Northbrook, IL 60062 -- (SBWire) -- 12/21/2022 --According to the global market research report "Point of Care and 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) - Global Forecast to 2027", published by MarketsandMarkets™, The global point-of-care and rapid diagnostics market is expected to reach USD 75.5 billion by 2027 from an estimated USD 45.4 billion in 2022, at a CAGR of 10.7% from 2022 to 2027.
Growth in this market is largely driven by factors such as the high prevalence of target conditions such as diabetes, cardiovascular diseases, and infectious diseases, and growing government policies, the shortage of skilled laboratory technicians, and the rising number of CLIA-waived POC tests.
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Key Market Player
The major players operating in the point-of-care and rapid diagnostics market are Abbott (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd. (Switzerland), Quidel Corporation (US), Chembio Diagnostics (US), EKF Diagnostics (UK), Trinity Biotech plc (Ireland), Instrumentation Laboratory (a Werfen Company) (US), Nova Biomedical (US), PTS Diagnostics (US), Sekisui Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux SA (France).
An analysis of market developments between 2019 and 2022 revealed that several growth strategies such as partnerships & agreements, joint ventures, and strategic acquisitions were adopted by market players to strengthen their service portfolios and maintain a competitive position in the point-of-care and rapid diagnostics market
ABBOTT (US)
Abbott is the leading player in the point-of-care and rapid diagnostics market. The company has a strong presence in the US and seeks to enhance its geographical presence by strengthening its business operations in emerging markets. The company has a strong product portfolio, and its FDA- and CE-approved products have helped it gain a sizable market share. Abbott focuses on inorganic growth strategies, such as collaborations and acquisitions, to enhance its product portfolio and expand its geographical presence. The company's extensive research & development activities for product development and its ongoing clinical trials for newly developed products will further enhance its share in the point-of-care and rapid diagnostics market.
F.HOFFMANN-LA ROCHE LTD.
Roche Diagnostics is one of the leading players in the global POC diagnostics market. Roche Diagnostics focuses on R&D to develop new tests and cater to the increasing demand for diagnostic testing. Also, the company has adopted several strategies, such as product launches and approvals and acquisitions. Over the past three years, Roche Diagnostics has launched several new products. In January, 2022, Roche launched its Cobas Pulse System in select countries accepting the CE Mark. This is Roche Diagnostics' newest generation of connected point-of-care solutions for professional blood glucose management.
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SIEMENS HEALTHINEERS AG
Due to its robust product portfolio in the diagnostic segment, Siemens Healthineers AG is among the leading players in the point-of-care diagnostics market. It has a broad range of testing systems, including coagulation, molecular, urinalysis, and blood gas testing systems & services. The company is engaged in developing and manufacturing new products to expand its product offerings in the point-of-care diagnostics market. Siemens Healthineers focuses on acquisitions to expand its product portfolio and invest in new business ideas to tap into better market opportunities. Siemens expanded its services business by adding the digital services portfolio and the distribution of its R&D workforce across international sites has enabled the firm to strengthen its foothold in the market.
"The Asia Pacific market is expected to grow at the highest CAGR during the forecast period"
The global point-of-care and rapid diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of this market, followed by Europe. The Asia Pacific market is projected to register the highest growth during the forecast period. Owing to the rising prevalence of cardiac diseases, diabetes, and infectious diseases, growing economy, expansion of healthcare infrastructure, growing initiatives by government boost the adoption of POCT, emergence of new rapid diagnostic kits manufacturer, and increased focus of key players to boost their distribution channel in the region.
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Point of Care/ Rapid Diagnostics Market Worth $75.5 Billion, Business Expansion, Industry Research, Development by 2027
In May 2022, QuantuMDx announced the launch of its new respiratory panel test; Q-POC™ SARS-CoV-2, Flu A/B & RSV Assay.