Point of Care Diagnostics Market Size ($82,958.3 million by 2028) Lead by Automated Compounding Devices (12.7% CAGR) COVID Impact and Global Analysis & Forecast by The Insight Partners

NEW YORK, Oct. 26, 2021 /PRNewswire/ -- According to The Insight Partners study on "Point of Care Diagnostics Market to 2028 – Global Analysis and Forecast – by Product, Prescription Mode, and End User," the market was valued at US$ 36,000.4 million in 2021 and is projected to reach US$ 82,958.3 million by 2028; it is expected to grow at a CAGR of 12.7% during 2020–2027. The growth of the market is attributed to increasing incidence of infectious diseases, rising product launches and product development, and increasing number of CLIA-waived POC tests. However, product recalls of point of care products are expected to hinder the growth of the market.

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In 2019, North America dominated the global point of care diagnostics market. The market growth in the region is credited to growing prevalence of various diseases, rising government support for medical devices adoption, and increasing efforts in R&D activities as well as other activities undertaken by the market players. In addition, technological advancements in the diagnosis industry is likely to be a major growth factor for the point of care diagnostics market in North America. Based on product, the point of care diagnostics market is segmented into glucose monitoring, infectious disease testing, cardiometabolic testing, pregnancy and fertility testing, coagulation testing, tumor/cancer marker, cholesterol testing, urinalysis testing, hematology testing, and other testing products. The glucose monitoring accounted for more than 34.54% of the market in 2019. Based on prescription mode, the point of care diagnostics market is segmented into prescription based and OTC based. The prescription-based segment held the largest share of the market in 2019, owing to increasing incidence and prevalence of lifestyle diseases. Based on end user, the point of care diagnostics market is segmented into professional diagnostic centers, home care, research laboratories, and others. The professional diagnostic centers segment accounted for the largest share of the market in 2019.

Increasing Incidence of Infectious Diseases to Fuel Point of Care Diagnostics Market Growth

Point of care (POC) testing plays a critical role in diagnosis, treatment, and prevention of infectious diseases. POC testing can be used to detect several major pathogens, including malarial parasites; human immunodeficiency virus (HIV); human papillomavirus (HPV); dengue, Ebola, and Zika viruses; and Mycobacterium tuberculosis (TB bacteria).

HIV has infected over 40 million people worldwide; ~85% of this population resides in developing countries, which have a limited availability of clinical diagnostics and antiretroviral therapy (ART) monitoring platforms. To narrow down the diagnostic time, companies are developing POC test kits and reagents. For instance, Food and Drug Administration (FDA) has approved the ARCHITECT HIV Ag/Ab EIA, a fourth-generation assay, introduced by Abbott Laboratories.

Increasing incidence of infectious diseases such as HIV is the major global public health issue. In 2018, World Health Organization (WHO) claimed that more than 32 million people were diagnosed with HIV, out of which, 770,000 people died. At the end of 2018, 1.7 million people were reported to be newly infected globally, including 62% adults and 54% children. According to HIV and AIDS organization (AVERT), in 2018, 1.1 million US residents were infected with HIV, whereas APAC registered 5.2 million HIV-infected population. As per the European Centre for Disease Prevention and Control, ~2 million people in Europe were infected with HIV in 2018.

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Point of Care Diagnostics Market: Segmental Overview

In terms of product, the infectious diseases segment is anticipated to register the highest CAGR in the point of care diagnostics market during the forecast period. Infectious diseases are caused by microorganisms such as bacteria, viruses, fungi, and parasites. Diagnostic test for an infectious agent is used to demonstrate the presence of the infection. Specimens such as urine, blood, sputum, and cerebrospinal fluid are subjected to various tests and the disease-causing bacteria and viruses are identified quickly. In terms of prescription mode, the prescription-based segment accounted for more than 69% share in global point of care diagnostics market in 2019. In terms of end user, the home care segment is anticipated to grow at the highest CAGR during the forecast period.

Point of Care Diagnostics Market: Competition Landscape and Key Developments

Johnson & Johnson Services, Inc.; bioMérieux SA; F. Hoffmann-La Roche Ltd; Nova Biomedical; Siemens AG; Bio Rad Laboratories Inc.; BD; Abbott; Danaher Corporation; and PTS Diagnostics are among the key companies operating in the global point of care diagnostics market. Leading players are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In April 2019, Bio-Rad Laboratories, Inc. received US FDA approval for its BioPlex 2200 Lyme Total Assay. This is an innovative multiplex test method for the diagnosis of Lyme disease.

In April 2019, Roche launched new VENTANA HER2 Dual ISH companion diagnostic test for breast and gastric cancer patients.

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