Point of Care Diagnostics Market is Expanding at a CAGR of 9.0% by 2031 | Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK)

The global point of care diagnostics market was valued at USD 32.2 billion in 2021 and it is anticipated to grow up to USD 76.4 billion by 2031, at a CAGR of 9.0% during the forecast period.

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Point of care diagnostics allows medical staff and physicians to accurately achieve real-time lab-quality diagnostic results within minutes. Point of care testing devices utilize principles of lateral flow chromatography and immunoassays to analyze the whole blood. POCT includes blood glucose testing, blood gas and electrolytes analysis, rapid coagulation testing, rapid cardiac markers diagnostics, drugs of abuse screening, pregnancy testing and fecal occult blood analysis among others.

Market Trends and Drivers

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. For instance, according to UNAIDS, around 20.6 million people were living with HIV in East and Southern Africa in 2018.

Similarly, in 2019, 20,000 new HIV cases were registered in the Middle East and North Africa as per the 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.

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The high prevalence of HIV is likely to boost the demand for point-of-care diagnostics, further accelerating the treatment of HIV infection. Hence, high prevalence of infectious diseases, coupled with the inadequate healthcare infrastructural facilities in developing countries, is expected to drive the adoption of POC testing.

Major Players in the Global Point of Care Diagnostics Market

The key players in the market are Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland) and Instrumentation Laboratory (a Werfen Company) (US), among others.

COVID-19 Impact

The COVID-19 pandemic negatively affected the overall sales of most of the companies but had an positive impact on the point-of-care molecular diagnostics market because of the use of molecular diagnostic methods for COVID-19 testing.

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Lockdowns resulting from the COVID-19 pandemic caused people to delay undergoing health checkups, thus affecting the number of tests being performed and sales of reagents. However, a resurgence in testing numbers is seen as countries gradually ease restrictions on movement. With the COVID-19 pandemic, responding to infectious disease has become a pressing medical issue worldwide. In addition to the development of vaccines and therapeutic drugs, there is a growing call for the development of more precise and simple testing technologies and the expansion of testing structures.

COVID-19 has also impacted the regulatory environment and practices, as governments and healthcare providers face unprecedented challenges. Regulatory authorities utilized methods to speed approval of diagnostic products. Companies have taken strategic developments to introduce COVID-19 rapid tests, sustain their revenues, and nullify the impact of COVID-19 on their operational capabilities.

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