The global point of care (POC) diagnostics market size is projected to reach USD 36.21 billion by 2028, exhibiting a CAGR of -1.9% during the forecast period. The prevalence of several chronic disorders and the incorporation of nanotechnology in diagnostic kits are likely to fuel market growth. Fortune Business Insights™ provides this information in its report titled "Point of care (POC) Diagnostics Market, 2021-2028."

List of Key Players Profiled in the POC Diagnostics Market Report

• F. Hoffmann-La Roche Ltd (Basel, Switzerland)
• Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
• Abbott Laboratories (Illinois, U.S.)
• Quest Diagnostics Incorporated (New Jersey, U.S.)
• BD (Franklin Lakes, U.S.)
• bioMérieux SA (Marcy l'Etoile, France)
• Cardinal Health, Inc. (Ohio, U.S.)
• Mesa Biotech (California, U.S.)
• Cepheid (California, U.S.)
• Trinity Biotech (Bray, Ireland)
• Quidel Corporation (San Diego, U.S.)
• Bio-Rad Laboratories Inc. (California, U.S.)

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Impact of COVID-19

Robust Demand for Diagnostic Tools from Healthcare Sector to Boost Market Progress

This market is likely to grow positively during the COVID-19 pandemic because of the rising demand for effective medical diagnostic tools from the healthcare sector. Increasing COVID-19 cases and the emergence of several organ failures is likely to fuel the product's demand. Increasing investments in healthcare tools' development are likely to fuel diagnostics tools' adoption. Manufacturers focus on incorporating stringent sanitization methods and automated production techniques to avoid virus spread. Further, the adoption of reduced capacities and part-time shifts may enable manufacturers to control virus spread and recover losses. These factors are likely to fuel the market growth during the pandemic.

Segments

By product type, the market is segmented into hematology testing, pregnancy & infertility testing, cardiometabolic disease, infectious disease, blood glucose monitoring, and others. As per end-user, it is classified into homecare/self-testing, urgent care & retail clinics, physician's office lab, and hospital bedside. Geographically, it is classified into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.

Drivers and Restraints

Developed Patient Based Treatment and Launch of Advanced Diagnostic Solutions to Foster Growth
The rapid incline in chronic disorders is likely to fuel demand for point of care (POC) diagnostics tools. As per the Centers for Disease Control and Prevention (CDC)'s information nearly 115,045 syphilis cases were reported in 2018. Heavy investments in the development of medical and healthcare technology are likely to fuel the product's adoption. Manufacturers focus on the development of patient-based treatment procedures to improve the effectiveness of diagnostic procedures. For example, Abbott launched its Afinion HbA1c Dx assay in June 2019 and is the first of its kind POC diagnostics test that is approved by the U.S. Food and Drug Administration (U.S. FDA) for diabetes diagnostics. In addition, the launch of advanced POC diagnostic solutions is likely to attract significant demand. These factors are likely to fuel point of care diagnostics market growth.

However, strict regulatory norms are expected to hinder the progress of the market.
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