Global POC Diagnostics Devices and Equipment Market to Surpass USD 50 Billion in 2026
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By LabMedica International staff writers Posted on 08 Jun 2022 |
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Point-of-care (POC) diagnostics devices and equipment are designed to aid physicians in performing medical diagnostic testing at or near the point of care, for immediate knowledge on diseases or conditions. An increase in the incidence of target diseases is driving the POC devices and equipment market globally. The rising incidence of chronic diseases, like diabetes, rheumatism, or cancer is increasing steadily worldwide due to poor lifestyle choices and increasing obesity, thus driving the growth of the POC devices and equipment market. The global POC diagnostics devices and equipment market is expected to grow at a CAGR of 17.6% from USD 24.44 billion in 2021 to USD 28.74 billion in 2022 and is projected to grow further at a CAGR of 15.8% to reach USD 51.73 billion in 2026.
These are the latest findings of Research and Markets (Dublin, Ireland), the world’s largest market research store.
POC diagnostic devices and equipment comprise mainly infectious disease testing kits, cardiometabolic monitoring kits, cholesterol testing kits, pregnancy and fertility tests kits, tumor/cancer markers, urinalysis testing kits, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits, and others. Pregnancy and fertility tests kits in POC diagnostic devices are used to test for pregnancy and fertility in advance before going to the doctor.
POC diagnostic devices and equipment includes prescription-based and over-the-counter (OTC) testing devices which have a large base of end-users such as professional diagnostic centers, hospitals/critical care centers, outpatient healthcare settings, ambulatory care settings, research laboratories, and homes. OTC testing is being seen as a key growth driver of the POC diagnostics market as it improve access to testing and enables early detection of diseases. The US FDA has approved OTC test kits for cholesterol, fecal occult blood, pregnancy, and HIV/HCV. These testing kits are likely to generate more revenue than prescription tests over the forecast period due to ease of using the kits, increased home care and self-testing, and a rise in their availability and adoption rate. In 2021, North America was the largest POC diagnostic devices and equipment market followed by the Asia Pacific region.
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