The global point of care/ rapid diagnostic market is anticipated to grow significantly at 11.5% CAGR owing to the increased potential from prominent and emerging product manufacturers, technological development in POC devices, rising prevalence of chronic diseases, rise in investment by industry players will fuel the growth in the market. Nevertheless, the shifting towards decentralizing diagnostics and improved access to point-of-care devices via online platforms, manufacturing nanotechnology-based POC diagnostics will foster the growth of the point-of-care diagnostic market.

According to United Nations Program on HIV/AIDS, approximately 37.7 million people globally were suffering from HIV in 2020. This will result in an increase in demand for diagnostic products among patients and will lead to the growth of the point of care diagnostics market.

The point of care/ rapid diagnostics has seen tremendous growth during the COVID-19 crisis owing to the increased adoption of POC tests to diagnose COVID-19 rapidly. The increasing cases of COVID-19 outbreaks and the increasing pressure on the government to enhance patient management have bolstered the demand for antigen testing kits that can be used in point-of-care settings. Siemens Healthineers has launched Rapid Antigen Test to detect SARS-CoV-2. Such product launches will substantially lead to the growth of the Point of care (POC) diagnostic market growth.

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Based on the product, the glucose segment is anticipated to have a high CAGR owing to the routine testing of glucose levels to manage patients suffering from diabetes. Moreover, hand-held glucose meters are easily operatable and are portable. Abbott launched Afinion HbA1c Dx Assay, a point of care test for diabetes.

Some of the FDA approvals to the key operating vendors include Quidel Corporation has received US FDA approval to commercialize Quidel Triage TOX Drug Screen, Roche Diagnostics FDA approval for the VENTANA PD-L1 (SP142) Assay to identify triple-negative breast cancer (TNBC) patients.

North America dominates the point of care/diagnostics market owing to the rising geriatric population suffering from chronic disease, favorable government regulations, and initiatives to develop healthcare infrastructure that will fuel the growth in the region.

CThe increasing collaborations and strategic partnerships with key players will foster growth in the region. For instance, a global partnership between WHO, Africa Centres for Disease Control and Prevention, Bill & Melinda Gates Foundation, Clinton Health Access Initiative, DFound for Innovative New Diagnostics, and Global fund to provide access to COVID-19 rapid test in the low and middle-income countries.

The prominent players in the point of care/ rapid diagnostic industry include Abbott Laboratories, Danaher Corporation, Accubiotech, Johnson & Johnson, Becton, Dickinson, and Company, EKF Diagnostics, Nova Biomedical, Quidel, Roche Diagnostics, Chembio Diagnostics, PTS Diagnostics, and Instrumentation Laboratory.

Source: VynZ Research