According to this new analysis, point of care test (POCT) kit shipments are anticipated to soar at a CAGR of about 7% between 2021 and 2028. The market for point of care diagnostics was valued at US$ 34.1 billion globally in 2020, and by the end of 2028, it is projected to grow to US$ 66 billion.Point of care diagnostics (POCD) is a medical diagnostic testing process that takes place at or near the site of patient care. POCDs allow healthcare providers to obtain quick and accurate diagnostic test results, often within minutes, without requiring laboratory equipment or sending samples to a centralized lab. This approach to diagnostics has become increasingly popular in recent years due to its ability to improve patient outcomes, reduce healthcare costs, and increase efficiency in healthcare delivery
POCDs can be used for a wide range of diagnostic tests, including blood glucose tests, cardiac markers, infectious disease tests, pregnancy tests, and more. The market includes various types of POCD devices, such as blood glucose monitoring systems, hematology analyzers, infectious disease testing systems, cardiac markers, and others
Download Free Sample Copy of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=7266
The market is segmented by product type, end-user, and geography. North America is currently the largest market for POCDs, followed by Europe and Asia Pacific. However, the Asia Pacific market is expected to experience the fastest growth in the coming years due to the rising prevalence of chronic diseases and increasing demand for point of care diagnostics in the region
Restraints: pricing pressure owing to reimbursement cuts and budget constraints.
The expansion of the world market for point of care diagnostics has been hampered by pricing pressure brought on by reimbursement reductions and insufficient budgets. The Diagnosis Related Group (DRG) system in France combines all patient care costs into a single prospective payment, making reimbursement a minor consideration. A tariff system is used in the nation to determine how much diabetic technologies cost in outpatient settings.
Additionally, it has been noted that spending on general-use medical devices is stagnating as a result of the decline in the number of healthcare products eligible for reimbursement, making it difficult for manufacturers to maintain prices as the market becomes more competitive. This factor is anticipated to present a significant obstacle to the expansion of the world point of care diagnostics market.
Competitive Landscape:
The leading providers of point-of-care diagnostic solutions are concentrating on mergers and acquisitions to broaden their market reach globally and are aiming to accelerate product development and research with these initiatives.
- The completion of a merger agreement with CA Healthcare Acquisition Corp., a special purpose acquisition entity based in the United States, was announced by a provider of next-generation point of care diagnostic solutions, LumiraDx Limited, in September 2021.
Key Companies Profiled
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson Services Inc.
- bioMérieux SA
- Nova Biomedical
- Siemens AG
- Danaher Corporation
- Cardinal Health Inc.
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories Inc.
- BD
- Abbott
Key Segments Covered in Point of Care Diagnostics Industry Research
-
- By Platform:
- Lateral Flow Assays-based POC Tests
- Dipsticks POC
- Microfluidic Point of Care Testing
- Molecular Diagnostics
- Immunoassay Technology
- Others
- By Application:
- Glucose Monitoring Products
- Cardiometabolic Monitoring Products
- Infectious Disease Testing Products
- Pregnancy & Fertility Testing Products
- Urinalysis Testing Products
- Cholesterol Testing Products
- Hematology Testing Products
- Drugs-of-abuse Testing Products
- Others
- By End User:
- Hospitals
- Diagnostic Laboratories
- Clinics/Physician Offices
- Home Care
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- By Platform:
Report Benefits & Key Questions Answered
- Point of Care Diagnostics Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It
- key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Point of Care Diagnostics Historical volume analysis: The report provides a comparison of Point of Care Diagnostics ‘s historical sales and projected sales performance for 2021-2031.
- Point of Care Diagnostics Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Point of Care Diagnostics It carefully gauges the impact of changing healthcare needs of key demographics globally
- Point of Care Diagnostics Consumption by demographics: The report investigates consumer behavior affecting Point of Care Diagnostics demand outlook for the assessment period. Effect of their keenness for digital trends on Point of Care Diagnostics market is carefully analyzed
- Post COVID consumer spending on Point of Care Diagnostics : Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Point of Care Diagnostics market growth.