The global point of care (PoC) diagnostics market size is expected to reach USD 66.72 Billion by 2028 at a CAGR of 10.70%, according to a new report by Reports and Data. Growth in market revenue is attributed to rapidly growing geriatric population, increasing prevalence of target diseases worldwide, rising burden of infectious diseases such as COVID-19, and technological advancements in point of care diagnostic devices. Extensive use of point of care diagnostics for home healthcare, surging demand for rapid and accurate diagnostic results, increasing cases of COVID-19 worldwide, and rising volumes of molecular and antibody point of care diagnostic tests are the other major factors accountable for growth of the global point of care (PoC) diagnostics market.
Point of care diagnostic devices are widely used in healthcare facilities and home care settings to obtain diagnostic results of patients. These devices provide rapid feedback on various medical tests and allow healthcare professionals to achieve accurate, lab-quality diagnostic results in real-time. The key benefits of point of care diagnostics are rapid decision-making, reduced operating times, reduced post-operative care time, increased number of outpatient clinic visits, and lesser risks of antimicrobial contamination. This type of diagnostics helps doctors better diagnose and monitor a patient’s condition and their response to treatment.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Point of Care (PoC) Diagnostics market in these key regions.