Point of Care (PoC) Infectious Disease Testing Market Surging Over 4X Touching USD 4.22 Billion by 2028 | BlueWeave Consulting
BlueWeave Consulting and Research Pvt Ltd
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BlueWeave Consulting and Research Pvt Ltd
North America currently holds a disproportionately large part of the global market for PoC diagnostics. Due to advantageous reimbursement policies that are predicted to increase service demand, the regional market growth is anticipated to continue during the period in analysis. The rising production of cutting-edge goods, Europe is forecast to hold the second-highest position in the global market during the projection period. Additionally, rising government R&D investments would fuel the regional market expansion. As more market participants are entering the region and PoC diagnostics kits are being used more frequently, the market in Asia Pacific (APAC) will grow at the fastest rate.
New Delhi, Sept. 17, 2022 (GLOBE NEWSWIRE) -- Global Point of Care (PoC) Infectious Disease Testing Market is flourishing mainly due to the rapidly spurring demand for PoC testing kits for the diagnosis of increasing prevalence of infectious diseases, such as HIV,influenza, RSV, and Covid, among the world population.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the size of Global Point of Care (PoC) Infectious Disease Testing Market at USD 1.4 billion in 2021. BlueWeave expects Global Point of Care (PoC) Infectious Disease Testing Market to expand at an impressive CAGR of 17.4% between 2022 and 2028 to reach a size of USD 4.22 billion by 2028. Major growth factors for the market expansion include an increasing number of people worldwide affected by a variety of infectious diseases, such as HIV, Covid, influenza, and RSV.
Global Point of Care (PoC) Infectious Disease Testing Market - Technology Advancements
Due to the robust product portfolios and impressive distribution networks of large corporations in developed and developing countries, the market for infectious disease diagnostics is semi-consolidated. Strategic alliances between the major players in the sector and the introduction of diagnostic products are anticipated to promote the growth of the companies and increase their market share. However, the market's prospective chances are allowing a number of domestic competitors to enter in the years to come. By 2028, the market will be slightly fragmented as a result of this. For instance, Precipio Inc. and ADS Biotech engaged into a strategic alliance in July 2020 to develop a COVID-19 detection test based on lateral flow immunoassay. It obtained EUA approval to distribute the kits to physician's labs, retail pharmacies, and direct-to-consumer.
Global Point of Care (PoC) Infectious Disease Testing Market - Rising Demand
The prevalence of infectious diseases including HIV, influenza, and RSV, is rising globally, which further increases the rate at which patients are diagnosed. For instance, the United Nations Program on HIV/AIDS (UNAIDS) estimated that 38 million persons worldwide received an HIV/AIDS diagnosis in 2019. Additionally, a research study released by the World Health Organization (WHO) estimates that approximately 10 million individuals worldwide were infected by tuberculosis in 2018. As a result, during the period in analysis, the increasing prevalence of infectious diseases would enhance the need for PoC devices for their diagnosis and, in turn, support market expansion.
Segmental Coverage
Global Point of Care (PoC) Infectious Disease Testing Market - By Technique
Agglutination test, flow-through test/Immuno-concentration assay, molecular diagnostics, and others are segments in the Global Point of Care (PoC) Infectious Disease Testing Market based on the technique. In 2020, the lateral flow immunoassay market category represented a lopsided market share. The quicker diagnosis and accessibility of the test kits in decentralized settings are responsible for the supremacy. Additionally, the segment has grown as a result of more products being launched as a result of COVID-19.
The increased use of innovative tests, such as RT-PCR and ELISA in infectious disease PoC testing kits is expected to drive the molecular diagnostics market by 2028. Additionally, the increase in FDA approvals is probably going to accelerate the segment's revenue growth. Additionally, the flow-through test/immunoconcentration assay market is anticipated to expand at a sizable CAGR over the course of the forecast period as more industry participants work on to introduce sophisticated kits based on the flow-through technique in the international marketplace. Besides, throughout the period in analysis, the agglutination test segment is expected to advance due to rising knowledge about the use of agglutination tests for diagnosing infectious diseases.
Due to factors such as the existence of significantly large companies and a well-established healthcare system, North America dominates the PoC infectious disease testing market, with the US accounting for the highest revenue share. Furthermore, the expected revenue share is supported by the introduction of technology advancements in the US. Meanwhile, due to a surge in R&D investments in patient-centric institutions in Japan and China, Asia Pacific (APAC) is expected to expand at the fastest rate. Furthermore, variables that are expected to propel regional success include the rapidly rising burden of chronic infectious diseases and the existence of government initiatives meant to encourage early detection. Businesses in APAC are concentrating on the creation of novel assays. For instance, in May 2017, One BioMed and Singapore's A*Star's Genome Institute established a joint lab venture for the creation of molecular diagnostic assays. The goal of this collaboration is to create assays for the Asian market for clinical infectious disease diagnostics. Among these tests are those for juvenile respiratory infections, diseases transmitted by mosquitoes, and drug-resistant tuberculosis.
Impact of COVID-19 on Global Point of Care (PoC) Infectious Disease Testing Market
The COVID-19 pandemic had a modest impact on pharmaceutical firms and research organizations concentrate on creating POC kits for COVID-19 diagnosis. The launch of cutting-edge kits with rapid turnaround times will accelerate market expansion during the period in analysis. For instance, BD (Becton, Dickinson, and Company) reported in July 2020 that the USFDA had approved the use of an emergency use authorization (EUA) for a quick, point-of-care SARS-CoV-2 diagnostic test for use with its widely used BD Veritor Plus System. However, due to supply chain disruptions and the implementation of lockdown measures, demand and sales for diagnosis products related to infectious diseases, such as MRSA (methicillin-resistant Staphylococcus aureus), HIV (Human Immunodeficiency Virus), and CDI (Clostridium difficile infection) have decreased. Additionally, the revenues of the companies, including Roche and Abbott, have been impacted by a reduction in the routine testing of diagnostic procedures for various disorders. However, the market is expected to rebound rapidly in the post COVID-19 pandemic era.
Alere, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Siemens Healthineers, BD & Co., Chembio Diagnostics Inc., Trinity Biotech, Cardinal Health, Quest Diagnostics Inc., Bio-Rad Labs Inc., bioMérieux SA, Sight Diagnostics Ltd., Gene POC, Trivitron Healthcare, OJ-Bio Ltd., and Ortho-Clinical Diagnostics are leading companies in Global Point of Care (PoC) Infectious Disease Testing Market. Major players are currently creating strategic alliances with other well-established and emerging organizations. The goals of the partnerships are to strengthen market presence by creating a robust product portfolio that supports precise diagnosis.
Recent Developments
Chembio Diagnostics, Inc., released the quick PoC COVID-19/Flu A&B test in April 2021. Results of the test are available in 15 minutes. Roche launched the Cobas SARS-CoV-2 Variant Set 1 Test in March 2021. The test is designed to find COVID-19 variations that are present in the UK, South Africa, and Brazil.
Scope of the Report
Attributes
Details
Years Considered
Historical Data – 2018–2021
Base Year – 2021
Estimated Year – 2022
Forecast – 2022–2028
Facts Covered
Revenues in USD Million
Market Coverage
North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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