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The global point-of-care diagnostics market is projected to surpass USD 68.59 billion by 2030 owing to the increasing prevalence of acute and chronic diseases globally. High geriatric population worldwide along with the increasing prevalence of diabetes, cardiovascular diseases, and cancer has driven the demand for advanced healthcare solutions. Home healthcare services for instance have gained considerable popularity as it offers advanced medical services to patients from the comfort of their homes. This is creating potential growth prospects for market players. Additionally, rising incidences of infectious diseases like HIV/AIDS and malaria is likely to expand the business scope in the times to come.
A sudden spike in the number of coronavirus cases and the lack of any effective treatment module against it has increased the need for diagnostics against the virus to manage its spread. As a result, many pharmaceutical giants have advanced their efforts toward developing and manufacturing diagnostics against the SARS-CoV-2 virus. Moreover, surging government initiatives like funding for the rapid development of POC test kits along with the rising demand for such devices amidst the coronavirus pandemic has caused a considerable rise in point-of-care diagnostics business.
In addition to above, R&D has played an important role in strengthening the structure of point-of-care diagnostics industry. The players heavily invest in R&D to add new technologies to the system. Strategic collaborations between companies has played an integral role in shaping the landscape of POC business. Mergers, joint ventures, acquisitions, and partnerships have proven to be important in boosting the influence of the players in many regional pockets. These partnerships also help in increasing the production capacities of players in the market, eventually accelerating growth prospects.
POC diagnostics has witnessed considerable importance in environmental monitoring and public health over time. This has risen the need for integration of technologies that offer easy networking, making it convenient for medical professionals to analyze the results accurately. Due to this, companies are developing cost-effective POC with superior specificity and sensitivity.
With respect to product insights, infectious disease segment has led the market growth. This is because POC tests can greatly enhance the management of infectious diseases, primarily in developing nations where access to medical services my be a challenge and the healthcare infrastructure is sparse and antiquated. According to WHO, in 2021, close to 130,000 people lived with HIV. Safe to say, high prevalence of infectious diseases like HIV is likely to propel the demand for point-of-care diagnostics in the times to come.
In addition to above, glucose testing segment has also witnessed key prominence over time. High market share may be attributed to high cases of diabetes in people belonging to different age groups. According to CDC, approximately 37.3 million people suffer from diabetes- this sum up to 11.3% of the total U.S. population. This has further driven the demand for diabetes rapid diagnostic kits that are widely available over-the-counter without any prescription and help patients in self-testing and monitoring glucose levels.
End-user-wise, clinics have dominated the market over the years. The shift from primary care centers to urgent care centers in many developing nations is likely to propel the need for diagnostic testing in clinics. Additionally, added healthcare coverage such as cashless payments and medical reimbursements will continue to support the application of POC in clinics. Moreover, these clinics have emerged as a potential medical marketplace to perform various lab tests such as BP checks, and cholesterol level diagnoses.
Geographically speaking, Asia Pacific has emerged as a profitable marketplace for point-of-care diagnostics providers over the years supported by the improving healthcare industry in the region due to an increase in government spending on public health and the presence of many diagnostics labs in the country. Another major factor supplementing regional market growth is the rising cases of chronic diseases in the country such as cardiovascular diseases and diabetes.
In addition to above, the Latin American point of care testing market is also showcasing robust growth led by countries like Mexico, Brazil, Argentina, Chile, Venezuela, and Bolivia. This region is slated to showcase robust growth owing to the efforts taken by the governments to increase awareness regarding early detection of diseases and regular health checks. Additionally, increasing healthcare expenditures, growing number of hospitals and clinical diagnostics labs, and increasing partnerships among players in the region is expected to drive the market growth.
Research Support Specialist, USA