Global Point of Care (POC) Diagnostics Market to Garner almost USD 50 Billion by 2031 and to Grow at a CAGR of ~11% during 2022-2031; Market to Grow on Account of Rising Incidence of Numerous Chronic and Infectious Diseases
New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- For the forecast period, 2022-2031, Kenneth Research has released a thorough market study on the “Global Point of Care (POC) Diagnostics Market” that covers the following elements:
Global Point of Care (POC) Diagnostics Market Size:
The global point of care (POC) diagnostics market is predicted to gather USD 50 billion in revenue by 2031 and to grow at a CAGR of ~11% over the forecast period. The prevalence of numerous chronic and infectious diseases is on the rise, which is the cause of the market’s expansion. The demand for POC tests to aid medical practitioners has substantially increased owing to the rise in illnesses such as heart conditions, hepatitis, cancer, gastrointestinal, respiratory, and sexually transmitted infections (STDs). The World Health Organization estimates that approximately 17.9 million individuals worldwide died from cardiovascular illnesses in 2019. In the next years, it is anticipated that this will increase demand for point-of-care diagnostics. In addition, from January to October 2019, there were reported more than 2.7 million dengue fever cases in the region of the Americas, with 1206 fatalities of which more than 1.3 million were laboratory confirmed, and more than 22, 000 were considered to be severe dengue. Point of care (POVs) technologies are becoming more necessary as the incidences of infectious diseases rise.
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Global Point of Care (POC) Diagnostics Market: Key Takeaways
Technological Advancements in Point of Care (POC) devices and the Rise of COVID-19 Pandemic to Boost the Market Growth
On account of the rising use of POC tests that can rapidly identify COVID-19 and provide findings, the COVID-19 pandemic has had a favorable effect on the point-of-care diagnostics market. Additionally, the industry is expanding rapidly owing to the Introduction of point-of-care testing. Based on the World Health Organization (WHO) statistics, there were 583,038,110 reported cases of COVID-19, including 6,416023 fatalities as of August 2022. Europe had the highest rate of 243, 371,671 confirmed cases as of August 2022.
Point-of-care-testing (POCT) devices are witnessing significant advancements owing to wearable, smartphone-based, and lab-on-a-chip technologies. Deep learning systems on the cloud portend an impending revolution. Around 8 million women in the U.S. used pregnancy kits in 2020. Additionally, each year, around 777,000 girls under the age of 15 and about 12 million girls around the ages of 15 to 19 fall pregnant in developing nations. Rising pregnancy rates are anticipated to drive the demand for pregnancy kits and expand the market.
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Global Point of Care (POC) Diagnostics Market: Regional Overview
The global Point of Care (POC) Diagnostics Market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Geriatric Population and Increasing Incidence of Chronic Diseases to propel the Market in the North American Region
The market in the North American region is anticipated to have considerable expansion over the course of the forecast period on account of the factors such as the aging population, an increase in chronic diseases, and supportive government policies and initiatives focused on enhancing the health care system. More than 55 million adults in the U.S. are 65 years of age or older, making up roughly 17 percent of the total population. The U.S. has a large growing population of older people; by 2050, the total number of persons 65 and older is expected to reach 86 million, or about 21 percent of the country’s total population. n addition to that, in the United States, 4 in 10 persons have two or more chronic diseases and 6 in 10 have one or more. The primary cause of death and disability in the U.S. are chronic diseases like diabetes, cancer, and heart diseases. They are also the major reasons for the USD 4.1 trillion in annual health care costs for the country. The market in the region is anticipated to grow as a result of the region’s geriatric population and prevalence of chronic diseases.
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Increasing Adoption of POC devices and Growing Elderly Population to Drive the Market in the Asia Pacific Region
Furthermore, it is presumed that the Asia-Pacific region might very well experience the fastest rate of growth in the POC diagnostic market on account of the rising demand for accurate and efficient diagnostics as well as an expanding middle-class population with frequent health issues, particularly in developing nations such as China, Japan, and India. For instance, the export value for thermometers in China was USD 609,649 thousand which rose to USD 654,849 thousand in 2021 with annual growth in value of 7% during 2020-2021. The expansion of commerce boosts the demand for POC devices and diagnostics and improves the market in the region. In addition, according to the estimates from World Bank, 12% of China’s entire population in 2021, was 65 years of age or older. The rise in the geriatric population is expected further the growth of the market.
The study further incorporates Y-O-Y growth, demand & supply and forecasts future opportunity in:
Global Point of Care (POC) Diagnostics Market, Segmentation by Types
Over the course of the forecast, the glucose monitoring sector is expected to have the largest share of the market. The amount of glucose or sugar level in the blood flow can be measured with readily available glucose monitoring equipment, which can also be used for self-check-ups. These devices provide accurate data to pinpoint factors associated with high blood sugar levels and aid in the development of new diet plans and drugs. According to the WHO statistics, the majority of the 422 million people with diabetes globally reside in low and middle-income nations, and diabetes is directly responsible for 1.5 million fatalities annually. Over the past few decades, diabetes cases and prevalence have both been gradually rising.
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Moreover, there were 316 shipments of gluco meters being shipped from around the world by 85 suppliers. Taiwan, South Korea, and India were the top 3 countries that export gluco meters in 2021. With 158 exports, India is the top exporter of gluco meters, followed by Taiwan with 58 shipments and South Korea in third place with 50 shipments in 2021. The expansion of commerce, as well as the rising prevalence of diabetes patients, propels the growth of the segment.
Global Point of Care (POC) Diagnostics Market, Segmentation by End-User
The hospital segment is estimated to hold a substantial market share over the forecast period. Point-of-Care testing (POCT) enables doctors to identify diseases at or close to the patient site more rapidly than with traditional lab-based testing, used in medical facilities, as well as at patients’ homes and physician’s offices. There were around 10,900 hospitals in Columbia, 8240 hospitals in Japan, and 6,092 hospitals in the United States in 2020. The need for POC devices and POC diagnosis rises along with the number of hospitals and the expansion of the segment worldwide.
Few of the well-known market leaders in the global point of care (POC) diagnostic market that are profiled by Kenneth Research are F. Hoffmann-La Roche Ltd., Siemens Healthcare GmbH, Danaher, Quidel Corporation, Chembio Diagnostics, Inc., EKF Diagnostics, Trinity Biotech, Fluxergy, Abbott, and others.
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Recent Developments in the Global Point of Care (POC) Diagnostics Market
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