Point of Care Diagnostics Market by 2027 - Global Trends, Share Analysis, Leading Players, Business Opportunities

The global point of care diagnostics 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.

High prevalence of infectious diseases;

POC tests can greatly improve the management of infectious diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse. According to UNAIDS, around 20.6 million people were living with HIV in East and Southern Africa in 2018. In 2019, 20,000 new HIV cases were registered in the Middle East and North Africa (Source: UNAIDS Data 2020). In the Asia Pacific, an estimated 5.8 million people were suffering from HIV in 2019, led by India and China. According to UNAIDS, in 2019, approximately 2.1 million people in India were infected with HIV. The high prevalence of HIV is likely to boost the demand for point-of-care diagnostics, further accelerating the treatment of HIV infection.

Listed below are important statistics related to major infectious diseases in developing countries:

- According to the WHO, India has the highest tuberculosis burden, with an estimated incidence of 2.64 million cases in 2020.

- In 2019, around 4.3 million new tuberculosis cases were reported in Southeast Asia, and 632,000 people died due to TB infections in this region (Source: WHO).

- According to the National Influenza Policy 2017, around 10,000 deaths and 40,000 hospitalizations are caused due to influenza in South Africa each year.

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The Glucose Monitoring Product segment accounted for the largest share of the global Point of Care market, by product type, in 2021

Glucose monitoring products are used to continuously monitor and track glucose levels in the body, which also provides information regarding the amount of insulin being released. The use of such monitoring devices offers better glucose control and enables accurate treatment decisions. POC glucose monitoring kits make use of small amounts of blood (usually through a finger prick) for analyzing results, making them less invasive as compared to lab tests. These kits can also be easily used by elderly patients. Glucose monitoring kits also help patients with type I and type II diabetes to monitor their glucose levels and prevent complications.

Market growth can largely be attributed to the growing global prevalence of diabetes, ongoing technological advancements in blood glucose self-monitoring devices, and growing patient awareness about POC testing. The IDF Diabetes Atlas estimates that the number of people living with diabetes will increase from 425 million in 2017 to 642 million by 2040; the majority will be under the age of 80 years and from low- and middle-income countries. In addition, the IDF Atlas estimates ~352 million people globally to have pre-diabetes; this is estimated to rise to 531 million by 2045.

The Lateral flow assays segment, by platform type, accounted for the largest share of the global Point of Care market in 2021;

Lateral flow assays (LFA) or lateral flow immunochromatographic assays are simple devices used to detect the presence or absence of target analytes in samples. These assays help in detecting and quantifying analytes in complex mixtures and provide results within 30 minutes after the sample is placed on the device.

In the past few years, the POC diagnostics market for LFA has grown significantly due to the increasing adoption of LFA testing products in home care settings. Companies are increasingly focusing on the development of innovative LFA-based POC devices for confirmation of pregnancy (using hCG levels) and ovulation, screening for infectious diseases and drugs of abuse, and measurement of protein markers in the blood to aid rapid clinical diagnostics during life-threatening events (such as heart attacks, stroke, and deep-vein thrombosis). Gold nanoparticle-based LFA, carbon nanomaterial-based LFA, magnetic nanomaterials-based LFA, and optical reader-based LFA are some of the commercially available LFA platforms, whereas smartphone readers for LFA are emerging platforms for LFA POC diagnostics. Quantum Dots are an example of recent progress in nanomaterials and have become an alternative to organic fluorescent dyes as they are less prone to metabolic degradation and have a broad UV excitation, greater absorption coefficients, and higher photostability.

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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).

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