Point-of-care or rapid diagnostics refers to the medical testing performed to allow rapid analysis and gain immediate results. Point-of-care testing includes several portable instruments for glucose monitoring and infectious disease, cardiometabolic and urinalysis testing, among others. It helps in the early detection of critical illnesses, therefore offering a better patient-centric approach of healthcare. This type of medical testing is mainly used for providing diagnostic facilities to remote locations where it is inconvenient to set up clinical laboratories. The surging prevalence of chronic diseases, which resulted in increased morbidity and death rates, is one of the major factors propelling the growth of the market. Moreover, the rising geriatric population across the world, which is more vulnerable to chronic illnesses, is also creating a thrust to the point-of-care or rapid diagnostics market. Additionally, infectious diseases such as Human Immunodeficiency Virus/Acquired Immune Deficiency Syndrome (HIV/AIDS), malaria, dengue fever and influenza need timely diagnosis and rapid screening, which is generally done through PoC diagnostic devices. Furthermore, due to the development of miniaturized devices and the integration with wireless technology, healthcare professionals can keep electronic medical records (EMR) and offer more personalized intervention to individual patients. These records allow the direct transmission of test results from PoC devices to a specialist in the lab, therefore reducing the possibility of discrepancies in the obtained test results. In addition to this, the advent of home-testing cancer kits, which can frequently monitor and analyze tumor cells, is also acting as a growth-inducing factor. Few other factors are improved research and development (R&D) to develop molecular diagnostic devices and the increasing awareness for early detection of diseases, are projected to drive the point-of-care or rapid diagnostics market growth. However, pricing pressure due to the reimbursement cuts and budget constraints are creating constraints to the market growth.

The US healthcare system has already decentralized, and various European countries are also emphasizing on decentralizing their respective healthcare systems. Moreover, various countries have initiated to decentralize HIV treatment to primary healthcare centers to reduce the burden of HIV services Decentralization intends to increase the efficiency of treatment and citizen participation as well as enhance access to healthcare services at a regional level therefore increasing the accessibility of point of care devices for the early diagnosis of diseases which creates opportunity for the market.

The global Point of Care/Rapid Diagnostics Market is segregated on the basis of Product as Glucose Monitoring, Infectious Disease Testing, Cardiometabolic Monitoring and Others. Based on End Use the global Point of Care/Rapid Diagnostics Market is segmented in Decentralized Labs, Hospitals, Homecare and Others.

The global Point of Care/Rapid Diagnostics Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Point of Care/Rapid Diagnostics Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Abbott Laboratories, Accubiotech, Becton, Dickinson and Company, Chembio Diagnostics, Danaher Corporation and others are among the major players in the global Point of Care/Rapid Diagnostics Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In September 2021, Chembio Diagnostics, Inc declared the submission of EUA to the FDA for the DPP Respiratory Antigen Panel Test. This is created to improve discrete, simultaneous, and distinctive detection of SARS-CoV-2 antigen, Influenza A, and Influenza B from single swap of patient. This test kit is anticipated to analyse results within 20 minutes using this DPP kit.
• In March 2020, Abbott received approval from USFDA for the fastest molecular point of care test for diagnosis of coronavirus which is anticipated to provide positive results in 5 minutes and negative results in 13-15 minutes. This test is anticipated to run on company’s ID NOW™ platform by offering results to wide array of healthcare professionals in clinics, hospitals or at urgent care centers.

The global Point of Care/Rapid Diagnostics Market has been segmented as below:

Point of Care/Rapid Diagnostics Market, By Product

• Glucose Monitoring
• Infectious Disease Testing
• Cardiometabolic Monitoring
• Others

Point of Care/Rapid Diagnostics Market, By End Use

• Decentralized Labs
• Hospitals
• Homecare
• Others

Point of Care/Rapid Diagnostics Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

Point of Care/Rapid Diagnostics Market, By Company

• Abbott Laboratories
• Accubiotech
• Becton, Dickinson and Company
• Chembio Diagnostics
• Danaher Corporation
• EKF Diagnostics
• Fluxergy
• Instrumentation Laboratory
• Johnson & Johnson
• Nova Biomedical
• PTS Diagnostics
• Quidel Corporation
• Roche Diagnostics
• Sekisui Diagnostics
• Siemens Healthineers
• Trinity Biotech

The report covers the below scope:

• Global Point of Care/Rapid Diagnostics Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global Point of Care/Rapid Diagnostics Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global Point of Care/Rapid Diagnostics Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global Point of Care/Rapid Diagnostics Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Point of Care/Rapid Diagnostics Market share. Major industry players with significant revenue share include Abbott Laboratories, Accubiotech, Becton, Dickinson and Company, Chembio Diagnostics, Danaher Corporation and others.

Why to Buy this Report:

• Gain detailed insights on the Point of Care/Rapid Diagnostics industry trends
• Find complete analysis on the market status
• Identify the Point of Care/Rapid Diagnostics Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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