Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The global point-of-care (POC) diagnostic devices market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The demand for POC testing devices for COVID-19, such as glucometers, pulse oximeters, and rapid COVID-19 test kits among others, observed a forward surge in the year 2020, owing to the outbreak of COVID-19 pandemic, and the need amongst nations to diagnose the virus that has affected millions of people globally. According to the statistics by the World Health Organization (WHO), a total of 117,332,262 confirmed cases of COVID-19 has been reported till the 10th of March 2021. Alternatively, throughout the forecast period, the market is predicted to grow on account of the increasing prevalence of chronic diseases worldwide and the need amongst individuals for the diagnosis of these diseases. Additionally, the increasing accuracy of the analysis obtained from these devices, and the rapid advancements observed in these devices, are further anticipated to drive the market growth in the coming years.
Point-of-care (POC) diagnostic devices, also known as near-patient diagnostic devices, are referred to all those devices which are used to obtain diagnostic results while being close to the patient. These diagnoses devices are usually portable and are performed at the point where the patient is receiving care, usually outside the laboratory, without the intervention of a non-laboratory person.
The global point-of-care (POC) diagnostic devices market is thriving on account of the growing demand for pre-diagnosis of diseases at home environment, backed by the rising prevalence of target diseases and the need amongst individuals to diagnose and address common diseases at home. Additionally, the increasing focus of POC device manufacturers for commercializing portable diagnosis equipment for home healthcare settings is further anticipated to contribute to the market growth.
The market is segmented by end-user into home, clinics, hospitals, assisted living healthcare facilities, laboratories, and others. Among these segments, the clinics segment is anticipated to hold the largest market share by the end of 2021 and is majorly contributed by community pharmacies and retail clinics. The growth of the segment can be attributed to the improving healthcare coverage across several developing and developed nations around the globe, along with the increasing access to novel diagnostic technologies, and the growing affordability of these diagnosis devices for performing tests, such as glycosylated hemoglobin (A1C) and cholesterol among others. Consecutively, the home segment is projected to grow with the highest CAGR during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
According to the statistics by the Centers for Disease Control and Prevention (CDC), the number of new tuberculosis cases in the year 2018 in the United States was registered as 9025 numbers. Additionally, in the same year, new salmonella cases were 60,999, new Lyme disease cases were 33,666, and new meningococcal disease cases were 327.
Access to quality and timely healthcare services in several under-developed and developing nations is a critical challenge as the healthcare infrastructure is highly sporadic. In such circumstances, POC testing plays a very important role as the contribution from several community pharmacies and retail clinics can greatly improve the management of infectious diseases. Additionally, favorable support of the government of several nations in terms of financial aid for making the diagnosis of infectious diseases affordable, and for the research and development of advanced diagnostic technologies for lowering the prevalence of such diseases, are further anticipated to drive the market growth in the coming years.
One of the major factors anticipated to hamper the growth of the market is the multi-layered regulations set by the FDA for the premarket approval of POC testing kits. Companies manufacturing POC diagnostic devices have to follow the stringent regulatory norms and submit performance data to these regulatory bodies to obtain clearance certificates for the marketing of these products, thereby raising the overall cost of operations, and further raising the end product cost. Such a factor is anticipated to hamper the market growth during the forecast period.
Our in-depth analysis of the global point-of-care (POC) diagnostic devices market includes the following segments:
On the basis of regional analysis, the global point-of-care (POC) diagnostic devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa regions. Among these regions, the market in North America is anticipated to hold the largest market share by the end of 2029. The growth of the market in the region can be attributed to the increasing awareness amongst individuals for the availability of such testing kits, along with the presence of the key players operating in the market. Further, the presence of a strong healthcare network in the region, along with the favorable support of the government by means of funding initiatives to promote research and development, are some of the additional factors anticipated to drive the market growth.
The global point-of-care (POC) diagnostic devices market is further classified on the basis of region as follows:
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of chronic diseases worldwide and the need amongst individuals for the diagnosis of these diseases, are some of the major factors driving the market growth.
The market is anticipated to grow with a moderate CAGR over the forecast period, i.e., 2021-2029.
Stringent regulatory policies for the approval of POC testing kits is one of the major factors estimated to act as barriers to the growth of the market.
The major companies in the market are Abbott Point of Care Inc., QIAGEN GmbH, Nexus Dx, Inc., Siemens Healthcare GmbH, Becton, Dickinson and Company, Danaher Corp., and others.
The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market in North America is projected to hold the dominating share by the end of 2029 primarily on account of the presence of several key players in the region.
The point-of-care (POC) diagnostic devices market is segmented by technology, type, product type, end-user, and by region.
The clinics segment is anticipated to hold the dominating share by the end of 2021, owing to the growing affordability of the diagnosis devices for performing different tests for the detection of diseases.
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