Point of Care Diagnostics Market to Exhibit a Decent CAGR of 7.3% and Hit USD 23.36 Billion by 2027; Increasing Cases of Acute Diseases to Spur Sales Opportunities, states Fortune Business Insights™

Pune, India, Dec. 10, 2020 (GLOBE NEWSWIRE) — The global Point of Care Diagnostics Market size is expected to reach USD 23.36 billion by 2027, exhibiting a CAGR of 7.3% during the forecast period. The market size stood at USD 18.45 billion in 2019. The growing acceptance of POC testing kits in the treatment of acute and chronic diseases will spur ruminative opportunities for the global market, states Fortune Business Insights, in a report. The market size in North America stood at USD 6.65 billion in 2019. The growth in the region is attributed to the increasing adoption of advanced point of care diagnostics solutions for the detection of various infectious diseases.KEY INDUSTRY DEVELOPMENTS:June 2020 – Cepheid announced the development of Xpert Xpress SARS-CoV-2/Flu/RSV a four-in-one combination test used for the detection of SARS-CoV-2, Flu A, Flu B, and RSV from a sample of a single patient.May 2020 – Quest Diagnostics Incorporated received emergency use authorization (EUA) from U.S FDA for its self-collection antibody testing kit for COVID-19 for home or a healthcare setting.
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Introduction of Advanced Testing Kits to Enhance Market Scope The growing cases of diseases such as diabetes, infectious disease, HIV, and others have urged pharmaceutical companies to introduce innovative testing kits, which, in turn, will enable the growth of the market. For instance, in June 2019, Abbott announced the release of the Afinion HbA1c Dx assay.This assay is the first of its kind point-of-care test that has been approved by the U.S FDA for the diagnosis of diabetes. Moreover, in February 2019, DiabetOmics introduced the point-of-care test Lumella for the accurate diagnosis of preeclampsia in pregnant women. Hence, the continuous and persistent efforts of major companies for the development of advanced POC kits will simultaneously encourage the healthy growth of the market in the forthcoming years.
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Launch of COVID-19 POC kits by Biotechnology companies to Intensify Market Amid COVID-19COVID-19 has had a drastic effect on the healthcare industry, both negatively and positively. However, the launch of COVID-19 POC kits for coronavirus diagnosis by pharmaceutical and biotechnology companies will enable speedy expansion of the market.For instance, in July 2020 BD (Becton, Dickinson, and Company) announced that the U.S. Food and Drug Administration (FDA) granted Emergency Use Authorization (EUA) for rapid, point-of-care, SARS-CoV-2 diagnostic test for use with its broadly available BD Veritor Plus System.  COVID-19 is a respiratory disease that has affected millions of people around the world. Therefore, the increasing demand and sales of COVID kits will subsequently favor the growth of the market.
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Growing Adoption of POC solutions to Boost Market in North America The market size in North America stood at USD 6.65 billion in 2019. The growth in the region is attributed to the increasing adoption of advanced point of care diagnostics solutions for the detection of various infectious diseases. Moreover, the strategic partnerships and collaborations among major organizations will further aid the development of the market in North America.For instance, in September 2020, a global partnership between World Health Organization (WHO), Africa Centers for Disease Control and Prevention (Africa CDC), the Bill & Melinda Gates Foundation, the Clinton Health Access Initiative (CHAI), the Foundation for Innovative New Diagnostics (FIND), and the Global Fund together announced to provide access to COVID-19 rapid test in the low and middle-income countries.The market in Europe is expected to expand radically during the forecast period owing to its growing efforts of companies to provide advanced rapid diagnostic solutions. For instance, in November 2019, Linear Diagnostics received investments of $2.6 million and planned to collaborate with the University of Birmingham, the U.K. to develop an optical point-of-care diagnostic testing platform for sexually transmitted diseases.
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The Report Lists the Key Companies in the Point of Care Diagnostics Market:F. Hoffmann-La Roche Ltd (Basel, Switzerland)Thermo Fisher Scientific Inc. (Massachusetts, U.S.)Abbott Laboratories (Illinois, U.S)Quest Diagnostics Incorporated (New Jersey, United States)BD (Franklin Lakes, U.S)bioMérieux SA (Marcy l’Etoile, France)Cardinal Health, Inc. (Ohio, U.S)Mesa Biotech (California, U.S)Cepheid (California, U.S)Trinity Biotech (Bray, Ireland)Quidel Corporation (San Diego, U.S.)Bio-Rad Laboratories Inc. (California, U.S)Other Players
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Table of Contents:IntroductionMarket ScopeMarket SegmentationMarket MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsPrevalence of Key Disease Indications– For Key Country/RegionTechnological Advancements in the Point-of-care (POC) DiagnosticsNew Product LaunchOverview of Regulatory ScenarioKey Industry Developments – Mergers, Acquisitions, and PartnershipsOverview of COVID-19 Impact on POC Diagnostics MarketMajor Factors Driving the Impact of COVID-19Reimbursement Changes in Response to COVID-19 ImpactOpportunities Offered by the Impact of COVID-19Global Point of Care Diagnostics Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By ProductBlood Glucose MonitoringInfectious DiseasesCardiometabolic DiseasesPregnancy & Infertility TestingHematology TestingOthersOthersMarket Analysis, Insights and Forecast – By End UserHospital BedsidePhysician’s Office LabUrgent Care & Retail ClinicsHomecare/Self-testingMarket Analysis, Insights and Forecast – By GeographyNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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