The point-of-care diagnostics market is expected to observe good growth prospects during the forecast period of 2016-2024. The outbreak of the COVID-19 pandemic is one of the prominent reasons for the exponential growth of the point-of-care diagnostics market.
Furthermore, other reasons such as the expanding prevalence of numerous infectious diseases such as tuberculosis, AIDS, and others will serve as growth boosters. The overall need for making the healthcare sector more patient-oriented will serve as a vital growth propeller for the point-of-care diagnostics market between 2016 and 2024.
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Point-of-care diagnostics is a method used for rapid detection of a disease. This method enables rapid detection of disease and helps in better management and monitoring. Early detection ensures good health outcomes for the patient. Many other benefits will bring immense growth opportunities for the point-of-care diagnostics market during the forecast period of 2016-2024.
Some prominent types of point-of-care diagnostics testing are solid phase assay test, lateral flow assay test, agglutination assay test, and flow-through test. The extensive utilization of point-of-care diagnostics techniques in fertility and pregnancy tests, infectious disease tests, blood glucose tests, cholesterol monitoring, and substance abuse tests will bring good growth prospects.
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The rising expenditure on healthcare infrastructure by the government bodies of numerous countries and the increasing use of point-of-care diagnostics due to the COVID-19 outbreak will lay a red carpet of growth. Furthermore, to control the outbreak of other infectious diseases, early detection is a strong weapon. Thus, these aspects will increase the growth rate of the point-of-care diagnostics market.
Research and development activities are crucial for the overall development of the point-of-care diagnostics market. The players are involved in these activities for devising new formulations and upgrades that will accelerate the pace of providing accurate results. Furthermore, strategic collaborations are also playing an important role in the growth of the point-of-care diagnostics market. Speedy approval for point-of-care diagnostics devices by regulatory authorities like the Food and Drug Administration (FDA) will have a positive impact on the growth trajectory.
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Transparency Market Research’s (TMR’s) report on the point-of-care diagnostics market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on point-of-care diagnostics by TMR suggests a stable growth period.
According to the TMR experts, the market for point-of-care diagnostics is prognosticated to expand at 6.9 percent CAGR during the forecast period of 2016-2024. In the context of valuation, the point-of-care diagnostics market is estimated to reach a valuation of US$ 11.7 bn by 2024. The global market was valued at US$ 6.8 bn in 2016.
COVID-19 Pandemic to Expand Scope of Point-of-Care Diagnostics Market Growth
Testing and treating are the foremost weapons that are proving to be effective for tackling the surging coronavirus pandemic. Quick diagnostic methods can help in accurate detection and isolation, thus preventing the further spread of the infections. This aspect will serve as a good growth generator for the point-of-care diagnostics market. The utilization of technologies like CRISPR and targeting RdRp genes for rapid positive cases identification will serve as a fruitful aspect for the development of the point-of-care diagnostics market.
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Homecare Settings Segment to Invite Profitable Growth for Point-of-Care Diagnostics Market
Due to the advent of the COVID-19 pandemic, the footfall in clinics and hospitals for non-COVID diagnosis fell down drastically. This aspect had a large influence on the growth of the home-care settings segment. Innovative and technologically efficient at-home point-of-care diagnostics are making a mark across the global market. This factor will serve as a prominent growth opportunity for the point-of-care diagnostics market to expand its growth horizon.
Some well-established players in the point-of-care diagnostics market are F. Hoffmann-La Roche Ltd., Alere Inc, Teleflex, Inc., Becton Dickinson and Co., and Abbott Inc.
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