Global Point-of-Care (POC) Testing Market to Reach Nearly USD 80 Billion by 2028 due to Increasing Dominance of Infectious Diseases
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By LabMedica International staff writers Posted on 15 Oct 2021 |
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The global Point-Of-Care (POC) testing market is projected to grow at a CAGR of 12.3% from USD 31.17 billion in 2020 to USD 78.85 billion by 2028, driven mainly by the increasing dominance of infectious diseases, hematological diseases, cancer, and others.
These are the latest findings of Zion Market Research (New York, NY, USA), a global market research company.
POC testing devices are mainly used for diagnosis of disease for early detection and monitoring along with its effective treatment and management. During the last few decades, there has been a significant growth in the pervasiveness of chronic diseases which has led to an upsurge in patient inflow. POC tests are beneficial in providing instantaneous results to the patient. However, the introduction of new tests and devices in the market require manufacturers to meet strict government regulations. These stringent government regulations and poor reimbursement policies could hinder the growth of the global POC testing market. The decentralization of healthcare is one of the major trends being currently observed in patient care and is anticipated to offer new market growth opportunities.
The COVID-19 pandemic has accelerated the global demand for diagnostic kits for rapid detection of the diseases. As a result, several market players are focusing on increasing the supply of tests worldwide. Owing to an increase in chronic diseases and patients suffering from such diseases, there is growing healthcare awareness among people which is also fueling the growth of the POC testing market. Increasing government support, along with the rising number of clinics adopting POC tests for the rapid detection of infectious diseases in the near future are expected to continue driving the growth of the POC testing market during the forecast period. However, multi-layered regulations set by the FDA and laboratory regulations under CLIA could restrain the market growth.
Nevertheless, greater acceptance of new technologies among researchers and academia, technological advancements, large base of population suffering from chronic and acute diseases, and increasing number of end users such as hospitals and clinics, outpatient & ambulatory care facilities are likely to continue driving the growth of the global POC testing market.
Geographically, North America holds the largest share of the global POC testing market owing to its huge patient population, well developed economies and high healthcare expenditure. Additionally, North America is also home to the key market players, supportive governments, people with higher awareness of self-testing and home care products, and a population that has significant adoption of novel technologies. On the other hand, Asia Pacific is anticipated to be the fastest growing market for POC testing due to its huge population base.
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