Global POC Diagnostics Market to Reach Nearly USD 90 Billion Due to Growing Demand for Rapid COVID-19 Test Kits
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By LabMedica International staff writers Posted on 13 Dec 2021 |
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The global point of care (POC) diagnostics market is estimated to grow at a CAGR of 12.7% from approximately USD 36 billion in 2021 to nearly USD 90 billion in 2028, driven by the increasing prevalence of infectious diseases, product developments and launches, and rise in the number of CLIA-waived POC tests. However, product recalls are expected to hamper market growth.
These are the latest findings of ResearchAndMarkets (Dublin, Ireland), the world’s largest market research store.
Point of care testing (POCT) is described as medical diagnostic testing at or near the point of care that is, at time and place of patient care. The purpose of POCT is to provide immediate information to physicians about the patient's condition. POCT is an important diagnostic tool used in various locations in the hospital such as the intensive care unit (ICU), the operating room (OR), and the emergency department (ED).
Based on product, the glucose monitoring segment held the largest share of the global POC diagnostics market in 2020. However, the infectious diseases segment is estimated to register the highest CAGR of 14.1% during the forecast period. The POC diagnostics market is witnessing substantial growth amid the COVID-19 pandemic. Certain factors such as sudden rise in coronavirus infections and exponential growth in COVID-19 diagnostic kits have played a prominent role in the growth of the POC diagnostics market during the pandemic. In addition, the growing demand for rapid COVID-19 test kits for faster diagnosis at public places is also estimated to have a positive impact on market growth.
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