Point of Care Diagnostics Market Analysis to Grow at CAGR over Period 2019-2027: National Healthcare Safety Network (NHSN), International Diabetes Federation
The global point of care diagnostics market is expected to reach US$ 70.89 Bn in 2027 from US$ 26.60 Bn in 2018. The market is estimated to grow with a CAGR of 11.8% from 2019-2027.
The market for point of care diagnostics is expected to grow, owing to factors such as increasing incidences of infectious diseases, product launches and product development and increasing number of CLIA-waived POC tests over the years. In addition, the emerging markets in developing countries are likely to have a positive impact on the growth of the market in the coming years. However, factors such as product recalls in market are likely to have a negative impact on the growth in the coming years.
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POC testing is described as medical diagnostic testing at or near the point of care that is, at time and place of patient care. The purpose of POCT is to pro- vide immediate information to physicians about the patient’s condition. Point of care testing (POCT) is an important diagnostic tool used in various locations in the hospital, in critical care settings such as the intensive care unit (ICU), the operating room (OR), and the emergency department (ED).
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The product recalls in market may restrain the growth of the market during the forecast period. Global supply chains as well as increasingly stringent regulations. Recently, in 2018, PTS Panels CHOL+GLU test strips, which are the in vitro diagnostic medical devices (IVDs), were recalled in Australia due to due to the potential for loss of activity of the glucose analyte before the specified shelf life. According to the Department of Health, Therapeutic Goods Administration, these devices were produced by Point Of Care Diagnostics Australia Pty Ltd. Based on the results of internal testing, there was potential for under-recovery of the glucose analyte, and therefore, potential for lower results for the glucose test. This issue may result in the delay in diagnosis of diseases. Such events have hampered the customer confidence toward the use of point of care devices.
The number of point-of-care testing (POCT) has steadily increased over the last 40 years since it’s been widespread introduction. Growth of point of care market is likely to proceed with the help of the introduction of new products into the market, aimed at delivering inexpensive care at the facilities located at the closest-possible distances from the patients’ location. New technologies or products are being refined and improved to deliver easier to use devices with incremental improvements in analytical performance.
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The growth of the POC market is mainly attributed to the introduction of new devices to perform molecular testing… Many new devices have been launched in recent years. For instance, in June 2019, Abbott launched first-ever rapid POC HbA1c test to aid in the diagnosis of diabetes; this test provides results in 3 minutes, enabling clinicians to develop informed, individualized care plans during patient consultation. Such advancements in new launched devices will propel the overall POC market growth during the forecast period.
Global point of care diagnostics market is segmented by product, prescription mode, and end user. On the basis of product, the market is segmented into glucose monitoring products, infectious disease testing products, cardiometabolic testing products, pregnancy and fertility testing products, coagulation testing products, tumor/cancer marker testing products, cholesterol testing products, urinalysis testing products, hematology testing products, and other POC products. On the basis of prescription mode, the market is segmented into prescription-based testing and OTC testing. Based on end user, the market is segmented into professional diagnostic centers, home care, research laboratories, and others. In 2018, the glucose monitoring products segment held the largest share in the market, by product.
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