Point of Care (PoC) Diagnostics Market to deliver a 9.8% CAGR to reach 50.5 Billion by 2026
Market Expertz | January 14, 2020
The rise in medical issues primarily due to the increasing geriatric population, technological advancements, strategic initiatives including joint ventures, product launches, mergers and acquisitions, and expansion projects, mounting investment in research and development for PoC testing devices are some of the significant market aspects that are adding to the escalating CAGR of the Point of Care (PoC) Diagnostics market in the forecast period.
After conducting an extensive study on the global Point of Care (PoC) Diagnostics market, Reports and Data predicts that the market value will grow to more than USD 50.5 Billion in the year 2026 from USD 24 Billion in the year 2018, at a CAGR of 9.8%.
Point-of-care (PoC) diagnostics or near-patient testing is a diagnostic test that helps medical staff and physicians get quick, precise, and lab-quality results for tests within minutes. Portable blood analyzers allow for accurate diagnostic testing at the “point of care,” making the process simple and quick. PoC diagnostic devices are useful in getting diagnostic results right next to the patients. These devices are generally used in clinics, hospitals, and even patients’ homes, as they can give rapid results for a wide range of medical tests that would earlier require extensive processes, chiefly in the laboratories. The portability, convenience, and accessibility provided by these devices have made these devices a boon for patients who need constant care and monitoring. These devices are employed for glucose testing and cholesterol levels, electrolyte and enzyme analysis, and pregnancy testing, among other such diagnostic testing processes. These devices make it easy to prescribe the optimum course of therapy after rapid testing to implement proper disease treatment, monitoring, and management, decreasing the margin of error in the said therapy.
Recently, the PoC diagnostics sector has witnessed massive progress, brought about by continuous advancement in assay formats, biosensors, microfluidic platforms for bioanalysis, and the development of lab-on-a-chip technologies. The accelerating field of molecular diagnostics has fulfilled the need for more speed, ease-of-use, and the time-to-cost efficiency of these diagnostic devices. The Centers for Disease Control and Prevention (CDC) estimates that currently, over 100 million adults are living with diabetes or pre-diabetes in the US alone. Nearly 800,000 deaths in the US are caused by cardiovascular diseases (CVD), meaning that every 40 seconds, one person dies of CVD on an average. CVD is also responsible for nearly 4 million deaths in Europe and roughly half of this number in the European Union. When the process of diagnosis is streamlined, medical professionals are able to focus solely on the treatment of the disease rather than conventional diagnostic testing, which involved extensive lab tests, sometimes taking up days.
PoC testing is vital in patient management, as it dramatically reduces the time-to-treatment, improves the efficiency of treatment, and facilitates the categorization of stroke subtypes. The recent years have seen the development of a wide range of PoC tests designed for the quantitative determination of biomarkers with portable PoC clinical and biochemical analyzers. PoC testing can also allow for the rapid diagnosis of ischemic stroke, which would substantially enhance patient outcomes by supporting treatment and medical intervention in the initial stages of disease progression. Experts in the field believe that a prevalent trend in the future market would be the incorporation of PoC diagnostics into clinical practice. However, there is a need to evolve the existing PoC testing devices to address the issues in the current clinical practice by relying on multiplex detection of stroke biomarkers.
Near-patient testing goes beyond bedside testing and allows professionals to increase the efficiency of the diagnostic process. PoC testing maybe expensive than traditional diagnostics, although it is much more accurate and also helps reduce staff burden by maintaining the focus on the patient. Recently, the commercial space of the market has observed some notable events. The most recent one in the industry is the collaboration between Ricovr Inc. and the Indian Institute of Technology, Madras. In December 2019, the New Jersey-based Healthcare venture announced its plans to work with the prestigious educational institution to boost the development of advanced Point of Care diagnostic devices.
Market dynamics like the increased prevalence of diseases in developing nations, rising incidences of target diseases, and the global consumer inclination towards home-based healthcare are aiding the integration of PoC diagnostics products across the globe. Increasing investment by public organizations is also driving the progress of the PoC diagnostic industry. In November 2018, the Massachusetts Medical Device Development (M2D2), using a USD 7.9 million grant from the National Institute of Health (NIH), established a new Centre to help inventors develop innovative point-of-care devices and technologies to help patients suffering from heart, lung, blood, and sleep disorders.
Companies included in the report:
Abbott, AccuBioTech, BioMérieux SA, Bio-Rad Laboratories, Becton, Dickinson, and Company, Chembio Diagnostics, Danaher, EKF Diagnostics, F. Hoffmann-La Roche, Instrumentation Laboratory, Johnson & Johnson, Nova, PTS Diagnostics, Sekisui Diagnostic, Siemens Healthineers, Sinocare Inc., Sysmex Corporation, Trinity Biotech, Trividia Health Inc., QIAGEN and Quidel.