Point of Care Diagnostics Market Size to Hit US$ 82,958.3 Mn by 2028

POC testing is described as medical diagnostic testing at or near the point of care that is, at time and place of patient care. The purpose of POCT is to pro- vide immediate information to physicians about the patient's condition. Point of care testing (POCT) is an important diagnostic tool used in various locations in the hospital, in critical care settings such as the intensive care unit (ICU), the operating room (OR), and the emergency department (ED).

The point of care diagnostics market is projected to reach US$ 82,958.3 million by 2028; it is expected to grow at a CAGR of 12.7% from 2021 to 2028.

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The point of care diagnostics market is witnessing substantial growth amid the COVID-19 pandemic. Certain factors such as sudden rise in coronavirus infections and exponential growth in COVID-19 diagnostic kits played a prominent role in the growth of the point of care diagnostics market during the pandemic. In addition, the growing demand for rapid test kits for faster diagnosis at public places is also estimated to have positive impact on the market growth.

Market leaders operating in the market have undertaken various organic growth strategies in the point of care diagnostics market. The point of care diagnostics market majorly consists of the players such F. Hoffmann-La Roche Ltd., Abbott, bioMérieux SA, Johnson & Johnson Services, Inc., Nova Biomedical, Siemens AG, Bio Rad Laboratories Inc., BD, Danaher Corporation, and PTS Diagnostics amongst others. Several organic approaches, such as product launches, and expansion in the point of care diagnostics market, have resulted in the positive growth of the market. Product launches help the company to strengthen its product offering and the customer base, which allows the company to hold a strong position in the market. Similarly, utilizing expansion activities, it is easy to venture into untapped economies and use the opportunities being offered.

Based on product, the point of care diagnostics market is segmented into glucose monitoring, infectious disease testing, cardiometabolic testing, pregnancy and fertility testing, coagulation testing, tumor/cancer marker testing, cholesterol testing, urinalysis testing, hematology testing, and other POC products. The infectious diseases segment is further subsegmented into HIV testing, influenza testing, sexually transmitted disease (STD) testing, hepatitis C testing, healthcare-associated infection (HAI) testing, tropical disease testing, respiratory infection testing, and other infectious disease testing. In 2020, the glucose monitoring segment held the largest share of the market. However, the infectious diseases segment is estimated to register the highest CAGR of 14.1% during the forecast period.

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