Demand for point of care test (POCT) kits are projected to surge at a CAGR of around 7% from 2021 to 2028, as per this new analysis. In 2020, the global point of care diagnostics market stood at US$ 34.1 Bn, and is anticipated to surge to a valuation of US$ 66 Bn by the end of 2028.
Increasing popularity of rapid testing kits across the world will drive revenue generation from point of care diagnostics over the coming years.
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Opportunities: Point of care tests with multiplexing capabilities.
Companies are trying to develop Point of care devices that can run multiple analytes on a single device. These devices can simultaneously measure multiple analytes on the same cartridge, which is known as multiplexing. Multiplex Point of care tests offer several advantages over widely adopted singleplex tests, such as increased efficiency at lower costs, greater output per sample, and higher throughput. These benefits will aid in the development of more precise and detailed diagnostics as well as the advancement of personalised medicine. Some examples of multiplexed devices include: The Triage 8 Panel for Drugs of Abuse from Alere is an immunoassay that determines the major metabolites of drugs of abuse and provides results in 10 minutes. The commercialization of such cost-effective and advanced multiplex Point of care tests will offer new growth opportunities for market players.
Restraints: pricing pressure owing to reimbursement cuts and budget constraints.
The pricing pressure due to reimbursement cuts and a lack of sufficient budgets has impacted the growth of the global point of care diagnostics market. In France, all the cost of patient care is rolled into one prospective payment under the Diagnosis Related Group (DRG) system, making reimbursement a negligible factor. In the country, the reimbursement for diabetes technologies in outpatient settings is based on a tariff system.
Moreover, the expenditure on general-use medical devices is reported to be stagnating owing to the decrease in the number of healthcare products eligible for reimbursement, making it a challenging factor for manufacturers to support prices as competition intensifies. This factor is expected to pose a key challenge to the growth of the global point of care diagnostics market in the coming years.
Competitive Landscape:
Key point of care diagnostic solution providers are focusing on mergers and acquisitions to increase their market presence on a global scale and are also aiming to fast track product development and research with these efforts.
- In September 2021, a next-generation point of care diagnostic solution provider – LumiraDx Limited – announced the completion of a merger agreement that was previously discussed with CA Healthcare Acquisition Corp., which is a special purpose acquisition entity based in the United States.
Prominent Key players :
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson Services Inc.
- bioMérieux SA
- Nova Biomedical
- Siemens AG
- Danaher Corporation
- Cardinal Health Inc.
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories Inc.
- BD
- Abbott
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Key Segments Covered :
- by Platform:
- Lateral Flow Assays-based POC Tests
- Dipsticks POC
- Microfluidic Point of Care Testing
- Molecular Diagnostics
- Immunoassay Technology
- Others
- by Application:
- Glucose Monitoring Products
- Cardiometabolic Monitoring Products
- Infectious Disease
- Pregnancy & Fertility
- Urinalysis
- Cholesterol
- Hematology
- Drugs-of-abuse
- Others
- by End User:
- Hospitals
- Diagnostic Laboratories
- Clinics/Physician Offices
- Home Care
- Others
- by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA