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NEW YORK, Aug 19, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a comprehensive study of the “Global Point-of-Care Diagnostics (POC) Market” market research covering the following elements for the forecast period 2022-2031:
The global point-of-care (POC) diagnostics market is expected to generate $50 billion in revenue by 2031 and grow at approximately 11% during the forecast period. The growing prevalence of many chronic and infectious diseases is the reason for the expansion of the market. Demand for POC tests to assist physicians has increased significantly due to the rise in diseases such as heart disease, hepatitis, cancer, gastrointestinal, respiratory and sexually transmitted infections (STDs). The World Health Organization estimates that 17.9 million people died of cardiovascular disease worldwide in 2019. This is expected to increase the demand for point-of-care diagnostics in the coming years. In addition, between January 2019 and October 2019, there were over 2.7 million dengue cases and 1206 deaths in the Region of the Americas, including over 1.3 million laboratory-confirmed cases and over 22,000 severe cases. dengue. As the incidence of infectious diseases rises, point-of-care (POV) technology becomes more necessary.
Technological Advances in Health Care Devices (POC) and the Emergence of Growth in the COVID-19 Pandemic Market
The COVID-19 pandemic is positively impacting the point-of-care diagnostics market with increased use of POC tests, which can quickly identify COVID-19 and provide results. In addition, the industry is rapidly expanding through the introduction of point-of-care testing. According to statistics from the World Health Organization (WHO), as of August 2022, there were 583,038,110 cases of COVID-19, including 6,416,023 deaths. As of August 2022, there are 243 confirmed cases in Europe and 371,671 confirmed cases.
Devices for delivery of care (POCT) have made significant progress thanks to wearable technology, smartphones, and lab-on-a-chip technologies. Deep learning systems in the cloud herald the coming revolution. In 2020, approximately 8 million women in the US used pregnancy kits. In addition, about 777,000 girls under the age of 15 and about 12 million girls between the ages of 15 and 19 become pregnant every year in developing countries. Rising pregnancy rates are expected to drive demand for pregnancy kits and expand the market.
Browse to access a detailed research report on the global Point of Care Diagnostics (POC) market with detailed charts and data: https://www.kennethresearch.com/report-details/point-of-care-poc-diagnostics- market /10070556
The global point-of-care (POC) diagnostics market is divided into five major regions including North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The growth of the geriatric population and the increase in the number of chronic diseases are driving the market in North America.
The market in North America is expected to expand significantly over the forecast period due to factors such as an aging population, an increase in chronic diseases, and supportive government policies and initiatives to strengthen the healthcare system. There are more than 55 million adults in the United States. aged 65 and over, which is about 17% of the total population. The US senior population continues to grow: by 2050, the total number of people aged 65 and over is projected to reach 86 million, or approximately 21% of the nation’s total population. In addition, in the United States, 4 out of 10 people have two or more chronic diseases, and 6 out of 10 have one or more chronic diseases. Chronic diseases such as diabetes, cancer and heart disease are the leading causes of death and disability in the United States. They are also a major contributor to the country’s $4.1 trillion annual health care spending. The market in this region is expected to grow due to the geriatric population and the prevalence of chronic diseases in the region.
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Growing adoption of POC devices and growing geriatric population is driving the APAC market
In addition, with the growing demand for accurate and effective diagnostics and an increase in the middle class population with frequent health problems, it is estimated that the Asia-Pacific region is likely to experience the highest growth rate of the POC diagnostics market, especially in China. Japan and developing countries such as India. For example, China’s thermometer export value is US$609.649 million, which will increase to US$654.849 million in 2021 with an annual growth rate of 7% in 2020-2021. The commercial expansion increased the demand for POC devices and diagnostics and improved the market in the region. In addition, the World Bank estimates that 12% of China’s total population in 2021 will be aged 65 or over. Growth in the geriatric population is expected to drive further growth in the market.
The study also aggregates annual growth, supply and demand, and predicts future opportunities:
The glucose monitoring segment is expected to hold the largest market share over the forecast period. The amount of glucose or sugar in the bloodstream can be measured using standard blood glucose monitoring equipment, which can also be used for self-examination. These devices provide accurate data to pinpoint factors associated with high blood sugar and help develop new diet plans and medications. Most of the world’s 422 million people with diabetes live in low- and middle-income countries, and diabetes directly causes 1.5 million deaths each year, according to the World Health Organization. Over the past few decades, the incidence and prevalence of diabetes has been on the rise.
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In addition, 85 suppliers shipped 316 batches of blood glucose meters from around the world. Taiwan, South Korea and India are among the top three export countries for glucometers in 2021. In 2021, India will become the largest exporter of blood glucose meters with 158 units, followed by Taiwan with 58 units and South Korea with 50 units. The expansion of trade, coupled with rising prevalence of diabetes, is driving the growth of this segment.
The hospital segment is estimated to hold a significant market share during the forecast period. Point-of-care testing (POCT) allows physicians to detect disease in or near a patient faster than traditional laboratory tests for use in healthcare settings, as well as in patients’ homes and doctors’ offices. By 2020, there will be about 10,900 hospitals in Colombia, 8,240 hospitals in Japan, and 6,092 hospitals in the US. As the number of hospitals and their global reach expand, so does the demand for POC devices and POC diagnostics.
Among the recognized leaders in the global market for diagnostics for healthcare (POC), represented by Kenneth Research, F. Hoffmann-La Roche Ltd., Siemens Healthcare GmbH, Danaher, Quidel Corporation, Chembio Diagnostics, Inc., EKF Diagnostics, Trinity Biotech, Fluxergy , Abbott and others.
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