Market Research Report
Point of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Glucose Testing, Blood Gas/ Electrolytes, Cancer Marker), By End Use (Clinics, Hospital), By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||608208|
|Published||Content info||250 Pages
Delivery time: 2-3 business days
|Point of Care Diagnostics Market Size, Share & Trends Analysis Report By Product (Glucose Testing, Blood Gas/ Electrolytes, Cancer Marker), By End Use (Clinics, Hospital), By Region, And Segment Forecasts, 2020 - 2027|
|Published: March 5, 2020||Content info: 250 Pages||
The global point of care diagnostics market size is expected to reach USD 24.1 billion by 2027, expanding at a CAGR of 3.2%, according to a new report by Grand View Research, Inc. Continuous advancement in the development of highly sensitive and specific miniaturized biosensors, based on microfluidic systems along with handheld devices, is anticipated to drive the market. These systems are capable of automation, integration, and multiplex detection, suitable for use in areas without well-trained professionals.
These tests have emerged as an indispensable part of modern healthcare, as it improves the quality, accuracy, availability, and affordability of patient care. The uptake of POC devices is rapidly progressing due to the incorporation of advanced technologies. For instance, in July 2019, HiberGene Diagnostics has outlined plans to develop a cost-effective POC testing system based on its licensed loop-mediated isothermal amplification technology.
The growing popularity of rapid testing in near-patient settings has positively impacted point of care testing market growth. The rise in investments to develop advanced rapid testing devices, such as single integrated user-friendly devices, fuels market progression. For instance, in February 2019, the Global Health Investment Fund (GHIF) granted USD 6 million to Atomo Diagnostics for the commercialization of its AtomoRapid diagnostic test platform.
Further key findings from the report suggest:
Glucose testing accounted for the largest revenue share owing to the high incidence rate of diabetes and the abundant usage of portable glucose meters
Cancer markers are expected to witness the fastest growth rate due to the extensive ongoing R&D activities related to cancer and growing demand for circulating tumor cells (CTC) - based cancer detection
POC tests offer several benefits as compared to conventional lab tests that lead to their high utilization rate in clinics, resulting in the largest revenue share of clinics
These benefits include reduced turnaround testing timeline, delivery of on-site results, minimal contact with clinical staff, and faster diagnosis
Continuous development of point of care devices, especially glucose meters, for home care settings, early detection, and prevention of diseases is expected to drive the home segment at the fastest growth rate
North America dominated the point of care testing market owing to the favorable government initiatives and programs related to lipid and blood sugar level testing that encourage the usage rate of point of care tests in this region
Key participants operating in this market include Danaher; Abbott Laboratories; bioMerieux SA; Trividia Health, Inc.; QIAGEN, F. Hoffmann-La Roche Ltd.; and Siemens
Companies are adopting several strategic developments related to the development of biosensors for point of care settings
For instance, in September 2019, BioMed X completed its collaboration with Roche Diagnostics for the development of nanomaterial-based biosensors for point of care testing