Point of Care & Rapid Diagnostics Market

Abbott Laboratories (US), Siemens Healthineers AG (Germany) and F. Hoffman-La Roche Ltd. (Switzerland) are Leading Players in the Point of Care & Rapid Diagnostics Market

The global point of care diagnostics market is expected to reach USD 72.0 billion by 2027 from an estimated USD 43.2 billion in 2022, at a CAGR of 10.8% from 2022 to 2027. Point-of-care testing (POCT) includes screening or diagnostic tests performed outside traditional laboratories. These tests are designed to be used at or near the site where the patient is located (such as at home, in an ambulance, at a physician’s office, and other locations). POCT allows rapid and reliable diagnostic testing through which outcomes can be obtained instantly, helping physicians/patients to make decisions related to care remotely and as soon as possible.

Growth in this market is largely driven by factors such as the high prevalence of infectious diseases and target conditions, supportive government policies, the shortage of skilled laboratory technicians, and the rising number of CLIA-waived POC tests. On the other hand, the pricing pressure due to reimbursement cuts and budget constraints and stringent regulatory policies are expected to limit market growth to a certain extent in the coming years.

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The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2019–2021 to expand their global presence and increase their market shares in the point of care market. The key growth strategies adopted by the top players in the market include product launches & approvals, mergers & acquisitions, collaborations, partnerships, and agreements. Product approvals and launches were the most widely adopted organic growth strategies by market players in the last three years to garner a larger share of the market. The point of care market is dominated by Abbott Laboratories (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Siemens Healthineers AG (Germany), and F. Hoffman-La Roche Ltd. (Switzerland).

ABBOTT:

Abbott Laboratories is the leading player in the point-of-care diagnostics market. Its strong focus on strengthening its brand presence, continuous investments in R&D, broad customer base, and strong geographical foothold are key factors contributing to its leading position in this market. To expand its global diagnostics presence and leadership in the point-of-care diagnostics market, the company acquired Alere, Inc. in October 2017, gaining access to new channels and Alere’s high-quality products.

Abbott is also engaged in R&D to introduce novel products and improve its existing product line and processes. In 2019, the company invested ~USD 2.4 billion in R&D activities. Furthermore, the POC diagnostics business witnessed expansion in domestic and emerging markets through agreements and collaborations with other players. All these strategies are expected to help Abbott witness significant growth in the point-of-care diagnostics market during the forecast period.

SIEMENS HEALTHINEERS AG

With a robust product portfolio, Siemens Healthineers holds a strong position in the point-of-care diagnostics market. It has a broad range of testing systems, including coagulation, molecular, urinalysis, and blood gas testing systems & services. The company is engaged in developing and manufacturing new products to expand its product offerings in the point-of-care diagnostics market. Siemens Healthineers focuses on acquisitions to expand its product portfolio and invest in new business ideas to tap into better market opportunities. Siemens expanded its services business by adding the digital services portfolio and increasing its enterprise transformation services, thus providing its customers with value-based care. Through these activities, the company has significantly strengthened its customer base across the globe.

F. HOFFMANN-LA ROCHE LTD.

Roche Diagnostics is one of the leading players in the global POC diagnostics market. To sustain its position and ensure future growth, the company has adopted several strategies, such as product launches and approvals and acquisitions. Over the past three years, Roche Diagnostics has launched several new products. In 2018, the company acquired Flatiron Health (US), which helped Roche enhance its product offerings for data-driven personalized healthcare for cancer.

Roche Diagnostics also focuses on R&D to develop new tests and cater to the increasing demand for diagnostic testing. Roche’s strategic investments in developing new instruments and software for totally automated lab workflows and information management have resulted in strong business growth.

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Point of Care & Rapid Diagnostics Market by Product (Glucose, Infectious Disease(HIV, Hepatitis C), Pregnancy Test), Platform (Microfluidics, Dipsticks), Mode of Purchase (OTC, Prescription), End User (Pharmacy, Hospital, Home) - Global Forecast to 2027

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Point of Care & Rapid Diagnostics Market Size,  Share & Growth Report
Report Code
MD 2702
RI Published ON
3/7/2022
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