Key Players Covered in the POC Diagnostics Market Research Report Are F. Hoffmann-La Roche Ltd (Basel, Switzerland), Thermo Fisher Scientific Inc. (Massachusetts, U.S.), Abbott Laboratories (Illinois, U.S), Quest Diagnostics Incorporated (New Jersey, United States), BD (Franklin Lakes, U.S), bioMrieux SA (Marcy l'Etoile, France), Cardinal Health, Inc. (Ohio, U.S), Mesa Biotech (California, U.S), Cepheid (California, U.S), Trinity Biotech (Bray, Ireland), Quidel Corporation (San Diego, U.S.), Bio-Rad Laboratories Inc. (California, U.S) and other key market players
Pune, India, Oct. 26, 2021 (GLOBE NEWSWIRE) -- The global POC Diagnostics Market size is projected to reach USD 36.21 billion by 2028, exhibiting a CAGR of -1.9% during the forecast period. The prevalence of several chronic disorders and the incorporation of nanotechnology in diagnostic kits are likely to fuel market growth. Fortune Business Insights provides this information in its report titled "POC Diagnostics Market, 2021-2028."
Point of care diagnostics are medical tools that are used to cure disorders within patients and ensure a quick recovery. The rising cases of chronic disorders among the population are likely to fuel diagnostic tools' adoption. As per the information provided by the World Health Organization (WHO) nearly all people globally were affected by tuberculosis in 2019. WHO also reported a fatality of nearly 1.4 million people during 2019. Further, the incorporation of nanotechnology is expected to boost POC diagnostics quality and improve sales. Nanotechnology boosts effectiveness and speeds up the recovery process, which, in turn, may increase the product's adoption from medical professionals and hospitals. These factors may boost the market progress during the upcoming years.
Industry Development
August 2021: Mylab Discovery Solutions and Hemex Health engaged in a partnership with each other for the development of advanced diagnostic tools for testing chronic diseases and COVID-19.
Story continues
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Developed Patient Based Treatment and Launch of Advanced Diagnostic Solutions to Foster Growth
The rapid incline in chronic disorders is likely to fuel demand for point of care (POC) diagnostics tools. As per the Centers for Disease Control and Prevention (CDC)'s information nearly 115,045 syphilis cases were reported in 2018. Heavy investments in the development of medical and healthcare technology are likely to fuel the product's adoption.
Manufacturers focus on the development of patient-based treatment procedures to improve the effectiveness of diagnostic procedures. For example, Abbott launched its Afinion HbA1c Dx assay in June 2019 and is the first of its kind POC diagnostics test that is approved by the U.S. Food and Drug Administration (U.S. FDA) for diabetes diagnostics. In addition, the launch of advanced POC diagnostic solutions is likely to attract significant demand. These factors are likely to fuel POC Diagnostics Market growth.
Robust Demand for Diagnostic Tools from Healthcare Sector to Boost Market Progress
This market is likely to grow positively during the COVID-19 pandemic because of the rising demand for effective medical diagnostic tools from the healthcare sector. Increasing COVID-19 cases and the emergence of several organ failures is likely to fuel the product's demand. Increasing investments in healthcare tools' development are likely to fuel diagnostics tools' adoption.
Manufacturers focus on incorporating stringent sanitization methods and automated production techniques to avoid virus spread. Further, the adoption of reduced capacities and part-time shifts may enable manufacturers to control virus spread and recover losses. These factors are likely to fuel the market growth during the pandemic.
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Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
-1.9%
2028 Value Projection
USD 36.21 Billion
Base Year
2020
Market Size in 2020
USD 41.49 Billion
Historical Data for
2017 to 2019
No. of Pages
116
Segments covered
Product, End-Users and Geography
Growth Drivers
Demand for POC Kits in Disease Management of COVID-19 Infection to Expand Business Prospects
Integration of Nanotechnology in Rapid Diagnostics to Drive Market Growth
Growing Prevalence of Chronic and Infectious Disease to Fuel Demand for Rapid Diagnosis
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Adoption of Advanced Medical Diagnostic Solutions is Likely to Foster Market Growth in North America
North America is projected to dominate the POC Diagnostics Market share because of the rising demand for advanced medical diagnostic solutions. The market in North America stood at 14.09 billion in 2020 and is projected to grow rapidly during the upcoming years. Increasing investments in the healthcare sector are likely to boost POC diagnostics demand. In addition, strategic collaborations between major players are likely to fuel industry progress.
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Major Players Announce Innovative Products to Expand Market Reach
The prominent companies operating in the market announce innovative products to satisfy consumer demand and expand their market reach considerably. For example, Cepheid declared that it is developing Xpert Xpress, SARS-CoV-2/Flu/RSV four-in-one test for the detection of RSV, Flu B, Flu A, and SARS-CoV-2 using a single patient's sample. This development may enable the company to develop solutions that attract consumer demand and help them to expand their market reach. Further, investments in research and development may enable companies to improve their solutions and utilize nanotechnology, artificial intelligence, and machine learning technologies to improve their product's effectiveness. This strategy may enable them to improve their brand image drastically.
List of Key Players Profiled in the POC Diagnostics Market Report
F. Hoffmann-La Roche Ltd (Basel, Switzerland)
Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
Abbott Laboratories (Illinois, U.S.)
Quest Diagnostics Incorporated (New Jersey, U.S.)
BD (Franklin Lakes, U.S.)
bioMrieux SA (Marcy l'Etoile, France)
Cardinal Health, Inc. (Ohio, U.S.)
Mesa Biotech (California, U.S.)
Cepheid (California, U.S.)
Trinity Biotech (Bray, Ireland)
Quidel Corporation (San Diego, U.S.)
Bio-Rad Laboratories Inc. (California, U.S.)
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Detailed Table of Content:
Introduction
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Prevalence of Key Disease Indications For Key Country/Region
Technological Advancements in the Point-of-care (POC) Diagnostics
New Product Launch
Overview of Regulatory Scenario
Key Industry Developments - Mergers, Acquisitions, and Partnerships
Overview of COVID-19 Impact on POC Diagnostics Market
Major Factors Driving the Impact of COVID-19
Reimbursement Changes in Response to COVID-19 Impact
Opportunities Offered by the Impact of COVID-19
Global POC Diagnostics Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast By Product
Market Analysis, Insights and Forecast By End User
Market Analysis, Insights and Forecast By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America POC Diagnostics Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast By Product
Market Analysis, Insights and Forecast By End User
Market Analysis, Insights and Forecast By Country
Europe POC Diagnostics Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast By Product
Market Analysis, Insights and Forecast By End User
Market Analysis, Insights and Forecast By Country/Sub-region
TOC Continued!!
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About Us:
Fortune Business Insights delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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