The Latin America market is expected to grow at the highest CAGR during the forecast period.

Northbrook, IL 60062 -- (SBWire) -- 04/14/2022 --MarketsandMarkets™ Research Report's View on Revenue Impact?

The global point of care and rapid diagnostics market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027.

Factors Responsible for Growth and In-Depth Analysis?

Growth Driver: High prevalence of infectious diseases;

POC tests can greatly improve the management of infectious diseases, especially in developing countries where access to timely medical care is a challenge and the healthcare infrastructure is antiquated and sparse. According to UNAIDS, around 20.6 million people were living with HIV in East and Southern Africa in 2018. In 2019, 20,000 new HIV cases were registered in the Middle East and North Africa (Source: UNAIDS Data 2020). In the Asia Pacific, an estimated 5.8 million people were suffering from HIV in 2019, led by India and China. According to UNAIDS, in 2019, approximately 2.1 million people in India were infected with HIV. The high prevalence of HIV is likely to boost the demand for point-of-care diagnostics, further accelerating the treatment of HIV infection.

Listed below are important statistics related to major infectious diseases in developing countries:

- According to the WHO, India has the highest tuberculosis burden, with an estimated incidence of 2.64 million cases in 2020.

- In 2019, around 4.3 million new tuberculosis cases were reported in Southeast Asia, and 632,000 people died due to TB infections in this region (Source: WHO).

- According to the National Influenza Policy 2017, around 10,000 deaths and 40,000 hospitalizations are caused due to influenza in South Africa each year.

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Leading Key Players and Analysis:

Prominent players in the point-of-care diagnostics market include Abbott Laboratories (US), Siemens Healthineers AG (Germany), Quidel Corporation (US), F. Hoffman-La Roche Ltd. (Switzerland), Danaher Corporation (US), Becton, Dickinson and Company (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 S.A. (France).

Geographical Analysis in Detailed?

The Latin America market is expected to grow at the highest CAGR during the forecast period;

The global point-of-care diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest market for point-of-care diagnostics, followed by Europe. This can be attributed to the growing prevalence of lifestyle diseases, the increasing number of product approvals, and government initiatives to support the wider adoption of POC diagnostics in the region. The Latin American region, on the other hand, is projected to register the highest growth during the forecast period due to government efforts to increase awareness about the early detection of diseases and regular health check-ups, further promoting point-of-care devices.

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Industry Segmentation:

The Glucose Monitoring Products segment accounted for the largest share of the point of care diagnostics market, by product type, in 2021

Based on products, the Point of Care and Rapid Diagnostics Market is segmented into glucose monitoring products, cardiometabolic monitoring products, COVID-19 testing products, infectious disease testing products, coagulation monitoring products, pregnancy & fertility testing products, hematology testing products, tumor/cancer marker testing products, fecal occult testing products, urinalysis testing products, drug-of-abuse testing products, cholesterol testing products, and other products. In 2021, the glucose monitoring products segment accounted for the largest share of the Rapid Diagnostics Market. This can be attributed to the growing diabetic patient population base, ongoing technological advancements, and the growing preference for home glucose testing.

The Lateral Flow Assays segment accounted for the largest share of the point of care diagnostics market, by platform, in 2021

Based on platform, the point-of-care diagnostics market is segmented into lateral flow assays, immunoassays, microfluidics, dipsticks, and molecular diagnostics. The lateral flow assays segment accounted for the largest share of the market in 2021. The widespread adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures is a key factor contributing to the growth of this segment.

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