Rise in prevalence of chronic diseases and several supportive initiatives implemented by government and non-governmental organizations drive the growth of the global point of care diagnostics market.
PORTLAND, Ore., April 7, 2022 / PRNewswire / – Allied Market Research recently published a report, titled, “Point of Care Diagnostics Market by Product (Glucose Monitoring Kits, Infectious Diseases Testing Kits, Pregnancy And Fertility Testing Kits, Hematology Testing Kits, Cardiometabolic Monitoring Kits, Urinalysis Testing Kits, Cholesterol Test Strips, Drugs Abuse Testing Kits, Others), by Mode Of Prescription (Prescription Based Devices , Otc Based Devices), by End User (Professional Diagnostic Centers, Research Laboratories, Home Care, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030. ” According to the report, the global point of care diagnostics industry generated $ 29.47 billion in 2020, and is expected to reach $ 55.27 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in prevalence of chronic diseases such as diabetes, rheumatism, and cancer and several supportive initiatives implemented by government and non-governmental organizations drive the growth of the global point of care diagnostics (POC) market. However, stringent government regulations for approval of POC diagnostic devices and reimbursement issues restrain the market growth. On the other hand, technological advancements in POC diagnostic devices and advent of home-based POC devices present new opportunities in the coming years.
Owing to surge in the prevalence of Covid-19 infection across the world, the demand for point of care diagnostics kits such as Covid-19 rapid kits for coronavirus detection has increased. This led to market growth during the pandemic.
Development activities of various testing and monitoring kits increased considerably. However, lockdown restrictions and supply chain disruptions posed challenges in distribution and created a supply-chain gap.
The glucose monitoring kits segment to continue its leadership status by 2030
Based on product, the glucose monitoring kits segment accounted for the highest share in 2020, contributing to more than two-fifths of the global point of care diagnostics market, and is expected to continue its leadership status by 2030. This is attributed to rise in prevalence of target diseases such as diabetes. However, the infectious diseases testing kits segment is estimated to witness the largest CAGR of 12.7% from 2021 to 2030, owing to rise in prevalence of infectious diseases such as hepatitis, influenza, Covid-19, & human immunodeficiency virus (HIV).
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The professional diagnostic centers segment to maintain its dominance throughout the forecast period
Based on end user, the professional diagnostic centers segment held the highest market share in 2020, contributing to more than half of the global point of care diagnostics market, and is projected to maintain its dominance in terms of revenue throughout the forecast period. This is due to access to novel diagnostic technologies, improvement in healthcare coverage, and affordability. However, the research laboratories segment is expected to manifest the fastest CAGR of 7.8% from 2021 to 2030. This is due to surge in prevalence of various chronic and infectious diseases globally.
North America to continue its lead position in terms of revenue by 2030
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for around two-fifths of the global point of care diagnostics market, and is projected to continue its lead position by 2030. This is attributed to surge in Covid-19 cases in the US and Canada. However, Asia-Pacific is estimated to register the fastest CAGR of 7.8% during the forecast period. This is due to development of healthcare infrastructure and high prevalence of chronic and targeted diseases such as diabetes, cancer, and others.
Leading Market Players
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your referenceconsidering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market. “
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