The global Point Of Care Diagnostics Market size is expected to reach USD 68.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2022 to 2030. The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth. Furthermore, the rise in the geriatric population and their need for accessible home-based care are anticipated to drive the market.
The adoption of POCT in emerging economies such as
Africa and Latin America is anticipated to be a growth determinant of the
global POCT market. The authorities are decentralizing the healthcare system
and increasing their investments. For instance, the African regulations in
Kenya allotted USD 346.7 to Managed Equipment Services project for the government's
initiative toward modernizing facilities by procuring new equipment. The
Ministry of Health selected GE Health and Philips to offer equipment across 47
countries. Similarly, Latin America decentralized IVD testing, which encourages
private players to take strategic initiatives to meet the region’s existing
demand for affordable POCT, especially in the infectious diseases segment.
Currently developed POC devices and tests are employed
across different medical diagnostic applications, including cancer, pregnancy,
and infectious diseases. Patients and physicians employ POC tests to screen
conditions, confirm diagnoses, and design suitable therapeutic approaches based
on patient health. However, the enthusiasm displayed by different consumers,
such as doctors, patients, and caregivers, varies widely. This dynamic
consumption pattern of POC diagnostic products is also attributed to economic
scalability, financial interests, and lack of a universal healthcare structure.
In the light of COVID-19, the lockdown imposed across
the globe has necessitated virtual visits and rapid diagnostic tests that
assist patients to avoid hospital visits. Post-lockdown, the eHealth strategy
is the emerging area of priority and investment such as an automated patient
appointment system, lab result transmission system, healthcare workers'
communication system, and medical products procurement system for the companies
and governments. It is anticipated to continue to prioritize home-based
healthcare delivery even after the pandemic, especially for patients with
pre-existing conditions. For instance, NeuroMetrix, Inc. appointed a team to
develop the business of DPNCheck, a POCT for peripheral neuropathies. The team
is responsible for expanding the footprint in the healthcare market and
focusing on the Medicare Advantage population.
Related Press Release@ Point Of Care Diagnostics Market Report
Point Of Care Diagnostics Market
Report Highlights
- The glucose testing product segment held the second-largest revenue
share in 2021. The high prevalence of diabetes, coupled with the
requirement of constant monitoring of blood sugar levels, is contributing
to the segment growth
- The home end-use segment is expected to grow lucratively over the
forecast period attributed to significant traction of at-home or
self-testing for COVID-19. POCT devices are easy to use and do not,
mandatorily, require any modern lab infrastructure for testing simpler
target analytes in a patient's sample
- North America dominated the global market in 2021 owing to the
increasing demand for new technologies, a large pool of key players, and
advanced healthcare infrastructure
- The Asia Pacific is expected to grow considerably in the future
owing to the rising prevalence of cancer, diabetes, cardiovascular
diseases, and infectious diseases. The increasing population with limited
disposable income is the potential target market for the key players in
the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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