Global Point-of-Care Diagnostic Devices and Equipment Market Report 2022

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Major players in the point-of-care diagnostic devices and devices market include Abbott, F. Hoffmann-La Roche, Siemens Healthineers, Danaher, Beckman Coulter, Becton Dickinson and Company, QIAGEN NV, Johnson & Johnson, Alere Inc, and BioMerieux .

NEW YORK, May 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces the Release of “Point-of-Care Diagnostics Devices And Equipment Global Market Report 2022” – https://www.reportlinker.com/p06277179/?utm_source=GNW

The global market for point-of-care diagnostic devices and equipment is forecast to grow from US$24.44 billion in 2021 to US$28.74 billion in 2022 at a compound annual growth rate (CAGR) of 17.6 % grow. The market is expected to grow to $51.73 billion by 2026 at a compound annual growth rate (CAGR) of 15.8%.

The point-of-care diagnostic devices and equipment market consists of the sale of point-of-care (POC) diagnostic devices and equipment and related services. Point-of-care diagnostic devices and equipment are designed to assist physicians in conducting medical diagnostic tests at or near the point-of-care to provide immediate insight into a disease or condition.

The main types of point-of-care diagnostic devices and equipment are infectious disease test kits, cardiometabolic monitoring kits, cholesterol test kits, pregnancy and fertility test kits, tumor/cancer markers, urinalysis test kits, hematology test kits, drug test kits, occult test kits faeces and others. Pregnancy and fertility test kits in point-of-care diagnostic devices are the devices used to pre-test pregnancy and fertility before going to the doctor.

The different prescription modes include prescription testing devices and over-the-counter (OTC) testing devices. These are used by end users such as professional diagnostic centers, hospitals/nursing centers, ambulatory healthcare facilities, ambulatory care facilities, research laboratories and homes.

North America was the largest region in the Point-of-Care Diagnostic Devices and Devices Market in 2021. Asia Pacific was the second largest region in the point-of-care diagnostic equipment and devices market.

The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

An increase in the incidence of target diseases is driving the POC devices and equipments market worldwide. The increasing incidence of chronic diseases such as diabetes, rheumatism or cancer is steadily increasing worldwide due to poor lifestyle choices and increasing obesity, thus driving the growth of the POC devices and equipment market.

For example, according to the Centers for Disease Control and Prevention, 2019, heart disease is also the leading cause of death in the United States, causing about 647,000 deaths annually.

The market for POC diagnostic devices and devices is expected to slow down due to strict regulatory policies that increase the gestation time before the product hits the market. Manufacturers of POC devices and devices must obtain multiple FDA approvals before launching their product.

The entire approval process takes a lot of time and thereby inhibits the market growth.

Over-the-counter (OTC) testing is cited as a major trend driving the growth of the point-of-care diagnostics market. The FDA has approved OTC test kits for cholesterol, fecal occult blood, pregnancy and HIV/HCV.

This method would improve access to testing and early detection of the disease. These test kits may generate more revenue than prescription tests over the forecast period due to ease of use of the kits, increased home care and self-testing, and higher availability and acceptance rate.

Point-of-care devices are regulated by the U.S. Food and Drug Administration (FDA), and all diagnostic laboratory tests are regulated by the Clinical Laboratory Improvement Amendments of 1988 (CLIA) enacted by the Centers for Medicare & Medicaid Services ( CMS) are managed. Because these devices measure biomarker levels in the body, they are classified as Class II (requires 510[k] approval) or III devices (requiring the more cumbersome pre-market approval). In contrast to the FDA’s strict approvals, China has a moderately lenient approval mechanism. Therefore, the top companies use a partnership approach with local suppliers and distributors to expand their market share.

The countries covered in Point-of-Care Diagnostic Devices and Equipment Market are Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
Read the full report: https://www.reportlinker.com/p06277179/?utm_source=GNW

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