Number of pages: 1000 | Report Format: PDF | Published date: 18 July, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global point of care diagnostics market was pegged at US$ 28.95 in 2020 and is expected to witness a CAGR of 11.2% during the forecast period.
Point of care (POC) diagnostics are used for rapid detection of analytes in the patient. It facilitates in making better disease diagnosis, faster medical decision, and monitoring and management of patients. Point of care tests are used in hospitals, clinics, critical care facility, and home care setting. These devices are used to test glucose, cholesterol levels, drugs of abuse, infectious diseases, fecal occult blood tests, cardiac markers, tumor markers, enzyme analysis, pregnancy testing, and fertility testing. Several advantages of POC testing include quick results, faster implementation, portability, convenience, connectivity, quality assurance, and better cost savings.
Growing aging population, increasing prevalence of infectious diseases, and expanding applications of POC testing are major factors fueling the growth of this market. Moreover, rising investment, growing awareness regarding benefits of POC, and new product launches are also playing a pivotal role in propelling the growth of the point of care diagnostics market. However, stringent regulations related to development and use of POC tests and reluctance of healthcare professionals for changing existing diagnostic practices are some of the factors hindering the growth of point of care diagnostics market.
The global point of care diagnostics market has been analyzed from three perspectives: Product, End User, and Region.
Point of Care Diagnostics Market by Product
Based on product, the point of care diagnostics market has been segmented into glucose monitoring, cardiometabolic monitoring, pregnancy & fertility testing, infectious disease testing, hematology testing, urinalysis testing, drug abuse testing, and other POC products. Glucose monitoring products segment held the largest share of the point of care diagnostics market in 2020. The large share of this segment can be attributed to factors such as large diabetic population and high volume of glucose monitoring tests being performed. The uptake of glucose monitoring is also significantly high in home care and remote settings. Convenience in use, improved precision of POC glucose monitoring products and improved awareness in general population facilitate this trend.
Point of Care Diagnostics Market by End User
Based on end user, the market has been segmented into hospitals & critical care centers, outpatient & ambulatory care facilities, home care settings, and other end users. Hospitals & critical care centers segment dominated the point of care diagnostics market in 2020. Large number of POC tests being performed at hospitals & critical care is the major factor attributing to the large share of this end user segment. Additionally, home care is observed to be the rapidly growing segment in the global point of care diagnostics market. The healthcare system worldwide has been having an increasing burden of reducing hospital cost and rate of readmission. Due to this, several physicians treating patients with chronic diseases are touting and recommending home healthcare solutions and systems to ensure maintained health and treatment of patients. This has enabled growing adoption of point of care diagnostic products in home care settings. Some of the most commonly used POC devices in home healthcare are blood glucose monitoring devices, and pregnancy & fertility testing solutions.
Point of Care Diagnostics Market by Region
Regionally, the global point of care diagnostics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of the global point of care diagnostics market. The rising incidence of infectious diseases, growing demand for point-of-care testing, increasing demand for patient self-testing, and highly developed healthcare infrastructure are some of the factors fueling the growth of point of care diagnostics in the region. Asia Pacific is also witnessing rapid market growth in the recent years. The healthcare infrastructure is developing at a swift pace, medical expenditure is also growing along with disposable incomes of the general population. Moreover, there never like before support from the domestic governments in key countries in Asia Pacific to enhance the output of healthcare system, which has paved way for adoption of novel technologies such as remote patient monitoring and point of care diagnostics in all types of healthcare settings.
Some of the prominent players operating in the global point of care diagnostics market include