(PharmaNewsWire.Com, May 18, 2021 ) The global point of care diagnostics market size is estimated to be USD 29.5 billion in 2020 and projected to reach USD 50.6 billion by 2025, at a CAGR of 11.4 %. Increasing prevalence of infectious disease nd technological advancements and rise in number of public an private investments are the key factors driving the growth of the point of care diagnostics market.
The point of care diagnostics market includes major Tier I and II suppliers like the point-of-care diagnostics market are Roche Diagnostics (Switzerland), Abbott Laboratories (US), Siemens Healthineers (Germany), Becton, Dickinson and Company (US), Johnson & Johnson (US), Danaher Corporation (US), Chembio Diagnostics (US), and Quidel Corporation (US). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Demand for point of care diagnostics from key end-users has increased rapidly amidst the global COVID-19 pandemic. Industry experts believe that COVID-19 will have long erm increase in the growth for the point of care diagnostics market in 2020. Along with this, increase in prevalence of different types of infectious diseases, easy access of POC products through online platforms, and growing awaness about the low turnout time of diagnosis using rapid point of care test in turn will boost demnd for POC devices in the coming years.
Demand for glucose monitoring products for home use result in the segment occupying the high share of the point of care diagnostics market
Glucose monitoring products owes a good market share in point of care diagnosticsmarket. The large share of this segment is attributed to factors such as the increase in the availability of glucose motioring devices increase in the prevalence of diabetes couples with growing collaborations among players for develop advance PoC deviceas and rapus shift towards the adoption of home helathacare products.
Asia Pacific likely to emerge as the fastest growing clinical microbiology market, globally
Geographically, the emerging Asian countries, such as China, India, South Korea, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific point of care market is projected to grow at the highest CAGR of 18.8% from 2020 to 2025. initiatives by the government,rising awareness about selftesting products, and increase in collaborations among key players in the point-of-care diagnostics market in the region. increasing number of hospitals in India and China; and rapid expansion of healthcare infrastructures,and increase in thenumber of research centers are driving the growth of the APAC point of care diagnostics market.
Prominent players in this market Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Becton Dickinson and Company (US), Abbott Laboratories (US), Quidel Diagnostics (US), and Chembio Diagnostics (US). Other prominent players operating in this market are EKF Diagnostics (UK), Trinity Biotech (Ireland), and Fluxergy (US).
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