NEW YORK, May 1, 2024 /PRNewswire/ — The global point of care diagnostics market size is estimated to grow by USD 14.65 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of over 10.65% during the forecast period.
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Technavio has announced its latest market research report titled Global Point of Care Diagnostics Market 2023-2027
Key Trends Fueling Growth
Shift from conventional testing methods to rapid diagnostics:
Rapid diagnostics, through tests like RDTs, offer swift results for blood samples, aiding primary and emergency medical screening. POC testing, once confined to labs, now occurs in primary care settings, delivering results within two hours. Malaria diagnosis, particularly challenging in many countries, benefits greatly from RDTs, especially in identifying asymptomatic cases with low infection levels.
This swift detection facilitates timely treatment decisions. Additionally, RDTs play a pivotal role in malaria elimination strategies, prompting their adoption by various nations. As demand for POC diagnostic equipment supporting rapid diagnostics rises, market growth is anticipated in the forecast period.
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Major Challenges:
Product recalls
Product recalls negatively impact a company’s revenue and growth prospects by undermining consumer confidence and brand image. This, in turn, affects sales and operations, requiring detailed investigations. Notably, the FDA recalls products posing health risks or causing injuries. In March 2020, the iChemVELOCITY Urine Chemistry System by Beckman Coulter Inc. was recalled due to an electrical short risk in the SATA power adapter cable.
Beckman Coulter issued an Urgent Medical Device Alert to prevent potential risks. Similarly, in January 2020, Abbott Laboratories recalled the i-STAT CHEM8+ cartridges due to a marketing application issue. This affected their use for quantitative blood measurements. Abbott Laboratories notified customers via emails, letters, and sales representative visits, instructing them to discontinue use and switch to alternate methods.
These recalls are expected to cause significant losses for vendors and hinder the growth of the global point of care diagnostics market.
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Analyst Review
The Point of Care (POC) Diagnostics Market is witnessing significant growth, driven by advancements in mobile diagnostic devices and genetic disorder testing. Unitaid’s initiatives are fostering innovation in prenatal testing and improving diagnostics for congenital heart defects and birth defects. The market also sees a rising demand for diagnostics devices targeting breast and ovarian cancers, aging-related conditions, and infectious diseases like influenza, HIV, and tuberculosis.
Regulatory standards such as CLIA are ensuring quality in healthcare decentralization efforts. Glucose monitoring, pregnancy testing, and urinalysis kits are gaining traction, alongside developments in hematology and cardiometabolic monitoring kits. Organizations like the World Hepatitis Alliance and Creative Biolabs are contributing to the expansion of lab-on-a-chip platforms and wearable technology, enhancing accessibility and efficiency in diagnostics.
Market Overview
The Point of Care (POC) Diagnostics Market is witnessing notable growth across various segments such as obesity, diabetes, cancer, cardiovascular diseases, and neurological disorders. Unitaid, Huwel Lifesciences, and Werfen are key players offering novel products like RT PCR machines and coagulation monitoring devices. Clinics, hospitals, and home care settings are adopting these technologies to cater to increasing patient needs, despite reimbursement cuts.
Regulatory approval processes remain crucial for ensuring the safety and efficacy of tuberculosis, HIV-AIDS, and infectious disease testing kits. Moreover, there’s a rising demand for smartphone-based technology in self-testing for chronic diseases like diabetes, as highlighted in the IDF Diabetes Atlas. Emerging trends such as nanotechnology and Anavasi Diagnostics are shaping the landscape of POC diagnostics, facilitating quicker and more accessible testing methods.
With a focus on user-friendly devices like glucose monitoring kits and lateral flow assays, the healthcare system is evolving to provide efficient and reliable diagnostic solutions.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
Product
Hematology Diagnostics
Infectious Disease Diagnostics
Rapid Cardiovascular Diagnostics
Rapid Coagulation Diagnostics
Others
End-user
Hospitals And Clinics
Homecare Settings
Clinical Diagnostic Laboratories
Geography
North America
Europe
Asia
Rest Of World (ROW)
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Website: www.technavio.com/
SOURCE Technavio