Point of Care & Rapid Diagnostics Market worth $72.0 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 8, 2022 /PRNewswire/ -- According to the new market research report "Point of Care and Rapid Diagnostics Market by Product (Glucose, Infectious Disease(HIV, Hepatitis C), Pregnancy Test), Platform (Microfluidics, Dipsticks), Mode of Purchase (OTC, Prescription), End User (Pharmacy, Hospital, Home) - Global Forecast to 2027", published by MarketsandMarkets™, the global market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027.
Browse in-depth TOC on "Point of Care and Rapid Diagnostics Market"
269 – Tables
42 – Figures
344 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=106829185
The Rapid Diagnostics Market growth is mainly driven by the high prevalence of infectious diseases, supportive government policies and rising number of CLIA-waived POC tests. In addition, healthcare decentralization and greater investments and funding for product development are expected to offer growth opportunities for players in the POC Diagnostics Market. However, issues related to pricing pressure owing to reimbursement cuts and budget constraints are expected to hinder the growth of the point of care diagnostics market during the forecast period.
The Glucose Monitoring Products segment accounted for the largest share of the point of care diagnostics market, by product type, in 2021
Based on products, the Point of Care and Rapid Diagnostics Market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products. In 2021, the glucose monitoring products segment accounted for the largest share of the Rapid Diagnostics Market. This can be attributed to the growing diabetic patient population base, ongoing technological advancements, and the growing preference for home glucose testing.
The Lateral Flow Assays segment accounted for the largest share of the point of care diagnostics market, by platform, in 2021
Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The widespread adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures is a key factor contributing to the growth of this segment.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=106829185
The OTC Testing Products segment, by mode of purchase, accounted for the largest share of the global point of care diagnostics market in 2021
On the basis of mode of purchase, the point-of-care diagnostics market is segmented into OTC testing products and prescription-based testing products. The OTC testing products segment accounted for the largest share of the market in 2021. The growing prevalence of lifestyle diseases and the favorable reimbursement scenario for OTC testing products are the major factors driving the growth of this market segment.
On the basis of End Users, Hospitals & Critical Care Centers segment accounted for the largest share of the global point of care diagnostics market, in 2021
On the basis of end users, the Point of Care and Rapid Diagnostics Market is segmented into clinical laboratories; ambulatory care facilities and physicians' offices; pharmacies, retail clinics, and E-commerce platforms; hospitals, critical care centers, and urgent care centers; home care & self-testing; and other end users. The hospitals & critical care centers segment is expected to dominate the market during the forecast period, owing to the increasing adoption of POC devices offering reduced turnaround time. The clinical laboratories segment accounted for the largest share of the Rapid Diagnostics Market in 2021. However, the home care and self-testing segment is projected to register the highest CAGR during the forecast period, owing to the increasing prevalence of chronic diseases (requiring long-term care and frequent monitoring), growing awareness about home care, and the increasing availability of user-friendly and advanced POC diagnostic products.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=106829185
The Latin America market is expected to grow at the highest CAGR during the forecast period
The global point of care diagnostics market is segmented into North America (comprising the US and Canada), Europe (includes Germany, France, and the UK), the Asia Pacific (includes Japan, China, India), Latin America (Brazil, Mexico), and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The rising prevalence of lifestyle diseases, growing number of product approvals, and government initiatives to support the wider adoption of POC testing products are the key factors driving the growth of the North American point-of-care diagnostics market.
On the other hand, the Latin American market is projected to register the highest growth during the forecast period due to government efforts to increase awareness about the early detection of diseases and regular health check-ups, further promoting point-of-care devices. Moreover, increasing healthcare expenditures, growing number of hospitals and clinical diagnostic laboratories, and increasing collaborations among players in the region are also expected to drive market growth.
As of 2020, the point of care diagnostics market is dominated by Roche Diagnostics (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Danaher Corporation (US), Quidel Corporation (US). Other leading players are Becton, Dickinson, and Company (US), Biomeriux S.A. (France), and Chembio Diagnostics (US).
Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting
Browse Related Reports:
Point of Care Molecular Diagnostics Market by Product (Assays, Kits, Analyzers, Service), Application (Respiratory Diseases, HAIs, STDs, Cancer, Hepatitis), Technology (RT-PCR, INAAT), End User (Physician Office, Hospitals, ICUs) - Global Forecast to 2026
ASEAN and North Asian Point of Care/Rapid Diagnostics Market by Product (Glucose Monitoring, COVID, HIV, STDs, HAIs, Influenza, Tropical & Respiratory diseases), Technique (Rapid test, Molecular diagnostics), User (Hospital, Home Care) - Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/asean-north-asian-point-care-rapid-diagnostics-market-219733165.html
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/point-of-care-diagnostic-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/point-of-care-diagnostic.asp
SOURCE MarketsandMarkets
Share this article