021-2027.
- The global Mycoplasma Diagnostics market size is projected to reach USD 998.5 Million by 2027, from USD 660.6 Million in 2020, at a CAGR of 6.0% during 2021-2027.
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