F. Hoffman-La Roche Ltd. (Switzerland) and Abbott Laboratories (US) are Leading Players in the Point of Care Diagnostics Market
The global point-of-care diagnostics market is expected to reach USD 77.8 billion by 2028 from an estimated USD 49.7 billion in 2023, at a CAGR of 9.4% from 2023 to 2028.
Globally, the number of diabetics is expected to grow from 643 million in 2030 to 783 million by 2045. Diabetes resulted in 6 million deaths worldwide in 2021, while 541 million people are estimated to be at risk of developing diabetes (Source: International Diabetes Federation).
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Diseases/disorders such as diabetes, hematology disorders, cancer, and cardiac disorders are considered target conditions for POC testing as they require continuous monitoring. As a result, the increasing incidence and prevalence of these conditions are likely to drive the for the adoption of POC testing devices. Initiatives such as funding, training by Governments across developed and developing nations to support the development and adoption of POC in their healthcare settings and the rising number of CLIA waivers point of care tests are expected to promote the market growth.
The point of care diagnostics business is competitive, with both established companies and newcomers competing for the same market share. As of 2022, the key players operating in the global point of care diagnostics market are Abbott Laboratories (US), BD (US), Danaher Corporation (US), Siemens Healthineers (Germany), F. Hoffman-La Roche Ltd. (Switzerland), QuidelOrtho Corporation (US), Chembio Diagnostics, Inc. (US), EKF Diagnostics Holdings plc (UK), Trinity Biotech plc (Ireland), Werfen, S.A. (US), Nova Biomedical (US), PTS Diagnostics (US), SEKISUI Diagnostics (US), Thermo Fisher Scientific (US), and bioMérieux SA (France).
F. HOFFMANN-LA ROCHE LTD (Switzerland)
In 2022, Roche Diagnostics became another leading player in the global POC diagnostics market. To expand its geographical footprint, the company emphasizes both organic and inorganic growth strategies. A strong focus on the expansion of R&D activities in new rapid test development. In August 2022, the company Roche launched its Elecsys IGRA SARS-CoV-2 test to assist in detecting individuals with a T-cell response to SARS-CoV-2, suggesting prior exposure to the virus or COVID-19 vaccination It focuses on implementing data management in existing pharmaceutical and diagnostic businesses.
Abbott Laboratories (US)
In 2022, Abbott Laboratories will be another 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 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. Abbott Laboratories is also engaged in R&D aims to create innovative products addressing the unmet needs of patients and healthcare providers. In May 2022, the company received FDA clearance for its Alinity m STI Assay. The test simultaneously detects & differentiates four common sexually transmitted infections (STIs).
Related Reports:
Point of Care Diagnostics Market by Product (Glucose, HIV, Hep C, HPV, Hematology, Pregnancy), Platform (Microfluidic, Dipstick, RT-PCR, INAAT), Sample(Blood, Urine), Purchase (OTC, Rx), End User (Pharmacy, Hospitals, Home Care) - Global Forecast to 2028
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