Market Introduction
APAC is the fastest-growing market for POC diagnostics, and China, India, Japan, South Korea, Australia, and rest of APAC are the major contributors to the market in this region. China is the largest market of APAC region. The government of China has adopted various comprehensive strategies, including activities such as blood donation screening, promotion of safe injection practices, immunization, and surveillance, to prevent HBV transmission. The China Centers for Disease Control and Prevention also believes that the application of proper infection control practice can lead to success in the prevention of HAIs. However, at the level of average Chinese hospitals, there is no vivid understanding regarding the surveillance of infection and programs to detect, manage, and prevent these HAIs. Many companies have emerged in the country with innovative products and other activities to propel market growth. For instance, in December 2018, Abcam plc. and QIAGEN (Suzhou) Translational Medicine Co., Ltd. signed a Memorandum of Understanding (MoU) agreement. The agreement aims to develop a pipeline of Companion Diagnostics (CDx) as well as in vitro diagnostic reagents and kits to meet the needs of the Chinese market. Moreover, in January 2019, Ascensia Diabetes Care, a Swiss-based diagnostics company started its operations in China in collaboration with China-based Zhejiang POCTech. The new device is continuous blood glucose monitoring and incorporates modules for digital diabetes management. Furthermore, in October 2018, Cancer Genetics, Inc., signed a distribution agreement with Genecast Biotechnology to market, distribute, and sell the Tissue of Origin (TOO) Test in China. Due to the rising prevalence of diseases and increasing government initiatives in China, the POC diagnostics market is anticipated to grow with a rapid pace during the forecast period.
In case of COVID-19, APAC is highly affected specially India. Many measures have been implemented to contain the spread of COVID-19, which have resulted in significant operational disruption for many companies including in the healthcare industry. Staff quarantine, supply-chain failures, and reductions in demand have generated serious complications for companies. Rising prevalence and incidence of COVID-19 support the growth of the market in near future forecast period. Increasing launch of PCR tests for detection COVID-19 support the growth of the market. In April 2021, Fujita Health University in Toyoake has started using a fully automated coronavirus testing system from Kawasaki Heavy Industries Ltd. The machine conducts polymerase chain reaction (PCR) test to reducing the risk of infection for technicians. Therefore, the outbreak of the COVID-19 pandemic is estimated to affect high impact on molecular biology enzymes, kits & reagents industry. Moreover, in June 2020, J Mitra & Co Pvt Ltd. an India-based company introduced its state-of-the-art COVID-19 detection kit in Indian market. Further, in May 2021, Mylab Discovery solutions, India-based company introduced home testing kits for Covid-19. The kit incorporates reverse transcription polymerase chain reaction (RT-PCR) technology. Besides, in April 2021, Celltrion, a South Korea based company announced approval and launch of its DiaTrust rapid antigen test for diagnosis of COVID-19. The kit has capacity to deliver results within 15 minutes. Also, in April 2020, India-based company Bione announced launch of India’s first home screening kit for diagnosis of COVID-19. Such product launches and approval to boost market growth during the pandemic in APAC.
Market Overview and Dynamics
The APAC point of care diagnostics market is expected to grow from US$ 6,548.48 million in 2021 to US$ 15,641.78 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028. Point-of-care testing (POCT) plays a critical role in diagnosis, treatment, and prevention of infectious diseases. POC testing can be used to detect several major pathogens, including malarial parasites, human immunodeficiency virus (HIV), human papillomavirus (HPV), dengue, Ebola, and Zika viruses; and Mycobacterium tuberculosis (TB bacteria). The increasing incidence of infectious diseases such as HIV is the major public health issue. Moreover, healthcare-associated infections (HAIs) such as central line-associated bloodstream infections and catheter-associated urinary tract infections might affect the patients in hospitals and other healthcare facilities. Such increase in prevalence of infectious diseases is expected to create a demand for point of care test kits across the APAC region.
Key Market Segments
In terms of product, the glucose monitoring products segment accounted for the largest share of the APAC point of care diagnostics market in 2020. In terms of prescription mode, the prescription-based testing segment held a larger market share of the APAC point of care diagnostics market in 2020. Further, the professional diagnostic centers segment held a larger share of the APAC point of care diagnostics market based on end user in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC point of care diagnostics market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Abbott; BD; bioMerieux SA; BIO-RAD LABORATORIES INC.; Danaher; F. HOFFMANN-LA ROCHE LTD.; Johnson and Johnson Services, Inc.; Nova Biomedical; Polymer Technology Systems, Inc. (PTS); and Siemens AG.
Reasons to buy report
APAC Point of Care Diagnostics Market Segmentation
APAC Point of Care Diagnostics Market - By Product
APAC Point of Care Diagnostics Market - By Prescription Mode
APAC Point of Care Diagnostics Market - By End User
APAC Point of Care Diagnostics Market - By Country
APAC Point of Care Diagnostics Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 6,548.48 Million |
| Market Size by 2028 | US$ 15,641.78 Million |
| CAGR (2021 - 2028) | 13.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Point of Care Diagnostics Market is valued at US$ 6,548.48 Million in 2021, it is projected to reach US$ 15,641.78 Million by 2028.
As per our report Asia Pacific Point of Care Diagnostics Market, the market size is valued at US$ 6,548.48 Million in 2021, projecting it to reach US$ 15,641.78 Million by 2028. This translates to a CAGR of approximately 13.2% during the forecast period.
The Asia Pacific Point of Care Diagnostics Market report typically cover these key segments-
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The Asia Pacific Point of Care Diagnostics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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