Global Point of Care Diagnostics Market to Top USD 35 Billion by 2027 Due to Rising Diabetic Cases

The global point of care diagnostics market is projected to grow at a CAGR of close to 6% from more than USD 23 billion in 2020 to over USD 35 billion by 2027, driven by an increase in the number of diabetic cases, technological developments in point of care devices and increased investments by the key players.

Furthermore, the rising prevalence of chronic and infectious diseases such as heart disease, hepatitis, cancer, gastrointestinal, respiratory, and sexually transmitted diseases (STDs) is driving the point of care diagnostics market. These are the latest findings of Valuates Reports (Bangalore, India), a provider of market research reports and industry analysis.

An increase in the number of diabetic cases is expected to drive the growth of the point of care diagnostics market. The adoption of blood glucose monitoring systems is increasing due to factors such as the growing number of diabetic patients, increased patient knowledge of the importance of blood sugar monitoring, and the development of novel monitoring devices by important players. Other key factors likely to drive the growth of the point of care diagnostics market include the rising prevalence of other respiratory illnesses around the world, the shift toward decentralized diagnostics, and improved access to point-of-care devices through online platforms.

Point of care testing can significantly enhance the management of infectious diseases, particularly in underdeveloped nations where prompt medical care is difficult to come by and healthcare infrastructure is lacking. Furthermore, government incentives and grants for the development of new products are accelerating the adoption of improved diagnostic technology for infectious diseases. People in undeveloped and developing countries can now afford these tests thanks to such initiatives. During the forecast period, factors such as the increasing number of clinics implementing point of care testing for the rapid identification of infectious diseases are expected to fuel market growth.

Nanotechnology integration in rapid diagnostics is also expected to drive the growth of the point of care diagnostics market. With technological improvements, it is critical that high-quality healthcare management be implemented for fast patient care. Nanotechnology has allowed scientists to investigate a wide range of healthcare applications. Product demand will be boosted further by the production of nanotechnology-based point of care diagnostics. The COVID-19 outbreak is expected to further propel the growth of the point of care diagnostics market as the increasing usage of point of care tests that can rapidly diagnose COVID-19 is being used around the world.

Based on type, the glucose monitoring segment is expected to be the most lucrative in the point of care diagnostics market. The considerable adoption of new technologies among academics and academia, the rising diabetic patient population base, and the growing preference for home glucose testing are all aspects that contribute to this segment's size.

Geographically, North America is expected to be the most lucrative region in the global point of care diagnostics market. With the rising incidence and prevalence of lifestyle diseases, the North American market is gaining traction. Furthermore, the presence of key players in the region, favorable government scenario, increased awareness of self-testing and home care products, and significant adoption of novel technologies are all expected to contribute significantly to the growth of the North American point of care diagnostics market.

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