Point of Care/ Rapid Diagnostics Market worth $75.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 8, 2022 /PRNewswire/ -- Point of Care/ Rapid Diagnostics Market is expected to reach USD 75.5 billion by 2027 from an estimated USD 45.4 billion in 2022, at a CAGR of 10.7% from 2022 to 2027 according to a new report by MarketsandMarkets™. Factors such as increasing incidence of infectious diseases, rising number of CLIA-waived POC tests and supportive government policies, healthcare decentralization and greater investments and funding for new point-of-care testing product development are anticipated to drive the growth of the point-of-care and rapid diagnostics market during the forecast period. However, rising pricing pressure due to the budget constraints, and reimbursement cuts and are expected to hamper the growth of the point-of-care and rapid diagnostics market.

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"The infectious disease testing products is anticipated to register the highest growth rate during the forecast period.

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, thyroid stimulating hormone 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.

The infectious disease testing products is anticipated to register the highest growth rate during the forecast period. Globally, the surge in the infectious diseases cases has accelerated the demand for rapid diagnostic tests. According to WHO, in 2021, an estimated 1.5 million individuals worldwide acquired HIV infection. Leading players engaged in the manufacturing of infectious diseases testing products and the initiatives by government to promote the awareness about POCT products are likely to support the growth this segment in near future.

"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 and rapid 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 growing adoption of lateral flow assays owing to the advantages offered by lateral low assay over other technologies by replacing conventional, lengthy laboratory procedures are likely to contribute towards to the rapid growth of this segment during the forecast period.

"The OTC Testing Products segment, by mode of purchase segment, accounted for the largest share of the global point-of-care   and rapid diagnostics market in 2021"

On the basis of mode of purchase, the point-of-care and rapid 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. Factors such as the rising prevalence of diabetes, growing patient preference of OTC products for the diagnosis of pregnancy, blood glucose monitoring, and stigmatized conditions such as STDs and HIV/AIDS, and lower cost of OTC products are propelling the growth of the OTC testing products segment.

"On the basis of sample, blood segment is accounted for the largest share of the global point-of-care   and rapid diagnostics market in 2021"

On the basis of sample, the point-of-care and rapid diagnostics market is segment into blood, urine, nasal and oropharyngeal swabs, and other samples. The blood sample segment accounted for the largest market share 2021. Growing applications of blood samples for the diagnosis of various diseases such as malaria, HIV, cardiac biomarkers, blood glucose testing, blood gas and electrolytes analysis and presence of portable and handheld instruments and test kits using blood sample to diagnose of diseases are anticipated to support the growth of the segment.

"On the basis of End Users, Home Care and Self-testing segment is anticipated to grow at a significant rate during the forecast period"

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 homecare and Self-testing segment is anticipated to grow at a significant rate during the forecast period. The rapid test kits designed for the at-home use had offered high convenience to patient in detecting and monitoring their own health issues, reducing the hospital visit and uncomfortable situations. Rising prevalence of diabetes, increasing need for the diagnosis & continuous monitoring of health condition has driven the inclination of patients towards home & remote monitoring devices. Rapid development and ongoing partnership among players in developing innovative POCT for home setting is anticipated to fule the growth of this end user in the coming years.

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"The Asia Pacific market is expected to grow at the highest CAGR during the forecast period"

The global point-of-care and rapid diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The Asia Pacific market is projected to register the highest growth during the forecast period. Owing to the rising prevalence of cardiac diseases, diabetes, and infectious diseases, growing economy, expansion of healthcare infrastructure, growing initiatives by government boost the adoption of POCT, emergence of new rapid diagnostic kits manufacturer, and increased focus of key players to boost their distribution channel in the region.

The major players operating in the point-of-care and rapid diagnostics market are Abbott (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd. (Switzerland), Quidel Corporation (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux SA (France).

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