The MEA point of care diagnostics market is expected to grow from US$ 2,484.03 million in 2021 to US$ 5,433.77 million by 2028; it is estimated to grow at a CAGR of 11.8% from 2021 to 2028.
Rising number of conferences and events is expected to surge the market growth.Various conferences and events are held to make people aware about devices and give overview of the common key principles that should be applied when establishing and maintaining point-of-care testing (POCT) services.
Participants in these conferences/events can utilize these learnings to develop a framework for introducing POCT for a specific clinical need relevant to their family practice.In June 2019, SELECTBIO held the Point-of-Care, Biosensors & Mobile Diagnostics conference.
The Emerging Trends and Themes in Point-of-Care Diagnostics and Mobile Diagnostics, Commercialization of Microfluidic Devices for Point-of-Care Applications, and Paper-based Analytical Devices for the Diagnosis and Monitoring of Infectious Diseases at the Point of Care were the major topics covered in this conference. So, growing events is going to create the awareness regarding POC, thereby driving the MEA point of care diagnostics market
In case of COVID-19, MEA is highly affected specially Turkey.Economic uncertainties and ongoing conflicts are worsening the condition in the region.
For instance, countries such as Syria, Libya, and Yemen are suffering violent conflict and cannot implement any public health measures.Iran was in deep economic recession due to the US sanctions.
Also, the major source of economic stabilization in Middle East countries is oil production and export.However, the recent pandemic is causing turbulence to the economies of the Middle East region.
A sudden drop in domestic and external demand for goods and products, especially crude oil, and halted production due to labor shortage, are major impacts observed in the region. The Saudi government policies are favored of domestic pharmaceutical manufacturers including not any import duties on raw materials & intermediate products and interest-free funding support the growth of the pharmaceutical market in this region. Similarly, increasing incidence of COVID-19 create huge demand for kits and reagent used in detection of covid-19 virus. In April 2020, BGI Group, a Chinese genomics company, and Group-42, the UAE technology company, unveiled a new massive-throughput laboratory in the UAE to help with testing and diagnosis of the novel coronavirus. According to BGI, the lab will use RT-PCR diagnostic kits that have been approved by medical regulatory authorities in China, Europe, the United States, and Japan. As point of care diagnostics kits are majorly used in detection of novel coronavirus, so there was high impact of COVID-19 on the point of care diagnostics market.
Based on product, the infectious disease testing products segment is expected to be fastest growing during forecast period for MEA region.Infectious diseases are caused by microorganisms, such as bacteria, viruses, fungi, and parasites.
Diagnostic test for an infectious agent are used to demonstrate the presence of the infection.Specimens such as urine, blood, sputum, cerebrospinal fluid, and others are subjected to various tests and the disease-causing bacteria and viruses, known as the infectious agents, are identified quickly.
Real-time test results are important for early diagnosis and in determining treatment orientation in medical practice.Point of Care Testing (POCT) provides beneficial and helpful information for diagnosis and treatment through real-time testing at the bedside.
Hence, POCT has high utility value in field of infectious diseases as a rapid test which provides, within the consultation hours, useful information for initial treatment. Infectious disease rapid test kits are widely available for a wide variety of prophlogistic pathogen targets, including bacterial, viral, fungal, protozoal, and other disease agents, thereby driving the MEA point of care diagnostics market during forecast period.
The overall MEA 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 MEA point of care diagnostics market.
The process also serves the purpose of obtaining overview and forecast for the MEA 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 MEA 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 MEA point of care diagnostics market.