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Huge COVID-19 Testing Demand to Drive Global Point-of-Care Diagnostics Market to USD 11.7 Billion by 2024

By LabMedica International staff writers
Posted on 01 Oct 2020
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The global point-of-care diagnostics market stood at USD 6.8 billion in 2016 and is expected to register a stellar CAGR of 6.9% to reach USD 11.7 billion by the end of 2024, driven mainly by the rise in COVID-19 testing. Other factors supporting the growth of the point-of-care diagnostics market are the increased prevalence of infectious diseases such as tuberculosis, AIDS, etc. and the rising incidences of target conditions. The increasing demand for rapid diagnostics among the general populace is also assisting the growth of the point-of-care diagnostics market.

These are the latest findings of Transparency Market Research (Albany NY, USA), a market research company.

The need for making the healthcare sector more patient-centric is proving to be beneficial for the increase in the growth rate of the point-of-care diagnostics market. The centralized testing process does not seem convenient for many patients as it involves frequent visits to the clinics to complete the entire assessment process. Point-of-care devices offer a much-needed helping hand for achieving the goal of a patient-centric approach. As a result, the point-of-care diagnostics market is likely to experience a considerable spike in its growth rate during the forecast period.

The COVID-19 outbreak has prompted a fierce demand for point-of-care diagnostics kits. As of now, no vaccine is available for controlling the deadly disease. Maximum testing and quick hospitalization are key components for flattening the curve. The point-of-care diagnostics devices form the crux of increased testing. Manufacturers in the point-of-care diagnostics market are focusing on developing novel technologies for maximum testing within a minimum period. The use of cutting-edge technologies enables the point-of-care diagnostic kits to target RdRp genes for detecting positive cases in as little as five minutes. CRISPR-based technologies are also helping generate growth for the point-of-care diagnostics market to a great extent. The novel coronavirus has accelerated research and development activities in the point-of-care diagnostics market. Development and production in maximum numbers is the need of the hour. Therefore, quick FDA approvals are fueling the growth of the point-of-care diagnostics market.

Given the rising threat of SARS-CoV-2 transmission, the influx of patients to the clinics is likely to decline significantly. Thus, home care may gain considerable traction even after the lockdown. Eventually, smartphone-based point-of-care diagnostics is estimated to propel the market growth. Innovations such as smartphones combined with a microfluidic chip for rapid testing results could generate tremendous growth opportunities for the point-of-care diagnostics market. Home-based glucose monitoring systems are also garnering good sales due to the launch of innovative and advanced monitoring technologies such as well as the frequent multiplication of diabetes cases across the world. Also, patients with co-morbidities are more prone to fatality caused due to COVID-19. Hence, these devices provide efficient diagnostics at home without feeling the need for a visit to the clinic for consultation.

The major players are betting heavily on the growth of the point-of-care diagnostics market through investments, mergers, acquisitions, joint ventures, and partnerships. An increase in medical and surgical procedures, coupled with the advancement of new technologies, makes the point-of-care diagnostics market a profitable option for investment. The soaring demand for point-of-care diagnostics is likely to boost the scale of investments in the market. Major players involved in the point-of-care diagnostics market are always engaged in discovering efficient and path-breaking products. Further, the adoption of various technologies such as ultrasounds can also aid the growth of the point-of-care diagnostics market.

Geographically, North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America are the major regional segments of the global point-of-care diagnostics market. North America will continue to lead the global point-of-care diagnostics market due to early access to the availability of new technologies and advanced healthcare infrastructure in the region. Rising cases of diabetes in the US is likely to support the growth of the North American point-of-care diagnostics market. Additionally, mini-growth enhancers such as technology miniaturization, improved portability, and lower system cost will further benefit the point-of-care diagnostics market in North America.

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