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The Rising Prevalence of Chronic Diseases Coupled with the Increasing Geriatric Population and Lack of Skilled Professionals For Performing Lab Tests are Driving the Global Point-of-Care Diagnostics Market

   May 15, 2023

The prevalence of chronic diseases such as diabetes, arthritis, and heart disease is rising globally. According to the WHO, in 2020, the global prevalence of chronic diseases was estimated at 57%. Nearly 41 million people die each year from chronic diseases (71% of all deaths globally). Growth in the aging population and lifestyle changes are driving a steady increase in the prevalence of chronic diseases. According to the International Diabetes Federation, in 2021, the number of people with diabetes aged 20–79 reached 537 million from 425 million in 2017. This number is estimated to increase further to reach 643 million by 2030.

Growth in the aging population and changes in social behaviors are major factors driving a steady increase in people suffering from chronic diseases. For instance, in the case of COVID-19 infections, nearly 80% of the deaths occurred in adults aged 65 years or older. Also, cardiovascular disease (CVD) is still the leading cause of death for people over the age of 65, with nearly 80% of deaths from CVD occurring in people aged 65 and over. This scenario indicates that the rising global geriatric population and the resultant increase in chronic disease cases will drive the growth of the global PoC diagnostics market during the forecast period.

The healthcare landscape is constantly changing due to innovations, such as technologically advanced kits, smartphone apps, microfluidics, biosensors, wearable devices, and digital infrastructure. The integration of digital technologies, including smartphone apps, the Internet of Things (IoT), and machine learning in clinical and ambulatory settings improves doctors’ and physicians’ ability to reach an initial diagnosis. Also, the digitalization of diagnostic services helps document and analyze patient data and test results, minimizing human error and making treatment and care pathways more consistent. As a result, healthcare providers worldwide are increasingly adopting digitally compatible diagnostic systems and devices to store patient data and view patients’ medical histories instantly.

Therefore, innovations in point-of-care diagnostics are driving the growth of the PoC diagnostics market.

Many healthcare professionals in hospitals and clinical laboratories prefer using point-of-care diagnostics to diagnose various health conditions promptly. Healthcare professionals are replacing established diagnostic methods (microscopy, pathogen culturing, biochemical testing, conventional polymerase chain reaction (PCR), enzyme-linked immunoassay (ELISA), and other time-consuming diagnostic methods) with new point-of-care diagnostic techniques that provide higher levels of efficiency and reproducibility. As point-of-care diagnostics have superior utility, experts are changing their traditional approaches. This acceptance of point-of-care diagnostics is supporting the research & development efforts of clinical laboratories and other health-services companies in the diagnostics industry. This inclination towards point-of-care methods and practices among physicians drives the growth of the point-of-care diagnostics market.

The advantages of point-of-care diagnostics include faster turnaround times, convenience, cost-effectiveness, improved patient outcomes, and patient satisfaction. Point-of-care diagnostic tests deliver results in minutes or hours, whereas traditional lab tests can take days to provide results. This speed can be crucial for time-sensitive medical conditions, allowing healthcare providers to make timely decisions about patient care. PoC tests are performed on-site, eliminating the need to send samples to a laboratory. This saves time and resources and can be particularly useful for patients who live in remote or rural areas. These tests are less expensive than traditional lab tests as they require less equipment and personnel, making them a more affordable option for healthcare providers, particularly in resource-constrained settings.

Additionally, in recent years, companies have focused on developing advanced diagnostic kits that can yield faster results than traditional kits. These kits help healthcare providers and caregivers in making crucial medical decisions promptly. For instance, companies have been developing ultra-fast PCR kits to minimize the time required to generate test results. For instance, in February 2021, Eurofins Technologies (Luxembourg) launched the GSD Nova Prime SARS-CoV-2 Direct RT-PCR kit for qualitative detection of SARS-CoV-2 from human nasopharyngeal swabs. The GSD Nova Prime SARS-CoV-2 Direct RT-PCR kit shortens the complete turnaround time of the test, providing results in approximately one hour without compromising accuracy, allowing for higher processing capacity.

The rising prevalence of chronic diseases, coupled with the increasing geriatric population and lack of skilled professionals for performing lab tests, are the driving factors for the market. This is expected to drive the global PoC diagnostics market to $43.1 billion by 2030, at a CAGR of 5.1%, according to Meticulous Research®.

Access Full Report Here @ https://www.meticulousresearch.com/product/point-of-care-diagnostics-market-4871


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