The point of care diagnostics market was valued at US$ 36,000. 4 million in 2021 and is projected to reach US$ 82,958. 3 million by 2028; it is expected to grow at a CAGR of 12. 7% from 2021 to 2028. The market growth is primarily attributed to increase in prevalence of infectious diseases, product developments and launches, and rise in number of CLIA-waived POC tests.
New York, July 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Point of Care Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Prescription Mode, and End User, and Geography" - https://www.reportlinker.com/p06124468/?utm_source=GNW
However, product recalls are expected to hamper the market growth.
Point of care testing (POCT) plays a critical role in diagnosis, treatment, and prevention of infectious diseases. POC testing can be used to detect several major pathogens, including malarial parasites; human immunodeficiency virus (HIV); human papillomavirus (HPV); dengue, Ebola, and Zika viruses; and Mycobacterium tuberculosis (TB bacteria).
HIV has infected over 38 million people worldwide; ~85% of this population resides in developing countries, which have a limited availability of clinical diagnostics and antiretroviral therapy (ART) monitoring platforms.To narrow down the diagnostic time, companies are developing POC test kits and reagents.
For instance, Food and Drug Administration (FDA) has approved the ARCHITECT HIV Ag/Ab EIA, a fourth-generation assay, introduced by Abbott Laboratories.
The increasing incidence of infectious diseases such as HIV is the major global public health issue. In 2019, World Health Organization (WHO) claimed that more than 38 million people were diagnosed with HIV, out of which 1.7 million people were newly diagnosed worldwide, including 62% adults and 54% children. According to a study published by UNAIDS, in 2019, around 690,000 people died because of HIV and associated conditions. As per the European Centre for Disease Prevention and Control, ~2 million people in Europe were infected with HIV in 2019.
Moreover, healthcare-associated infections (HAIs) such as central line-associated bloodstream infections and catheter-associated urinary tract infections might affect the patients in hospitals and other healthcare facilities.According to a study published on NCBI in 2020, HAI causes around 16 million additional hospitalization days in Europe each year.
Moreover, according to the same study, HAI leads to additional financial burden of around US$ 8.5 billion in Europe each year. In addition, according to the Office of Disease Prevention and Health Promotion, 1 out of 25 hospitalizations in the US suffers from HAI at any given time. Such increase in prevalence of infectious diseases is expected to create a demand for point of care test kits across the world.
The point of care diagnostics market is witnessing substantial growth amid the COVID-19 pandemic.Certain factors such as sudden rise in coronavirus infections and exponential growth in COVID-19 diagnostic kits played a prominent role in the growth of the point of care diagnostics market during the pandemic.
In addition, the growing demand for rapid test kits for faster diagnosis at public places is also estimated to have positive impact on the market growth.
Based on product, the point of care diagnostics market is segmented into glucose monitoring, infectious disease testing, cardiometabolic testing, pregnancy and fertility testing, coagulation testing, tumor/cancer marker testing, cholesterol testing, urinalysis testing, hematology testing, and other POC products.The infectious diseases segment is further subsegmented into HIV testing, influenza testing, sexually transmitted disease (STD) testing, hepatitis C testing, healthcare-associated infection (HAI) testing, tropical disease testing, respiratory infection testing, and other infectious disease testing.
In 2020, the glucose monitoring segment held the largest share of the market. However, the infectious diseases segment is estimated to register the highest CAGR during the forecast period.
Based on prescription mode, the point of care diagnostics market is bifurcated into prescription-based testing and OTC testing.In 2020, the prescription-based testing segment held a larger share of the market and is expected to register a higher CAGR during the forecast period.
The growth of this segment is mainly attributed to the increasing incidence and prevalence of lifestyle diseases and the lack of awareness on OTC POCT devices in developing nations.
In terms of end user, the point of care diagnostics market is segmented into professional diagnostic centers, home care, research laboratories, and others.In 2020, the professional diagnostic centers segment held a substantial market share.
The professional diagnostic centers segment is further subsegmented into hospitals, clinical laboratories, outpatient healthcare, and ambulatory care settings. However, the home care segment is expected to register the highest CAGR during the forecast period.
The World Health Organization (WHO), National Institute of Cancer Prevention and Research, Centers for Medicare & Medicaid Services, and Food and Drug Administration (FDA), Public Health England are among the major primary and secondary sources referred to while preparing the report on the point of care diagnostics market.
Read the full report: https://www.reportlinker.com/p06124468/?utm_source=GNW
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