The Point of Care (PoC) Diagnostic Devices Market size in 2021 is estimated to be $24.8 billion, growing at a CAGR of 10.3% during the forecast period 2022-2027. Point of care (PoC) Diagnostic devices are designed to provide rapid detection and information for patient care at the time and site. Point of care (PoC) Diagnostic devices are used to test pregnancy, Infectious diseases, glucose and cholesterol levels. It gives quick results to the patients. The rising prevalence of chronic and infectious diseases coupled with the increasing geriatric population are the major factors driving the growth of the market. Moreover, hectic lifestyle and rising preferences for home healthcare further enhance the overall market demand for Point of Care (PoC) Diagnostic Devices during the forecast period 2022-2027.
In 2019, North America dominates the Point of Care (PoC) Diagnostic Devices Market owing to the increasing incidence of chronic and infectious diseases.
Increasing awareness about point of care diagnostic is driving the market growth of Point of Care (PoC) Diagnostic Devices.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Point of Care (PoC) Diagnostic Devices Market report.
Stringent Regulatory Policies and Reimbursement Issues and long downtime taken for approval of product are challenging the growth of the market.
Based on the Product Type, the Point of Care (PoC) Diagnostic Devices Market is segmented into Pregnancy & Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Glucose Monitoring Kit, Cardio-metabolic monitoring kits, Hematology Testing Kit, Urinalysis Testing Kits, Tumor/Cancer Markers Testing Kits. The Glucose Monitoring Kit segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 8.5% during the forecast period 2020-2025. This is mainly owing to the increasing prevalence of diabetes. Moreover, the launch of a new product for the blood glucose monitoring segment that is contributing to the growth of this segment.
Based on the Prescription Mode, the Point of Care (PoC) Diagnostic Devices Market is segmented into prescription-based testing, Over-the-counter (OTC) testing. In 2019, Over-the-counter (OTC) testing held the largest share in the Point of Care (PoC) Diagnostic Devices market. This is mainly owing to the increasing adoption of OTC devices worldwide. Moreover, technological advancement in OTC devices is also contributing to the growth of this segment.
Based on the End User, the Point of Care (PoC) Diagnostic Devices Market is segmented into Hospitals/Clinics, Home Care, Research Laboratories, Ambulatory Care Centers. In 2019, Home care held the largest share in the Point of Care (PoC) Diagnostic Devices market. This is mainly owing to the increasing demand for rapid test among home care users and consumers are more inclined towards home healthcare owing to hectic lifestyle.
North America dominated the Point of Care (PoC) Diagnostic Devices market share accounting for 41% of the market in 2019. This is mainly owing to the increasing prevalence of diseases and rising government initiatives for the development of healthcare infrastructure.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2022-2027. This is owing to increasing expenditure on healthcare and the rising demand for rapid diagnostics.
The increasing prevalence of chronic diseases such as diabetes, rheumatism, or cancer and infectious diseases across the globe owing to the rise in the geriatric population are some factors driving the growth of the Point of Care (PoC) Diagnostic Devices market. According to World Health Organization (WHO), deaths caused by chronic diseases are more than 38 million per year across the globe. Cardiovascular diseases account for most deaths (17.9 million), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million).
Growing government initiatives and support for the development of healthcare infrastructure coupled with technological advancement in diagnostic devices are some factors driving the growth of the market. Moreover, growing R&D funding for new product development further contributing to the growth of the Point of Care (PoC) Diagnostic Devices market.
Strict regulation policies & reimbursement Issues and long downtime taken for approval of ingredients are challenging the growth of the market. Moreover, the high cost of R&D activities is further restraining its market growth during the forecast period 2022-2027.
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Point of Care (PoC) Diagnostic Devices Market. Point of Care (PoC) Diagnostic Devices top 10 companies are Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Becton Dickinson and Company, Nova Biomedical, PointCare Technologies, International Technidyne Corporation, Beckman Coulter, Chembio Diagnostic Systems, and AccuBioTech.
In September 2017, Abbott Laboratories has acquired Alere. This acquisition helps expand Abbott’s global diagnostics presence and gain access to new geographies.
In January 2018, Siemens Healthineers has acquired Fast Track Diagnostics to expand its portfolio in the diagnostics segment.
This product will be delivered within 2 business days.
Report Coverage
The report: “Point of Care (PoC) Diagnostic Devices Market - Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Point of Care (PoC) Diagnostic Devices Market:
- By Product Type : Pregnancy & Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Glucose Monitoring Kit, Cardio-metabolic monitoring kits, Hematology Testing Kit, Urinalysis Testing Kits, Tumor/Cancer Markers Testing Kits
- By Prescription Mode : Prescription-based testing, Over-the-counter (OTC) testing
- By End User : Hospitals/Clinics, Home Care, Research Laboratories, Ambulatory Care Centers
- By Geography : North America, Europe, Asia-Pacific, and Rest of the World
Key Takeaways
In 2019, North America dominates the Point of Care (PoC) Diagnostic Devices Market owing to the increasing incidence of chronic and infectious diseases.
Increasing awareness about point of care diagnostic is driving the market growth of Point of Care (PoC) Diagnostic Devices.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Point of Care (PoC) Diagnostic Devices Market report.
Stringent Regulatory Policies and Reimbursement Issues and long downtime taken for approval of product are challenging the growth of the market.
Point of Care (PoC) Diagnostic Devices Market Segment Analysis - Product Type
Based on the Product Type, the Point of Care (PoC) Diagnostic Devices Market is segmented into Pregnancy & Fertility Testing Kit, Infectious Disease Testing Kit, Cholesterol Test Strip, Glucose Monitoring Kit, Cardio-metabolic monitoring kits, Hematology Testing Kit, Urinalysis Testing Kits, Tumor/Cancer Markers Testing Kits. The Glucose Monitoring Kit segment is projected to be the fastest-growing segment and is projected to grow at a CAGR of 8.5% during the forecast period 2020-2025. This is mainly owing to the increasing prevalence of diabetes. Moreover, the launch of a new product for the blood glucose monitoring segment that is contributing to the growth of this segment.
Point of Care (PoC) Diagnostic Devices Market Segment Analysis - By Prescription Mode
Based on the Prescription Mode, the Point of Care (PoC) Diagnostic Devices Market is segmented into prescription-based testing, Over-the-counter (OTC) testing. In 2019, Over-the-counter (OTC) testing held the largest share in the Point of Care (PoC) Diagnostic Devices market. This is mainly owing to the increasing adoption of OTC devices worldwide. Moreover, technological advancement in OTC devices is also contributing to the growth of this segment.
Point of Care (PoC) Diagnostic Devices Market Segment Analysis - By End User
Based on the End User, the Point of Care (PoC) Diagnostic Devices Market is segmented into Hospitals/Clinics, Home Care, Research Laboratories, Ambulatory Care Centers. In 2019, Home care held the largest share in the Point of Care (PoC) Diagnostic Devices market. This is mainly owing to the increasing demand for rapid test among home care users and consumers are more inclined towards home healthcare owing to hectic lifestyle.
Point of Care (PoC) Diagnostic Devices Market Segment Analysis - Geography
North America dominated the Point of Care (PoC) Diagnostic Devices market share accounting for 41% of the market in 2019. This is mainly owing to the increasing prevalence of diseases and rising government initiatives for the development of healthcare infrastructure.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2022-2027. This is owing to increasing expenditure on healthcare and the rising demand for rapid diagnostics.
Point of Care (PoC) Diagnostic Devices Market Drivers
Increasing prevalence of diseases
The increasing prevalence of chronic diseases such as diabetes, rheumatism, or cancer and infectious diseases across the globe owing to the rise in the geriatric population are some factors driving the growth of the Point of Care (PoC) Diagnostic Devices market. According to World Health Organization (WHO), deaths caused by chronic diseases are more than 38 million per year across the globe. Cardiovascular diseases account for most deaths (17.9 million), followed by cancers (8.2 million), respiratory diseases (4 million), and diabetes (1.5 million).
Growing Government Support
Growing government initiatives and support for the development of healthcare infrastructure coupled with technological advancement in diagnostic devices are some factors driving the growth of the market. Moreover, growing R&D funding for new product development further contributing to the growth of the Point of Care (PoC) Diagnostic Devices market.
Point of Care (PoC) Diagnostic Devices Market Challenges
Strict regulation policies & reimbursement Issues and long downtime taken for approval of ingredients are challenging the growth of the market. Moreover, the high cost of R&D activities is further restraining its market growth during the forecast period 2022-2027.
Point of Care (PoC) Diagnostic Devices Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Point of Care (PoC) Diagnostic Devices Market. Point of Care (PoC) Diagnostic Devices top 10 companies are Abbott Laboratories, Siemens Healthineers, Danaher Corporation, Becton Dickinson and Company, Nova Biomedical, PointCare Technologies, International Technidyne Corporation, Beckman Coulter, Chembio Diagnostic Systems, and AccuBioTech.
Acquisitions/Product Launches:
In September 2017, Abbott Laboratories has acquired Alere. This acquisition helps expand Abbott’s global diagnostics presence and gain access to new geographies.
In January 2018, Siemens Healthineers has acquired Fast Track Diagnostics to expand its portfolio in the diagnostics segment.
This product will be delivered within 2 business days.
Table of Contents
1. Point of care (POC) Diagnostic Devices Market Overview
2. Point of care (POC) Diagnostic Devices Market - Executive Summary
3. Point of care (POC) Diagnostic Devices Market Landscape
4. Point of care (POC) Diagnostic Devices Market Forces
5. Point of care (POC) Diagnostic Devices Market - Strategic Analysis
6. Point of care (POC) Diagnostic Devices Market - By Product Type (Market Size - $Million/$Billion)
7. Point of care (POC) Diagnostic Devices Market - By Prescription Mode (Market Size - $Million/$Billion)
8. Point of care (POC) Diagnostic Devices Market - By End User (Market Size - $Million/$Billion)
9. Point of care (POC) Diagnostic Devices Market - By Geography (Market Size - $Million/$Billion)
11. Point of care (POC) Diagnostic Devices Market Company Analysis
Methodology
LOADING...
![In-Vitro Diagnostics Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach (Lab, POC) - Global Forecast to 2030 - Product Image](http://www.researchandmarkets.com/product_images/12002/12002788_60px_jpg/invitro_diagnostics_market.jpg)
