Pune, India, Nov. 30, 2020 (GLOBE NEWSWIRE) — The global Infectious Disease Point of Care Diagnostics Market size is projected to reach USD 3,371.1 million by the end of 2027. The presence of several large-scale companies in this sector will emerge in favor of market growth. According to a report published by Fortune Business Insights. The market was worth USD 1246.5 million and will exhibit a CAGR of 17.4% during the forecast period, 2020-2027. North America is projected to emerge dominant in the coming years. The increasing adoption of advanced PoC diagnostics, especially in the United States, has contributed to the growth of the regional market.
Point of care (PoC) testing allows faster diagnosis of diseases at the patient site itself. The drawbacks of conventional diagnostic methods including time to test, inefficiency, and non-portability can be overcome through infectious disease PoC diagnosis. Recent technological advances have opened up a massive potential for the growth of the market in the past few years.
Industry Developments:
June 2020 – Cepheid announced launch of Xpert Xpress SARS-CoV-2/Flu/RSV a four in one combination test used for the detection of detection of SARS-CoV-2, Flu A, Flu B and RSV from a sample of single patient.
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Covid-19 Pandemic to Create Massive Opportunities for Rapid Market Growth
The recent coronavirus outbreak has created a sense of panic and urgency across the world. The pandemic has had a drastic impact on several economies across the globe, with SMEs being affected the most.
With only large-scale companies being able to sustain the drawbacks of the pandemic in a seamless manner, it is evident that these companies will look to adopt newer strategies to recover the losses in the past few months. The use of several PoC diagnostic test kits has risen dramatically in the past few months, given the ability of the product to generate results in a time span that is lesser than 30 mins.
Having said that, major attention has been given to the SARS-Cov-2 infection and other diagnostic products have been kept on hold. As a result, the Covid-19 pandemic has brought mixed fortunes for companies in the infectious disease PoC diagnostics market.
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Increasing Product Use during Covid-19 Pandemic will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. The massive investments in infectious disease PoC diagnostics have yielded a few exceptional products, enabling applications across diverse treatment procedures.
The product has also been put to use in detecting symptoms of Covid-19 in the ongoing pandemic. Several large-scale companies are looking to maximize the use of the product during the pandemic and as a result, the investments in PoC diagnostics has gone up considerably in the past few months. In May 2020, Quest Diagnostics announced that it has received emergency use authorization (EUA) from the US Food and Drug Administration (FDA) for its self-collection antibody test kits.
The product is used for test kit for Covid-19 for patients looking to get tested from home. Increasing number of product innovations will have a huge impact on the growth of the overall market in the coming years.
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North America to Emerge Dominant; Growing Penetration of Advanced PoC Diagnostics will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing adoption of advanced PoC diagnostics, especially in the United States, has contributed to the growth of the regional market.
The increasing Covid-19 cases has also given the platform for companies in the infectious disease PoC diagnostics sector. As of 2019, the market in North America was worth USD 457.2 million and this value is projected to rise at a considerable pace in the coming years. The market in Europe held the second largest share, following North America in the global market.
List of companies profiled in the Infectious Disease Point of Care Diagnostics Market report:
• F. Hoffmann-La Roche Ltd (Basel, Switzerland)
• Thermo Fisher Scientific Inc. (Massachusetts, U.S.)
• Abbott Laboratories (Illinois, U.S)
• Quest Diagnostics Incorporated (New Jersey, United States)
• BD (Franklin Lakes, U.S)
• bioMérieux SA (Marcy l’Etoile, France)
• Cardinal Health, Inc. (Ohio, U.S)
• Mesa Biotech (California, U.S)
• Cepheid (California, U.S)
• Trinity Biotech (Bray, Ireland)
• Quidel Corporation (San Diego, U.S.)
• Bio-Rad Laboratories Inc. (California, U.S)
• Other Players
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Table of Contents:
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Infectious Diseases, By Key Countries
- New Product Launches
- Key Industrial Developments (Mergers, Acquisitions, Partnerships, etc.)
- Technological Advancements in Infectious Disease Point of Care (POC) Diagnostics
- Impact of COVID-19 on Infectious Disease Point of Care Diagnostics Market
- Overview of Initiatives for Infectious Disease Point of Care (POC) Diagnostics in Emerging Countries
- Pricing Analysis of Various Infectious Disease Point of Care (POC) Diagnostics, By Key Companies
- Analysis of Product Features of Key Infectious Disease Point of Care (POC) Diagnostics, By Key Companies
- Global Infectious Disease Point-of-care (POC) Diagnostics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technique
- Lateral Flow Immunoassay (LFIA)
- Agglutination Tests
- Flow-through Tests / Immunoconcentration Assays
- Molecular Diagnostics
- Others
- Market Analysis, Insights and Forecast – By Disease
- Human Immunodeficiency Virus (HIV)
- Hepatitis B Virus (HBV)
- Pneumonia / Streptococcus Associated Infections
- Respiratory Syncytial Virus (RSV)
- Influenza
- Clostridium difficile infection (CDI)
- Hepatitis C Virus (HCV)
- Methicillin-Resistant Staphylococcus Aureus (MRSA)
- Tuberculosis (TB)
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospital Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Home & Self-Testing
- Nursing Homes
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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