Point of Care & Rapid Diagnostics Market by Product (Glucose, Infectious Disease(HIV, Hepatitis C), Pregnancy Test), Platform (Microfluidics, Dipsticks), Mode of Purchase (OTC, Prescription), End User (Pharmacy, Hospital, Home) and Geography: Global Market Size Estimates and Forecast (2022–2030)

BMIRE00025851 | Pages: 100 | Healthcare IT | Sep 2022 | Type: Global | Status: Published

The market crossed US$ 1.5 billion mark in 2022 and is expected to hit US$ 3.37 billion by 2030, recording a CAGR of 20.33% during the forecast period.

Point of care and rapid diagnostic market has been significantly growing with the increase in the prevalence of chronic disorders.

The other factors driving the market's growth include increased demand for rapid diagnostic tests in decentralized settings and rising awareness regarding early diagnosis among people. In addition, the escalating need for inexpensive diagnostic testing and accuracy raises market growth. By product, the glucose monitoring segment is expected to account majority share during the forecast period as these kits can be easily used by the elderly population to monitor their glucose levels and prevent any complications. 

Within the report, the market is segmented into product, platform, mode of purchase, end-user, and geography. By product type, the market is further segmented into glucose, infectious disease, and pregnancy test. On the basis of platform, the market is bifurcated into microfluidics and dipsticks. By mode of purchsase, the market is categorized into OTC and prescription. Based on end-user, the market is divided into pharmacy, hospital, and home. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

COVID-19 had a significant impact in the market

Rapid diagnostic are a type of medical kit which provide efficient diagnostic results immediately, within 1 hour, while the patient is still at the health facility, screening site, or other health care provider. These kits are used in hospitals and clinical labs to detect specific antibodies, antigens, or proteins associated with the development of disease.

The point of care and the rapid diagnostic kit market has observed significant growth during the global pandemic, mainly attributed to the increasing usage of rapid kits that can rapidly diagnose COVID-19. The need for speedy diagnostic results has made point-of-care testing a vital diagnostic tool. The rapidly growing number of COVID-19 cases and the growing pressure on governments to improve patient management have boosted the demand for rapid antigen testing kits that can be effectively used in point-of-care settings

The rising prevalence of infectious diseases is one of the major factors accelerating market growth.

Rapid diagnostic tests are widely used in managing infectious diseases, mainly in developing countries where access to healthcare facilities is challenging, and the infrastructure is sparse. As per UNAIDS, approximately 20.6 million people were living with HIV in East and Southern Africa in 2018. In 2019, 20,000 new HIV cases were registered in the Middle East and North Africa. Thus, the increase in the prevalence of HIV will have a positive impact on the demand for point of care and rapid diagnostic market during the forecast period.

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Recent strategic developments in Point of care and rapid diagnostic market

The point of care and rapid diagnostic market has undergone several significant developments, and a few of these have been mentioned below:

  • In December 2018, Anteo Diagnostics and Shanghai GeneoDx Biotechnology announced an agreement to market, sell, and distribute Anteo's range of AnteoBind products in China.
  •  In October 2017, GenePeeks announced its agreement with CORE Diagnostics to distribute GenePeeks' preconception screens.
  • In January 2017, Chembio Diagnostics, Inc. acquired RVR Diagnostics to expand its product offerings and presence in Southeast Asia.

Several players drive the point of care and rapid diagnostic market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Among the prominent players are Abbott Laboratories, Siemens Healthineers AG, Quidel Corporation , F. Hoffman-La Roche Ltd., Danaher Corporation, Becton, Dickinson and Company, Cheand bioMérieux S.A. operating in the market.

Target audience for the report:

  • Drug developing companies
  • Contract development and manufacturing organization,
  • Drug discovery-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Drug distributors and sales firms
  • End users of drug discovery
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product:
    • Glucose
    • Infectious Disease
  • HIV
  • Hepatitis C
    • Pregnancy Test
  • Platform
    • Microfluidics
    • Dipsticks
  • Mode of Purchase:
    • OTC
    • Prescription
  • End User:
    • Pharmacy
    • Hospital
    • Home
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Abbott Laboratories
    • Siemens Healthineers AG 
    • Quidel Corporation
    • F. Hoffman-La Roche Ltd.
    • Becton, Dickinson and Company 
    • Danaher Corporation 
    • Instrumentation Laboratory
    • Thermo Fisher Scientific
    • PTS Diagnostics
    • Sekisui Diagnostics
  • Abbott Laboratories
  • Siemens Healthineers AG 
  • Quidel Corporation
  • F. Hoffman-La Roche Ltd.
  • Becton, Dickinson and Company 
  • Danaher Corporation 
  • Instrumentation Laboratory
  • Thermo Fisher Scientific
  • PTS Diagnostics
  • Sekisui Diagnostics
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