Point of Care (POC) Diagnostics Market is Projected to Grow at A CAGR of 9.6% During, 2020-2026

Point Of Care (POC) Diagnostics Market was valued at $19.5 billion by 2019; growing at a CAGR of 9.6% till 2026.

Point-of-care (POC) testing allows physicians and medical staff to provide immediate, convenient, and easy-to-use diagnostic testing that shortens the therapeutic time when providing care for a patient. Point-of-care testing helps to make rapid treatment decisions when diagnosing a patient’s condition or monitoring treatment response. Point-of-care testing is done in a healthcare organization and homecare setting.

Rising prevalence of infectious diseases are key driving factors of the global point of care (POC) diagnostics market. Infectious diseases include tuberculosis, hepatitis B, hepatitis C, HIV/AIDS, Chagas disease, diarrheal diseases, and other infectious diseases. According to the World Health Organization (WHO), more than 10 million people fell ill with tuberculosis (TB) worldwide in 2018, including 5.7 million men, 3.2 million women, and 1.1 million children. According to the U.S. Department of Health & Human Services, approximately 37.9 million people had HIV/AIDS in 2018, of which 1.7 million were children (<15 years old) and 36.2 million were adults. In 2018, 1.7 million people newly infected with HIV. According to the Hepatitis B Foundation, approximately 2 billion people have been infected with the hepatitis B virus, and 30 million people become newly infected each year. Around 884,000 people die each year from hepatitis B. According to the World Health Organization (WHO), as of 2019, 71 million people have chronic hepatitis C virus infection. According to the Centers for Disease Control and Prevention, more than 300,000 persons with Chagas disease live in the United States. About 8 million people are infected with Chagas disease in Mexico, Central America, and South America. According to the World Health Organization (WHO), globally, there are around 1.7 billion cases of childhood diarrhoeal disease every year. Point of Care Tests helps to detect various infectious diseases related to biomarkers, including nucleic acids, proteins, virus particles, and antibodies. Glucose Monitoring Products (Strips, Lancets & Lancing Devices, and Meters), Cardiometabolic Monitoring Products (Cardiac Marker Testing Products, Hba1c Testing Products, and Blood Gas/Electrolyte Testing Products), Infectious Disease Testing Products (Influenza Testing Products, Hepatitis C Testing Products, HIV Testing Products, Healthcare-Associated Infection Testing Products, Sexually Transmitted Disease Testing Products, and Others), Coagulation Monitoring Products, Pregnancy & Fertility Testing Products, Tumor/Cancer Marker Testing Products, Urinalysis Testing Products, Cholesterol Testing Products, Hematology Testing Products, and Others is the type segment of the market scope. By end-users, the global Point of Care (POC) Diagnostics market is divided as Hospitals/Critical Care Centers, Diagnostic Centers, Research Laboratories, Home Care Settings, and Others. The report covers the value of the global market by type and end-users. The market value of infectious disease testing products was USD XX billion in 2019, and it is expected to reach USD XX billion by 2026, growing at a CAGR of XX during 2020-2026. The increasing need of point-of-care (POC) testing for the detection of novel coronavirus (COVID-19) and the Emergency Use Authorization (EUA) by regulatory bodies for point of care (POC) testing to detect novel coronavirus (COVID-19) are some of the factors that would improve the market growth. North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global point of care (POC) diagnostics value figures. While North America is further categorized into enhancing the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. North America point of care (POC) diagnostics market was USD XX billion in 2019, and it is predicted to reach USD XX billion by 2026, growing at a CAGR of XX during the forecast period. North America was dominating the global point of care (POC) diagnostics market in 2019, due to the rising prevalence of infectious diseases in this region, regulatory approval of point of care (POC) products, and commercialization of advanced and new regulatory approved products. Major players operating in the point of care (POC) diagnostics industry include Abbott Laboratories, Becton, Dickinson, and Company, Johnson & Johnson, F. Hoffmann-La Roche Ltd., Chembio Diagnostics, Danaher Corporation, Siemens Healthineers, Quidel, Trinity Biotech, EKF Diagnostics, Accubiotech, Nova Biomedical, Instrumentation Laboratory, Sekisui Diagnostics, and PTS Diagnostics. The partnership between companies to develop and distribute the products and expand their presence in global market, regulatory approval of point of care testing products, raising funds to develop a point of care testing products, and commercialization of advanced and new regulatory approved products are some of the strategies adopted by the companies.