Visiongain Publishes Point of Care Diagnostics Market Report 2023-2033
29 December 2022
Visiongain has published a new report entitled Point of Care Diagnostics Market Report 2023-2033: Forecasts by Product (Glucose Monitoring, Cardiometabolic Monitoring, Infectious Disease Testing, Coagulation Monitoring, Pregnancy & Fertility Testing, Tumor/Cancer Marker Testing, Urinalysis Testing, Cholesterol Testing, Hematology Testing, Drugs-of-abuse Testing, Fecal Occult Testing, Other), by Mode (Prescription-based, OTC), by Sample (Blood, Nasal and Oropharyngeal Swabs, Urine, Other), by Platform (Lateral Flow Assay, Dipstick, Microfluidics, Molecular Diagnostics, Immunoassay), by End-user (Clinics, Hospitals, Home Care Setting, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The point of care diagnostics market is estimated to be valued at US$43.05 billion in 2023 and is projected to grow at a CAGR of 8.8% during the forecast period 2023-2033.
Unprecedented Demand for OTC POC Products
The market for OTC testing products is expanding as a result of factors including rising diabetes prevalence in developing nations where glucose monitors are available without a prescription, rising online sales of OTC testing products, rising patient preference for OTC products for pregnancy and stigmatized conditions like STDs and HIV/AIDS, physician shortages, low prices of OTC products, and rising self-monitoring awareness. One of the main factors driving the market is the rising prevalence of infectious diseases, where early identification is essential for improved disease outcomes. Diagnostics for allergies is another crucial field. The existing model of diagnosis may undergo a significant transformation if reliable and targeted diagnostics to identify the allergy's root cause becomes available. Because these conditions are stigmatised, patients prefer to self-test for STDs. Due to the rising demand for OTC products among these patients, the number of STD cases is predicted to rise globally. Therefore, the expansion of OTC diagnostics' accessibility and availability would contribute to the market's expansion.
How has COVID-19 had a Significant Positive Impact on the Point of Care Diagnostics Market?
Worldwide multilateral organizations and individual private donors pooled their funds to finance research for the quick diagnosis of coronavirus and its variants in response to the SARS-CoV-2 pandemic's unexpected onset and escalating progression. The increased prevalence of COVID has increased the demand of POC tests. Thus companies have adopted strategies such as product launches, approvals and partnership to expand its product portfolio and geographic presence. In June 2022, Mylab Discovery Solutions and OR-based Hemex Health focused on creating diagnostics to transform frontline healthcare, launched Gazelle PathoCatch COVID-19 FIA test, their collaborative diagnostic solution for point-of-care (POC) testing in India. The diagnostic is currently under review with US FDA for Emergency Use Authorization and will launch in Africa and the Middle East later this summer. In May 2022, LumiraDx Limitedreceived EUL by WHO for its LumiraDx SARS-CoV-2 Ag Test. Sensing Self Pte. and LordsMed partnered in August 2022 to export AQUILAVIE SARS-CoV-2 Ag Diagnostic Test Kit to India.
How will this Report Benefit you?
Visiongain’s 352-page report provides 158 tables, 225 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the Point of Care Diagnostics market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Point of Care Diagnostics. Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing Point of Care Diagnostics market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
High Prevalence of Infectious Diseases to Fuel Market Growth Through 2033
POC tests have the potential to dramatically improve the management of infectious diseases, especially in developing countries where timely access to healthcare is challenging and when the infrastructure for delivering healthcare is outdated and constrained. According to information from the WHO Global Tuberculosis Report 2022, fewer people were newly diagnosed with tuberculosis during the epidemic. There were 5.8 million newly diagnosed cases worldwide in 2020 as opposed to 7.1 million in 2019. Globally, 6.4 million new cases were reported in 2021, suggesting that the number may have partially stabilized. The entire planet is now defenseless due to the Covid-19 pandemic. By the end of December 2022, the WHO had recorded more than 647 million confirmed cases of COVID-19, 6.64 million of which were fatal. Thus, it is projected that the increasing frequency of infectious diseases in both developed and developing countries will fuel the broad use of POC testing.
Growing Government Support to Boost Industry Growth
POC technology presents a fantastic opportunity for the expansion of public healthcare networks and solves patients' unmet medical needs, as governments in various countries have realized. In December 2022, the Biden Administration introduced fresh distribution strategies to offer clients cost-free at-home examinations. This includes expanding a program that offers free at-home tests to up to 500 major food banks so they can distribute them to people in their communities. Additionally, it entails delivering them to the more than 6,500 senior-focused rental housing institutions subsidized by the Department of Housing and Urban Development. The CDC has released a COVID-19 Personal Action Plan, a user-friendly manual for patients, care-givers, and physicians, to help people create a plan for where to get free tests, where to find their nearest test to treat site, and what questions to ask their provider about treatments if they test positive.
Where are the Market Opportunities?
Healthcare Decentralization – Converting Lab Tests to POC Tests
When healthcare is decentralized, rights, power, and responsibility are transferred from a central health ministry to ministries at several levels, such as regional, provincial, and local. Decentralization attempts to boost public engagement and treatment effectiveness while also enhancing regional access to healthcare services. Decentralization also has other important advantages, such as better cost efficiency because local levels of government are more cost-aware and have better allocative efficiency. After all, local decision-makers have better access to local information.
The major players operating in the Point of Care Diagnostics market are Abbott, F. Hoffmann-La Roche Ltd, Quidel Corporation, AccuBioTech Co., Ltd, Thermo Fisher Scientific, BD, Danaher, PTS Diagnostics, Trinity Biotech Ireland, Siemens Healthcare GmbH, Sekisui Diagnostics, Fluxergy, Chembio Diagnostics, Inc., Werfen, Nova Biomedical, Nipro Europe Group Companies, EKF Diagnostics, Trividia Health, Inc., Spectral Medical Inc., Orasure Technologies, Inc., Meridian Bioscience, Response Biomedical, Qiagen, and LumiraDx The key competitors in this market have employed a variety of strategies, including mergers and acquisitions, investments in R&D, partnerships, collaborations, regional company expansion, and new product launches.
• In December 2022, Thermo Fisher Scientific received US FDA EUA for its Applied Biosystems TaqPath Monkeypox/Orthopox Virus DNA Kit
• In November 2022, Cepheid received CE Mark approval for Xpert Xpress GBS for detection of Group B Streptococcus in 30 minutes
• In October 2022, BD collaborated with Magnolia Medical Technologies help improve testing accuracy and reduce blood culture contamination
Notes for Editors
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