Global Point of Care Diagnostics Market Expected to Reach USD 71 Billion in 2027
The global point of care diagnostics market is estimated to register a CAGR of 11.8% from 2019-2027 and grow from USD 26.60 billion in 2018 to USD 70.89 billion in 2027, driven by the introduction of new point-of-care testing (POCT) products that are aimed at delivering inexpensive care at facilities located at the closest-possible distances from the patients’ locations.
These are the latest findings of a market research study by The Insight Partners (Pune, India), a market research & consulting firm.
POCT plays a critical role in the diagnosis, treatment, and prevention of infectious diseases. POC testing can be used to detect several major pathogens, including malarial parasites; human immunodeficiency virus (HIV); human papillomavirus (HPV); dengue, Ebola, and Zika viruses; and Mycobacterium tuberculosis (TB bacteria). To narrow down the diagnostic time, companies are developing POC test kits and reagents. The number of POCT has steadily increased over the last 40 years since its widespread introduction. The market growth is likely to continue with the help of the introduction of new products in the market aimed at delivering inexpensive care at the facilities located at the closest-possible distances from the patients’ locations. New technologies or products are being refined and improved to deliver easier-to-use devices with incremental improvements in analytical performance.
Based on product, the global point of care diagnostics market was led by the glucose monitoring products segment in 2018 with the largest share. This segment is also expected to dominate the market until 2027 owing to the increase in the number of diabetic patients. However, the infectious disease testing products market is expected to grow at a significant rate during the forecast period. Moreover, infectious disease rapid test kits are widely available for a wide variety of prophlogistic pathogen targets, including bacterial, viral, fungal, protozoan, and other disease agents.
The global point of care diagnostics market has witnessed various organic as well as inorganic developments during recent years, including growth strategies such as approvals, collaborations, and partnerships. Geographically, Asia Pacific is the fastest growing point of care diagnostics market and is expected to be a significant revenue contributor during the forecast period. The region has witnessed several technological advancements in the field of healthcare with the incorporation of point of care diagnostics for increasing the efficiency of treatments. Additionally, there is growing interest among international players in China and India, government support in countries such as China, and improving healthcare infrastructure. Hence, players in the Asia Pacific point of care diagnostics market have huge potential for growth during the forecast period.
