The global Point of Care (PoC) diagnostics market was valued at USD 18.37 billion in 2019 and is expected to grow at a CAGR of 3.3% during the forecast period. The key factors responsible for the Point of Care (PoC) diagnostics industry growth include a surge in infectious diseases in the past decade, rising prevalence of target diseases such as diabetes, blood-related disorders, and other lifestyle borne diseases, growing need of patients on real-time diagnosis supported with the technological advancements, and significance of home healthcare treatment as a viable option for geriatrics across the globe.
According to the International Diabetes Federation (IDF), the number of people suffering from diabetes was 415 million in 2015, which is expected to reach approximately 640 million by 2040. Moreover, the recent data estimated by CDC show that nearly 29 million Americans have diabetes and one out of four are not aware of their condition. However, product recalls and time-consuming approval processes are limiting market growth. Moreover, the patient’s reluctance in shifting from traditional methods to Point of Care (PoC) diagnostics systems also hindering its growth prospects.
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The emergence of fitness apps and the rising usage of smartphones have opened doors for the next generation Point of Care (PoC) diagnosis, decreasing turnaround time, creating the demand for Point of Care (PoC) devices. One such example includes a smartphone app attached with the capillary microfluidic chip that is used as a rapid diagnostic test for cardiac troponin I in cases of people suffering from myocardial infarction. The test is suitable for resource constraint healthcare facilities, providing the result in 12 minutes.
Recent advancements have widened the capabilities of these Point of Care (PoC) diagnostics systems. With an expanding menu of tests, these devices can deliver real-time results of the patient’s medical records to the physician or examiner for review. Such systems also have updated features designed to aid hospitals in managing their tasks appropriately.
Emergency rooms and government-run hospitals in emerging countries always face over-crowding, which causes an increase in waiting time, delay in treatment, prolonged patient suffering, and patient dissatisfaction. Most of such ED’s are loaded with specific repeated queries of chest pain, fever, normal viral infections, and abdominal pain, consuming precious time. If operations are streamlined with such Point of Care (PoC) diagnostics devices, physicians could be left with some free time. Such initiatives would increase patient flow and shortens patient stays.
The market is primarily segmented on the basis of product, platform, end-use, and geographic region.
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In 2019, the glucose testing Point of Care (PoC) diagnostics market segment garnered a majority of the share in the global market. This high share is attributed to rising cases of diabetes and associated ailments across the globe. As per the estimates of the IDF, in 2019, there were around 463 million diabetic patients and the same number is expected to reach around 700 million, by 2045. Technological advancements in the diabetes diagnosis for real-time in-situ diagnosis also favored the Point of Care (PoC) diagnostics market segment’s growth.
The rising popularity of wearable/portable glucose meters, owing to their speed, user-friendliness, and less operational cost also stimulated uptake of such products. Emerging collaborations among market players to favor product penetration also favored Point of Care (PoC) diagnostics industry segment growth. For instance, in August 2019, Xylonix and BioGemex introduced a pre-treatment Point of Care (PoC) diagnostic testing method for the detection of immunotherapy reactions in patients having solid tumors. This test useful for old age people who require home care self-sufficient medical assistance. Such product introductions into the Point of Care (PoC) diagnostics industry are projected to have a growth trajectory over the forecast period.
Based on the end-use, the clinics segment accounted for the largest revenue share. In 2019, the rise in the establishment of Point of Care (PoC) diagnostics laboratory centers in clinics is responsible for the segment’s high revenue share. Such dedicated centers enhance patient-centered medical care, with reduced healthcare costs, which results in the decentralization of healthcare, and the improved patient outcome. There is an increasing trend to outsource testing procedures by hospitals. This has increased test efficiency and lower labor costs. Moreover, favorable policies of Medicare and the CHIP Reauthorization Act also favored the Point of Care (PoC) diagnostics industry segment’s growth prospects.
The home segment witnessed the fastest growth rate over the study period. Forecast factors that would be responsible for such lucrative growth are the rising adoption of Point of Care (PoC) testing among pediatrics and geriatric population. The declining birth rates in the developing countries and access to medical care have increased life expectancy with few co-morbidities such as diabetes, memory loss, and life-style related cardiac problems.
Geographically, the global Point of Care (PoC) diagnostics industry is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North American region is the largest revenue contributor followed by Europe and the Asia Pacific region. In 2019, the North American region accounted for over 40% of the global market.
The growth in the region is attributed to the presence of key players, supportive government-sponsored research bodies such as the American Heart Association, International Diabetes Federation, American Diabetes Association, and few other dedicated academic institutions. Moreover, the miniaturization of technology also played a vital role in shaping its future. For instance, in October 2019, FUJIFILM SonoSite introduced Point of Care (PoC) ultrasound systems for physicians in the country.
Asia Pacific Point of Care (PoC) diagnostics industry is projected to register the highest growth rate over the study period. This future growth is due to concerted efforts of the local and international players to reach the untapped emerging country, with a huge patient pool. For instance, in January 2020, Mindray Medical introduced the TE7 ACE Point of Care (PoC) ultrasound system for emergency and critical care situations.
The prominent players operating in the Point of Care (PoC) diagnostics industry are Roche Diagnostics, EKF Diagnostics, Siemens Healthineers, Chembio Diagnostic Systems, Johnson & Johnson, Abbott Laboratories, Becton, Dickinson and Company, Danaher Corporation, Quidel Corporation, Nova Biomedical, PTS Diagnostics, Trinity Biotech, AccuBioTech, Instrumentation Laboratory Company, and Sekisui Diagnostics.