Point-of-care (POCT) testing has the ability to provide immediate blood gas and other critical care test findings to patients in close proximity. POCT can result in faster therapeutic intervention, fewer preanalytical mistakes, and better patient care when appropriately integrated into the patient care process. However, to avoid errors while sample handling, test inaccuracy, nonlaboratorians training and ongoing competency assessment, and justification of the additional costs of analyzers and test units or cartridges, POCT demands a higher level of oversight and quality control. The advantages of POCT are also influenced by the number of tests performed and the distance between the patient's home and a clinical laboratory. POCT allows for faster clinical decision-making in the areas of diagnosis, therapy selection and monitoring, and prognosis, as well as operational decision-making and resource usage.
The global POCT platform & technology market is estimated to be valued at US$ 31,841million in 2021 and is expected to exhibit a CAGR of 8.9% over the forecast period (2021-2028).
Figure 1. Global POCT Platform & Technology Market Share (%), By Application, 2021
The increasing focus on partnerships and collaborations by key players in order to strengthen their market presence in the global market is expected to drive growth of the global POCT platform & technology market over the forecast period.
For instance, in January 2018, Atomo Diagnostics, an Australian company, entered into a strategic collaboration with Access Bio, a company committed to the early diagnosis and prevention of infectious diseases. This partnership aims to enlarge access to best-in-class HIV rapid testing in global market.
|Base Year:||2020||Market Size in 2021:||US$ 31,841 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||8.9%||2028 Value Projection:||US$ 57,000 Mn|
Advanced Liquid Logic, Inc., Agilent Technologies, Axxicon Moulds Eindhoven B.V., Lifesensors, Inc., Abbott Laboratories, Seimens Healthineers AG, LifeScan, Inc., Atomo Diagnostics, SenzaGen, Exalenz Biosciences Ltd., Nanomedical Diagnostics, BGN Technologies, Mesa Biotech Inc., and Millar, Inc.
|Restraints & Challenges:||
Figure 2. Global POCT Platform & Technology Market Share (%), By Region, 2021
The increasing acquisitions, mergers to promote research and development activities for the development of PCOT platform and technologies is expected to drive the market growth over the forecast period.
For instance, in March 2018, SenzaGen, focused on performing and selling state-of-the-art non-animal tests for assessing a substance’s allergenicity, signed a key license agreement with Burlesson Research Technologies, Inc., (BRT) a contract research organization in the U.S., specializing in POC toxicology devices.
The increasing product launches and approvals are expected to drive the market growth over the forecast period.
For instance, in December 2020, Abbott Laboratories, a U.S. based multinational medical devices and health care company, received the U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA) for virtually guided BinaxNOW COVID-19 Ag Card rapid test for COVID-19 infection detection. It is affordable, reliable, and rapid testing method.
Global POCT Platform & Technology Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions.
The COVID-19 pandemic has boosted the POCT market due to the increasing focus on making next-generation devices for virus detection. Standard RT-PCR procedures are time consuming as well as highly dependent on well-trained staff, equipped laboratories, and expensive equipment. POCT devices accelerated the market a few months after the first COVID-19 RT-PCR tests entered into the market in order to address the issues associated with standard RT-PCR procedures approach. The demand for POCT devices has raised due to pandemic and manufacturing companies are competing to develop advanced POC platforms more reliable, rapid, and easier.
Global POCT Platform & Technology Market Restraint
The point-of-care technologies employs numerous methodologies that vary in terms of interfaces to test methods that are actually employed in centralized laboratories. Comparison among the results exhibited by POC tests and manual laboratory tests often show variations that questions the accuracy and reliability of point-of-care platform and technology. The calibration of these tests also vary from one device to other. Thus, just as the test results may not be consistent from one laboratory to another, there may be variation in the data obtained through the use of different devices making it difficult for the healthcare professionals to make an important clinical decision. Moreover, transportation of biomaterials in cold chain is expensive in the resource-constrained settings, thus significantly increasing the assay cost and decreasing the adoption of the POC tests, as cold chain storage rarely practical in the under developed countries such sub-Saharan Africa. Thus, the limited shelf life of the reagents is a prominent restraining factor.
Major players operating in the global POCT platform & technology market include Advanced Liquid Logic, Inc., Agilent Technologies, Axxicon Moulds Eindhoven B.V., Lifesensors, Inc., Abbott Laboratories, Seimens Healthineers AG, LifeScan, Inc., Atomo Diagnostics, SenzaGen, Exalenz Biosciences Ltd., Nanomedical Diagnostics, BGN Technologies, Mesa Biotech Inc., and Millar, Inc.
Medical diagnostic testing performed at or near the point of care and at the time and place of patient care is known as point-of-care testing (POCT or bedside testing). POCT (point-of-care testing) is required to offer a quick diagnostic result for on-the spot diagnosis and treatment. The most significant elements for modern POCT diagnostic systems are a short analysis time and high sensitivity, as well as less analytical error. This is in contrast to the historical practice of testing being limited to the medical laboratory, which required sending specimens away from the point of care and then waiting hours or days for findings, during which time care had to be continued without the needed information. Test findings can be shared with health care providers quickly because PCOT devices and electronic medical records are linked. The usage of mobile devices in the health-care sector also allows healthcare providers to provide better care.
The technological advancements coupled with increasing expenditure for R&D, increasing incidence of infectious and chronic disease, portability & low requirement of technical expertise, and disease diagnosis with low turnaround time , and increasing adoption of inorganic growth strategies such as mergers, acquisitions, partnerships, and collaborations by key players operating in the market are the major factors that are expected to drive growth of the global POCT platform & technology market over the forecast period.
Increasing cancer and diabetes incidence is also one of the major factors driving demand for point of care diagnostic tools and assays. Monitoring glucose, hemoglobin, ketones and other factors allows prevention, early detection and diabetes-related acute and chronic complications and has a positive impact on the process of care in the management of patients with diabetes.
For instance, according to the statistical estimates provided by the American Cancer Society, there will be 1.9 million new diagnosed cases of cancer and around 608,570 cancer deaths in the U.S in the year 2021.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.