Market Overview: In 2020, the global primary care Point-of-Care (POC) diagnostics market had a size of USD 7.3 billion, and it is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period. The primary driver behind the market's revenue growth is the shift from centralized labs to practitioners' offices for diagnostic services. The increased adoption of POC diagnostics in primary care settings can be attributed to the ease of use associated with these devices in out-of-hospital laboratory settings.
Competitive Landscape: Key players in the primary care POC diagnostics market include Roche Diagnostics, BD Biosciences, Danaher Corporation, Abbott Laboratories, Instrumentation Laboratory, bioMerieux, Siemens Healthcare, and Quidel Corporation.
Market growth is restrained by the stringent approval process for POCT devices. Manufacturers must demonstrate that healthcare professionals and patients can use these devices and obtain results similar to Clinical Laboratory Tests before launching a POCT device for use. This rigorous approval process poses a challenge to the growth of the primary care POC diagnostics market.
Product Outlook: In 2020, the glucose testing segment accounted for the largest market share. Self-testing glucose devices play a crucial role in the regular monitoring of glycemic levels, which is expected to improve health outcomes for diabetic patients. Factors driving the segment's revenue growth include the increasing adoption of glucose monitoring devices, a growing diabetic population, and rising awareness about maintaining glucose levels. The use of self-glucose monitoring devices in developing countries to regulate glycemic levels is propelling the growth of this segment in the primary care POC diagnostics market.
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Primary Care POC Diagnostics Market: Dynamics Efficiency improvement and financial benefits of POC diagnostics are expected to drive market growth. POC testing allows healthcare staff to make quick triage and treatment decisions when diagnosing a patient's condition or monitoring treatment responses. This simplifies the testing process, enabling clinicians to focus more on providing high-quality patient care. Recent technological advancements have significantly enhanced the capabilities of POC diagnostic systems. These devices can now transmit reports wirelessly and in real-time to a patient's electronic medical record for review by a physician. Some devices have been modified to offer features that assist hospitals in better managing their POC testing programs and complying with evolving laboratory regulations.
Evidence supporting the positive impact of primary care on health has been accumulating as researchers differentiate primary care from other aspects of the healthcare delivery system. Unlike specialty care, primary care is linked with a more equitable distribution of health in populations. Recent years have witnessed significant advancements in Point-of-Care Diagnostics (POCD) due to ongoing developments in biosensors, microfluidics, bioanalytical platforms, assay formats, lab-on-a-chip technologies, and complementary technologies. The amalgamation of POC testing with primary care providers has been found to be effective, contributing to the growth of the primary care POC diagnostics market.
POC diagnostics offer advantages beyond bedside care. They enhance efficiency, streamline processes, ensure compliance with regulatory and performance standards, and reduce staff pressure, enabling a stronger focus on patient care. The integration of primary care with efficient POC diagnostics can significantly improve healthcare, driving the primary care POC diagnostics market in the forecast period.
Estimates indicate that reduced waiting times for results can lead to savings of up to USD 260 per patient. POC testing can reduce waiting times by up to 46 minutes per patient, further driving the growth of the primary care POC diagnostics market.
End Use Outlook: The physician's office segment held the largest revenue share among the end-use segments in 2020. This growth can be attributed to factors such as the rising demand for Lateral Flow Assays in developing countries and a shift in customer preferences toward less stressful and time-consuming tests. The pharmacy and retail clinics segment is expected to be another fast-growing segment during the forecast period. This growth is driven by factors such as the increasing number of patients needing chronic disease tests at pharmacies and the availability of point-of-care testing at pharmacies and retail clinics.
Regional Outlook: The North America primary care POC diagnostics market is expected to experience significant revenue growth during the forecast period. This growth is attributed to the presence of major market players in the region offering goods and services for primary care settings. Initiatives by the Centers for Medicare & Medicaid Services are encouraging healthcare providers to engage in patient involvement campaigns, driving industry growth in North America. Access to primary care and POC diagnostics is reasonably high in the region due to the presence of countries like the U.S. and Canada, which boast some of the world's best primary healthcare infrastructures.
The Asia Pacific region is anticipated to hold a substantial revenue share due to government initiatives in various countries to improve access to primary care and integrate POC diagnostics into primary care settings. Several POC diagnostic device manufacturers are looking to tap into the region's untapped potential.
The report provides an industry analysis of recent developments and trends in the primary care POC diagnostics market, along with strategies adopted by key players in the market. This includes collaborations, business contracts, mergers and acquisitions, and joint ventures.
For this report, the global primary care POC diagnostics market has been segmented based on product, end use, and region.
Primary Care POC Diagnostics Market Report Scope:
• Market Size in 2020: USD 7.3 Billion
• CAGR (2020 - 2028): 3.4%
• Revenue Forecast in 2028: USD 9.5 billion
• Base Year for Estimation: 2019
• Historical Data: 2017-2018
• Forecast Period: 2020-2027
• Quantitative Units: Revenue in USD Million
• CAGR from 2020 to 2027
• Report Coverage: Revenue forecast, company ranking, competitive
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