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The Point-of-Care Diagnostic Market is Driven by the Growing Inclination Toward Decentralized Healthcare Systems

   November 1, 2022

Point-of-Care Diagnostics (POCD) plays a significant role in the healthcare sector. It has received considerable interest for promptly detecting several infectious or life-threatening disorders, such as cancer, diabetes, and infectious diseases, and keeping track of patients' health problems. Point-of-care testing has been proven effective in managing diseases, reducing treatment delays, and reducing the death rate.

Point-of-care diagnostics (POCD) have made significant strides in recent years due to ongoing advancements in assay formats, microfluidic, bioanalytical platforms, lab-on-a-chip technology, and related technologies. Furthermore, smartphones can now be readily connected with several sensing modalities due to technological improvements, making it possible to detect pathogens. Numerous POC diagnostic devices and technologies have been researched and developed due to the growing need for quick diagnoses in the healthcare industry. Researchers worldwide are researching and documenting cutting-edge methods that might be used for POC diagnostic tools. The next-generation POC diagnostic tools, based on cutting-edge technologies such as artificial intelligence (AI) and the internet of things (IoT), are increasingly being used in hospitals and specialty clinics worldwide. Furthermore, POC technologies combined with smart information and communications technology (ICT) promise enhanced healthcare services in rural regions. Also, these technical developments ensure low costs and increase the availability of diagnostic instruments in underdeveloped nations.

In underdeveloped nations, there is a significant demand for advanced POC diagnostics tools for identifying infectious diseases due to recurrent viral and bacterial epidemics. In addition, the high prevalence of cancer in developing countries such as China and India drives the demand for quick and accurate POC diagnostics to increase the treatment response time. According to WHO, in 2020, roughly 10 million deaths, or nearly one in six deaths, were due to cancer, making it the top cause of death globally. The most common new cases in 2020 were breast cancer (2.26 million cases), lung cancer (2.21 million cases), colon and rectum cancer (1.93 million cases), and prostate cancer (1.41 million cases). Roughly 30% of cancer cases in low- and lower-middle-income nations are caused by cancer-causing infections, such as human papillomavirus (HPV) and hepatitis. Similarly, according to the International Diabetes Federation, in 2021, over 537 million people had diabetes, and this number is likely to reach nearly 643 million by 2030 and 783 million by 2045. The rising prevalence of such chronic diseases drives the demand for early and rapid diagnostics solutions.

Furthermore, the COVID-19 pandemic has also caused a shift in the paradigm of India's POC testing sector. It has stimulated research on testing techniques that are quick and affordable and can be utilized in the community as point-of-care testing. Furthermore, the pandemic has intensified the decentralization tendency in testing. With the rising cases of COVID-19, most companies grabbed the opportunity during the pandemic and launched POC diagnostic kits and devices. For instance, in May 2020, Abbott Laboratories (U.S.) launched its molecular point-of-care test to detect COVID-19. Furthermore, in October 2020, Siemens Healthineers AG (Germany) launched its CLINITEST Rapid COVID-19 Antigen Test, a point-of-care cassette test. This test is used for the detection of SARS-CoV-2.

In April 2021, several over-the-counter and point-of-care tests were approved for COVID-19 by the U.S. Food and Drug Administration (FDA). Some of the approvals include Quidel QuickVue At-Home OTC COVID-19 test, Abbott BinaxNOW COVID-19 Antigen Self-Test, Abbott BinaxNOW COVID-19 Ag Card 2 Home Test, Abbott BinaxNOW COVID-19 Ag 2 Card, and BD Veritor System for Rapid Detection of SARS-CoV-2.

Technological advancements and investment in the development & launch of new POC diagnostics to meet the rising demand by several companies are expected to boost the global point-of-care diagnostics market. According to Meticulous Research®, the global point-of-care diagnostics market is projected to reach $82.74 billion by 2029, at a CAGR of 7.4% during the forecast period of 2022 to 2029.

Access Full Report Here: https://www.meticulousresearch.com/product/point-of-care-diagnostics-poc-market-4871


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