North America Point of Care Diagnostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Prescription Mode, and End User

North America Point of Care Diagnostics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product, Prescription Mode, and End User

  • July 2021 •
  • 178 pages •
  • Report ID: 6134404 •
  • Format: PDF
The North America point of care diagnostics market is expected to grow from US$ 16,612.40 million in 2021 to US$ 38,702.11 million by 2028; it is estimated to grow at a CAGR of 12.8% from 2021 to 2028.

Increasing product launches and product developments is to drive the market growth.The number of point-of-care testing has steadily increased over the last 40 years since its widespread introduction.

The point of care market is likely to grow with the introduction of new products into the market, aimed at delivering inexpensive care at the facilities located at the closest-possible distances from the patients’ location.New technologies or products are being refined and improved to deliver easier to use devices with incremental improvements in analytical performance.

The growth of the POC market is mainly attributed to the introduction of new devices to perform molecular testing.Many new devices have been launched in recent years.

For instance, in June 2019, Abbott launched first-ever rapid POC HbA1c test to aid in the diagnosis of diabetes; this test provides results in three minutes, enabling clinicians to develop informed, individualized care plans during patient consultation. Moreover, in July 2021, BD announced launch of rapid and portable point-of-care antigen test for diagnosis of COVID-19. The new test kit is capable to deliver results within 15 minutes of the test. Besides, in December 2020, Beckman Coulter also introduced its rapid antigen kit for diagnosis of COVID-19. Similarly, in 2017, Roche Diagnostic division launched CoaguChek Vantus PoC in the US; this system enables handheld coagulation monitoring system for the self-assessment of health. The division has also launched new point-of-care mobile application Cobas Infinity designed to meet the needs of point-of-care coordinators to manage important tasks on the go. Such advancements in new launched devices will propel the overall North America POC market growth during the forecast period.

In case of COVID-19, North America is highly affected specially the US.The outbreak of the COVID-19 pandemic situation shown some favorable scenario for players operating in the point of care diagnostics market.

Significant population of North America is infected with coronavirus.For instance, the US is a highly affected country in the North American regions.

The effect of the corona is mild in adults; however, it is adverse in older people.The infection of corona among older people has resulted in severe complications and has accounted for a good number of deaths in the country.

But during the pandemic situation, life science companies engaged in development of novel drugs for the treatment of life threaten diseases. In addition, increasing demand for rapid testing equipment is also playing a prominent role in the growth of the North America point of care diagnostics market. Furthermore, due to the rising numbers of COVID-19 population has positive impact on the adoption of point of care diagnostic kits. This adoption is boosting new product development and launches in the market. For instance, in July 2020, Eurofins U.S. Clinical Diagnostics has announced the availability of its pooled PCR test to detect SARS-CoV-2, which would substantially lower the cost per PCR test for clients. Moreover, in March 2020, Abbott received FDA approval for its molecular point-of-care test for the diagnosis of COVID-19. The test is capable to deliver positive results in five minutes and negative result in less than fifteen minutes. Such product launches are expected to accelerate the growth of the North America point of care diagnostics market.

The glucose monitoring products segment led the North America point of care diagnostics market based on product in 2020.The North America glucose monitoring devices market consists of components such as glucometers, lancets, testing strips and other glucose monitoring devices.

The glucose monitoring devices or glucose meters are medical devices are used to determine the approximate levels or the concentration of glucose in the blood of the patients living with diabetes.The concentration of the glucose level can be measured by various means such as through testing strips, lancets and others.

In the market various market players have introduced their devices for the glucose monitoring. Therefore, owing to the presence of the various market players that are offering various products and rise in the technological advancements are likely to propel the growth of the North America market during the forecast period.

The overall North America point of care diagnostics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America point of care diagnostics market.

The process also serves the purpose of obtaining overview and forecast for the North America point of care diagnostics market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America point of care diagnostics market. Abbott; BD; bioMerieux SA; BIO-RAD LABORATORIES INC.; Danaher; F. HOFFMANN-LA ROCHE LTD.; Johnson and Johnson Services, Inc.; Nova Biomedical; Polymer Technology Systems, Inc. (PTS); and Siemens AG are among a few players operating in the North America point of care diagnostics market.
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