The global Point-of-Care Diagnostics market was valued at USD 21.40 Billion in 2016 and is expected to reach USD 38.13 Billion by 2022, at a CAGR of 10.0% during the forecast period.
Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target diseases, rising preference for home healthcare across the globe, and growing government initiatives supporting the adoption of POC diagnostic products are expected to drive the demand for point-of-care diagnostic products during the study period.
Market Drivers
- High Prevalence of Infectious Diseases in Developing Countries
- Increasing Incidence of Target Diseases (such as diabetes, hematology disorders, cancer, and cardiac disorders)
- Rising Usage of Home-Based POC Devices
- Growing Government Support for development and adoption of POC devices
- Technological Advancements and New Product Launches
- Growing Number of Regulatory Approvals for Novel Immunoassay Techniques
- Shortage of Skilled Laboratory Technicians
- Rising Number of CLIA-Waived POC Tests
Development of POC tests with multiplexing capabilities and increasing partnerships and acquisitions between market players, are key factors driving market demand
To meet the increasing demand for POC diagnostics across the globe, specifically in emerging markets, manufacturers are focusing on strategic acquisitions and agreements/partnerships with regional/domestic players for product distribution and manufacturing.
Further, market players are also focusing on developing POC devices, which can run multiple analytes on a single device. These multiplexing devices measure several analytes simultaneously on the same cartridge. Thus, increasing research on multiplexing technology will offer growth opportunities for this market in the coming years.
