According to our new research study on “Point of Care Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Prescription Mode, and End User,” the market is expected to reach US$ 82,958.3 million by 2028 from US$ 36,000.4 million in 2021; it is estimated to grow at a CAGR of 12.7% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The market growth is primarily attributed to increase in prevalence of infectious diseases, product developments and launches, and rise in number of CLIA-waived POC tests. However, product recalls are expected to hamper the market growth.
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Based on prescription mode, the point of care diagnostics market is bifurcated into prescription-based testing and OTC testing. In 2020, the prescription-based testing segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. The growth of this segment is mainly attributed to the increasing incidence and prevalence of lifestyle diseases and the lack of awareness on OTC POCT devices in developing nations.
The point of care 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 played a prominent role in the growth of the point of care diagnostics market during the pandemic. In addition, the growing demand for rapid test kits for faster diagnosis at public places is also estimated to have a positive impact on the market growth.
F. HOFFMANN-LA ROCHE LTD.; Danaher; BIO-RAD LABORATORIES INC.; Abbott; Johnson and Johnson Services, Inc.; Siemens AG; BD; BioMerieux SA; Polymer Technology Systems, Inc. (PTS); and Nova Biomedical are among the leading companies operating in the point of care diagnostics market.
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