Point Of Care Diagnostics & Testing Market Size is Projected to Register 3.25% CAGR till 2028

Point Of Care Diagnostics & Testing Market Size is Projected to Register 3.25% CAGR till 2028

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The global point of care diagnostics and testing market size was valued at USD 27.66 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.25% from 2021 to 2028.

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The global Point Of Care Diagnostics & Testing Market size is estimated to reach USD 35.74 billion by 2028, registering a CAGR of 3.25%, according to a new report by Grand View Research, Inc. Point of care (POC) diagnostics & testing has significantly altered the therapeutic models applied for the treatment of diabetic patients, HIV patients, and patients with Cardiovascular Disorders (CVDs), in recent years. In addition, emerging advancements on the horizon are projected to enhance the near-patient treatment workflows for infectious diseases, strokes, and cancer.

The industry is set to witness lucrative growth as POC testing serves as a profitable alternative to traditional laboratory tests. Point-of-care devices are designed to offer actionable information at the location and time of patient care, which enables early diagnosis of diseases. The advent of non-invasive & minimally invasive POC devices, continuous POCT, miniaturized technologies, and the adoption of telemedicine in remote patient monitoring are some of the key trends contributing to the market growth.

Moreover, the advent of rapid data sharing solutions as well as platforms is set to contribute to the development of POC COVID-19 tests, supplementing the overall market growth. Companies actively working toward the development of such rapid data sharing solutions include Foundation for Innovative New Diagnostics (FIND) and 360 Dx. The rising number of such companies is set to offer manufacturers/developers and professionals a clear perspective with respect to the future opportunities associated with POC COVID-19 tests.

The development of multiplex POC diagnostic technologies that enable the detection of multiple infectious pathogens in specimens, such as sputum, urine, or blood, offers improved patient outcomes and better disease diagnosis. The wide adoption of multiplex POC devices is anticipated to serve as a driver for the shift in preference from a centralized disease testing model to a decentralized patient-centered model.

Major companies are initiating strategic product launches to strengthen their market presence. For instance, in October 2020, Roche announced the launch of the Elecsys SARS-CoV-2 Antigen test that supports COVID-19 testing of suspected patients at high volumes. In April 2020, Nova Biomedical introduced PT/INR testing for its Allegro capillary blood analyzer to be used in POC primary care settings. This test is available in CE-regulated countries.

PR/INR is among the total 18 tests of the Allegro platform and is designed to measure HbA1c, hemoglobin, cholesterol, glucose, triglycerides, UACR, creatinine, hematocrit, and uric acid. This product expanded the testing portfolio of the company’s Allergo platform.

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Point of Care Diagnostics & Testing Market Report Highlights

  • The glucose testing product segment led the market in 2020 due to high demand for POC glucose monitors for routine glucose testing as a result of an increased number of diabetic patients across the globe
  • The infectious disease product segment is expected to account for the highest revenue share by 2028. This growth is majorly attributed to the global COVID-19 pandemic
  • The first POC diagnostic test for COVID-19 was approved by the U.S. FDA in March 2020 under Emergency Use Authorization, which was manufactured by Cepheid
  • Since then, key players in this market are engaged in developing and manufacturing such tests, which, in turn, is boosting the segment growth
  • The clinics end-use segment accounted for the dominant revenue share in 2020 and will expand further at a steady CAGR from 2021 to 2028 owing to increasing transition from conventional lab testing to POCT by healthcare professionals to shorten the time taken for diagnosis and further treatments

Led by the U.S., North America was the leading regional market in 2020 and held a revenue share of more than 34%



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Added on April 22, 2021
Last Updated on April 22, 2021
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