Increasing prevalence of chronic diseases will fuel the Global Point of Care Diagnostics Market Growth

The research report " Global Point of Care Diagnostics Market by Product Type (Infectious Disease Testing Kits, Cancer/Tumour Markers Testing, Cardio-Metabolic Monitoring Kits, Fertility and Pregnancy Testing Kits, Haematological Testing Kits, Faecal Occult Testing Kits, Glucose Monitoring Kits, Cholesterol Test Strips, Urinalysis Testing Kits, Others), by Prescription Mode (Over-the-counter (OTC) Testing Kits, Prescription-based Testing Kits), by End User (Hospitals, Diagnostic Centres, Homecare, Others), and Geography- Global/Region/Country Forecast to 2027", The Global Point of Care Diagnostics market size was valued at USD 27.66 billion in the year 2020 and is anticipated to record a CAGR of 3.25% during the overcast period 2021-2027.

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on " Global Point of Care Diagnostics Market by Product Type (Infectious Disease Testing Kits, Cancer/Tumour Markers Testing, Cardio-Metabolic Monitoring Kits, Fertility and Pregnancy Testing Kits, Haematological Testing Kits, Faecal Occult Testing Kits, Glucose Monitoring Kits, Cholesterol Test Strips, Urinalysis Testing Kits, Others), by Prescription Mode (Over-the-counter (OTC) Testing Kits, Prescription-based Testing Kits), by End User (Hospitals, Diagnostic Centres, Homecare, Others), and Geography- Global/Region/Country Forecast to 2027".

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Ease of testing method is anticipated to increase the demand for Point of Care Diagnostics Devices

The global market for point-of-care diagnostics was estimated at USD 27.66 billion in 2020, and is expected to grow at a CAGR of 3.25% over the forecast period of 2021-2027. Diagnostic test that are performed outside the laboratory is called as point of care diagnostics. Laboratory people perform such test to help in taking clinical decisions. Point of care diagnostics devices are used to perform clinical tests for identifying the conditions such as pregnancy detection, hypertension, diabetes, different blood tests. Ease of testing method and providing result within short period of time are the huge benefits of using point of care diagnostics devices. There are many factors impel the global point of care diagnostics market growth such as growing awareness among people about point of care testing, prevalence of chronic illnesses like hypertension, infectious illnesses, diabetes and cancer. Technological developments like handheld devices are another market driving factor. Furthermore, increase in healthcare expenditure, growing count of new product launchings by key players and availability of the products in the market will further drive the market during the forecast period 2021-2027. On the other hand, strict regulatory policies to approve the products, lack of awareness about diagnostic testing in developing regions , product recall and lack of reimbursement policies for a numerous home care diagnostics are the factors, which can hamper the point of care diagnostics market growth.

North America is anticipated to dominate the Global Point of Care Diagnostics Market hugely.

On the basis of regional basis, global market is classified into major regions like North America, Latin America, Asia Pacific, Middle East and Africa. North America obtained the huge market revenue share in the year 2016 and is projected to dominate during the forecasting years due to the increase in healthcare expenditure in the U.S, growing technological advancements and increasing cases of infectious and chronic illnesses in U.S. Increasing population dynamics in Asia Pacific regions mainly in countries such as India and China, growing cases of diabetic patients and increasing R&D investments in Japan evaluated to drive the market growth in Asia Pacific in over the forecast years.

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Impact of COVID-19 Point of Care Diagnostics Devices Market:

In addition, the report discusses the implications of COVID-19, including the industry's initial response and strategies for ensuring business continuity in the coming years.

Competitive Analysis:

Industry players follow some effective strategies to increase the revenue share in the market. A few of the prominent key players operating in point of care diagnostics market include Siemens AG (Germany), Abbott Laboratories, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Becton, Mologic Ltd (U.K.), Johnson & Johnson Services Inc. (U.S.), Sinocare, Inc. (China), Roche Diagnostics (U.S.), Nova Biomedical (U.S.) and Instrumentation Laboratory (U.S.).

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