Infectious Disease Point of Care Diagnostics Market |2021 Analysis, Key Opportunities Major Players, Impact of COVID-19 and Size, Growth, Share, Regional Analysis With Global Industry Forecast To 2027, The global “infectious disease point of care (PoC) 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, titled “Infectious Disease Point-of-care (POC) Diagnostics Market Size, Share COVID-19 Impact Analysis, By Technique (Lateral Flow Immunoassay, Agglutination Test, Flow-through Test, Molecular Diagnostics, and Others), By Disease (HIV, Hepatitis B Virus, Pneumonia/Streptococcus Associated Infections, Respiratory Syncytial Virus (RSV), Influenza, Clostridium Difficile Infections (CDI), Hepatitis C Virus, Methicillin Resistant Staphylococcus Aureus (MRSA), Tuberculosis, and Others), By End User (Hospital Bedside, Physicians Office Lab, Urgent Care Retail Clinics, Home Self-Testing, Nursing Homes, and Others), and Regional Forecast, 2020-2027” the market was worth USD 1246.5 million and will exhibit a CAGR of 17.4% during the forecast period, 2020-2027.
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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. The increasing popularity of this concept is consequential to the rapid technological advances. The increasing product demand has encouraged companies to invest higher upfront capital. The sector holds a huge potential for entry-level as well as mid-sized companies across the world. Additionally, increasing research activities will also emerge in favor of market growth in the forthcoming years.
Infectious Disease Point of Care Diagnostics Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
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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.
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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