The point-of-care diagnostics market is predicting substantial growth during the forecast period of 2016-2024 with the rise in COVID-19 testing as a significant growth factor. Other factors supporting the growth of the point-of-care diagnostics market are the increased prevalence of infectious diseases such as tuberculosis, AIDS, etc. and the rising incidences of target conditions. The increasing demand for rapid diagnostics among the general populace is also assisting the growth of the point-of-care diagnostics market.
The need for making the healthcare sector more patient-centric is proving to be a beneficial factor for the increase in the growth rate of the point-of-care diagnostics market. The centralized testing process does not seem convenient for many patients as it involves frequent visits to the clinics to complete the entire assessment process. Point-of-care devices offer a much-needed helping hand for achieving the goal of a patient-centric approach. Thus, the point-of-care diagnostics market may experience a considerable spike in the growth rate during the forecast period.
The point-of-care diagnostics market stood at US$6.8bn in 2016 and is expected to reach US$ 11.7bn by the end of 2024 with a stellar CAGR of 6.9 percent across the forecast period according to the report by Transparency Market Research (TMR).
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COVID-19 Outbreak Prompting Fierce Demand for Point-Of-Care Diagnostics Kits
The clouds of the new coronavirus threat loom over the world and continue to create havoc in the lives of millions of people. As of now, no vaccine is available for controlling the deadly disease. Maximum testing and quick hospitalization are key components for flattening the curve. The point-of-care diagnostics devices form the crux of increased testing. Manufacturers in the point-of-care diagnostics market are focusing on developing novel technologies for maximum testing within a minimum period. The use of cutting-edge technologies enables the point-of-care diagnostic kits to target RdRp genes for detecting positive cases in as little as 5 minutes. CRISPR-based technologies are also helping the point-of-care diagnostics market in generating growth for the point-of-care diagnostics market to a great extent.
The novel coronavirus has accelerated the research and development activities in the point-of-care diagnostics market. Development and production in maximum numbers is the need of the hour. Therefore, quick FDA approvals are proving to be the cherry on the cake for the increase in the growth rate of the point-of-care diagnostics market.
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Home Care to Become the New Norm
Because of the rising threat of SARS-CoV-2 transmission, the influx of patients to the clinics is likely to decline greatly. Thus, home care may gain considerable traction even after the lockdown. Eventually, smartphone-based point-of-care diagnostics is estimated to propel the growth rate. Innovations such as smartphones combined with a microfluidic chip for rapid testing results may bring tremendous growth opportunities for the point-of-care diagnostics market. Home-based glucose monitoring systems are also garnering good sales because of the launch of innovative and advanced monitoring technologies such as well as the frequent multiplication of diabetes cases across the globe. Also, patients with co-morbidities are more prone to fatality caused due to COVID-19. Therefore, these devices provide efficient diagnostics at home without feeling the need for a visit to the clinic for consultation.
Major players are placing their bets on the point-of-care diagnostics market through investments, mergers, acquisitions, joint ventures, and partnerships. An increase in medical and surgical procedures coupled with the advancement of new technologies makes the point-of-care diagnostics market a profitable option for investment. The soaring demand for point-of-care diagnostics market is predicted to boost the scale of investments in the point-of-care diagnostics market. Major players involved in the point-of-care diagnostics market are always engaged in discovering efficient and path-breaking products that prove to be a shining star in terms of diagnostics. In addition, inculcation of various technologies such as ultrasounds can prove to be a breeding ground for the point-of-care diagnostics market.
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Furthermore, prevention of incidents such as testing results not obtained due to loss of samples during transportation, wrong sample collection, and wrong labeling makes point-of-care diagnostics as the most feasible option in terms of testing. Besides, point-of-care diagnostics avoid time-dependent changes caused by delays relating to sample transit. It also minimizes post-analytical errors caused by incorrect information transmission. Hence, these advantages can prove to be growth generators for the point-of-care diagnostics market.
Most of the point-of-care devices are precise, extremely sensitive, linear, and provide almost accurate results with the proficiency involved in laboratory-based results. Therefore, this aspect can prove as a growth accelerator for the point-of-care diagnostics market.
North America May Emerge As a Champion
The major regional segments in the point-of-care diagnostics market are North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. North America may continue to be the champion growth-seeker for the point-of-care diagnostics market because of aspects like early access for the availability of new technologies and advanced healthcare infrastructure. The rising cases of diabetes in the U.S. may also play a supporting role in boosting the growth of the point-of-care diagnostics market. Mini-growth enhancers like technology miniaturization, improved portability, and lower system cost will further benefit the point-of-care diagnostics market in North America.
Developing regions such as India and China may also record substantial growth for the point-of-care diagnostics market. Increasing demand for precise and efficient diagnostics as well as the growing middle-class population with frequent health problems may prove as game-changing factors for fuelling growth rates across the forecast period. Further, lifestyle changes in combination with rising disposable income may also invite good growth for the point-of-care diagnostics market in Asia Pacific region.
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