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

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

  • July 2021
  • 194 pages
  • ID: 6134252
  • Format: PDF
  • The Insight Partners

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The APAC point of care diagnostics market is expected to grow from US$ 6,548.48 million in 2021 to US$ 15,641.78 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028.

The growing use of home-based poc devices is expected to surge the market.The increasing awareness about point of care testing is bringing the test conveniently and quickly to the patient at home.

Most clinicians recognize POC testing as a requirement for early detection of life-threatening situations because laboratory results can be made available in real-time.POC diagnostic and monitoring devices are anticipated to become universal in-home setups as well as at doctor’s offices or hospitals, in low- and middle-income countries.

Consumers are frequently using smartphones as platform devices.The health and monitoring applications of smartphones commonly include imaging, sensing, and diagnostics.

Although glucose meters are widely used in home settings by diabetic patients, they can also be repurposed to perform common clinical assays such as immunoassays, molecular diagnostics, and enzymatic assays. The rise in geriatric population has resulted in increased expenditure on healthcare for health checkups, disease diagnoses, and treatments. The most constant health problems affecting this population include digestive disorders, cardiovascular diseases, bone and joint diseases, diabetes, and different types of cancer. The people of this age group claim diagnostic testing on a regular basis, owing to their low immunity and metabolism. Therefore, these factors have increased the demand of POCs for diagnostic purposes across APAC region.

In case of COVID-19, APAC is highly affected specially India.Many measures have been implemented to contain the spread of COVID-19, which have resulted in significant operational disruption for many companies including in the healthcare industry.

Staff quarantine, supply-chain failures, and reductions in demand have generated serious complications for companies.Rising prevalence and incidence of COVID-19 support the growth of the market in near future forecast period.

Increasing launch of PCR tests for detection COVID-19 support the growth of the market.In April 2021, Fujita Health University in Toyoake has started using a fully automated coronavirus testing system from Kawasaki Heavy Industries Ltd.

The machine conducts polymerase chain reaction (PCR) test to reducing the risk of infection for technicians. Therefore, the outbreak of the COVID-19 pandemic is estimated to affect high impact on molecular biology enzymes, kits & reagents industry. Moreover, in June 2020, J Mitra & Co Pvt Ltd. an India-based company introduced its state-of-the-art COVID-19 detection kit in Indian market. Further, in May 2021, Mylab Discovery solutions, India-based company introduced home testing kits for Covid-19. The kit incorporates reverse transcription polymerase chain reaction (RT-PCR) technology. Besides, in April 2021, Celltrion, a South Korea based company announced approval and launch of its DiaTrust rapid antigen test for diagnosis of COVID-19. The kit has capacity to deliver results within 15 minutes. Also, in April 2020, India-based company Bione announced launch of India’s first home screening kit for diagnosis of COVID-19. Such product launches and approval to boost market growth during the pandemic in APAC.

The professional diagnostic centers segment led the APAC point of care diagnostics market based on end user in 2020.In professional diagnostic centers offers diagnostic services to the patients.

Professional’s diagnostics centers includes Clinical Laboratories, Hospitals, Outpatient Healthcare, Ambulatory Care Settings and etc.This segment holds the largest market share because professionals have an in-depth knowledge of testing methodologies and how a POC test method relates to testing performed in a central lab, also they understand the variations in interfering substances and specimen-handling requirements.

In addition, many companies are leveraging their broad range of diagnostics tests for their patients in ambulatory care, which is one of the types of professional diagnostics centers.Thus, this segment is contributing a large market share to the point of care market and is expected to continue the trend during the forecast period.

During forecast period, professional diagnostics centers markets across APAC region will grow by at a significant CAGR owing to increasing preference for home and remote monitoring and rising demand for rapid tests among home care users.

The overall APAC 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 APAC point of care diagnostics market.

The process also serves the purpose of obtaining overview and forecast for the APAC 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 APAC 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 APAC point of care diagnostics market.

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