Point-of-care diagnostic tests provide results quickly, which enhances patient care. Point-of-care diagnostics are often used to diagnose and detect glucose levels, infectious infections, and heart testing, among other things. These devices are used to react quickly to numerous medical tests in hospitals, clinics, and patients' homes.
Market Analysis
Point-of-care diagnostics study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global point-of-care diagnostics market size and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, and Russia.
According to DataM Intelligence's latest research, the point-of-care diagnostics market is estimated to reach at a CAGR of 5% during the forecast period 2023-2030.
Exploring the Market Drivers and Restraints
The Boom in the Adoption of the Latest Technology and Growing Cognizance are Expected to Drive Market Growth
Rising technological advancements are an essential factor in boosting market growth, as are expanding POC exams with multiplexing capabilities, increasing focus through conferences and events, healthcare decentralization, and rising markets, which will create new opportunities for point-of-care diagnostics during the forecasting period.
Recall of Point of Care Diagnostic Devices is expected to Hamper the Market Growth
The US Food and Drug Administration (FDA) issued a warning in October 2021 that some batches of the Ellume COVID-19 Home Test produced false positive results owing to a manufacturing flaw. The firm voluntarily recalled certain amounts of its Covid-19 antigen test, which was approved for Emergency Use (EUA) in December 2020.
Nearly 200,000 test kits recalled by Ellume account for around 5.6% of the 3.5 million test kits supplied to the United States, with approximately 427,000 test kits impacted by the issue worldwide. As a result of the aforementioned reasons, the market is likely to be hindered throughout the forecast period.
Emerging Markets Create an Opportunity for the Market Growth
Emerging economies are fueling demand for healthcare services and treatments because of rapid urbanization, improved healthcare infrastructure, rising healthcare expenditures, expanding healthcare insurance coverage, rising disposable incomes, and the growing prevalence of noncommunicable and infectious diseases.
Market Key Players
The research study includes profiles of leading companies operating in the point-of-care diagnostics market:
- F. Hoffmann La-Roche Ltd.
- Abbott
- Siemens Healthcare GmbH
- Quidel Corporation
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