We see a positive trend towards Point of Care (POC) diagnostics.
In the interest of improving patient care, the continuous development of POC diagnostics can help support future demands for quick diagnosis and treatment. As technology has improved over the years, opportunities to implement successful POC test facilities have been increasing.
It is to no surprise that COVID-19 has accelerated the POC diagnostic market because companies are focused on developing devices to provide rapid and reliable methods for virus detection. Due to the pandemic, the demand for these devices has increased and manufacturing companies are racing to make the next-generation POC platforms faster, easier, and more reliable.
Therefore, POC diagnostics are well-positioned to challenge traditional laboratory methods.
Trends
Projected to shape POC diagnostics over the next 12-24 months:
At number 1, COVID-19- POC diagnostics- this became more attractive because of the fast delivery time of results, as the alternative test requires more time, money on equipment, trained staff, and laboratories. There are now over 500 COVID-19 POC diagnostics currently on the market.
Next, we see an increase in HIV POC diagnostic usage- this testing attempts to address the delay in detection of HIV status by providing preliminary antibody results. This is useful in resource-limited areas where the use of laboratory technologies is affected. Therefore, these POC diagnostics are expected to increase in usage due to their ease of use and lack of complex laboratory infrastructure.
Lastly, Hematology POC diagnostics- As of current, majority of the hematology testing is lab-based, so as POC technology becomes more reliable the goal is to move focus and incorporate POC into healthcare settings. This is especially prevalent where emergency blood transfusions are required, the availability of POC tests would reduce the time for obtaining results. As well as hematological disorders such as anaemia also drive the need for POC tests, especially in developing countries. Be on the lookout for these types of tests, as they are set to disrupt the market.
Cost
Why are these POC tests becoming more prominent if they’re likely to be more costly than lab testing?
So, the evaluation of cost is complex… Cost savings are not seen in testing costs alone as the POC tests are usually more expensive than the alternative lab tests. But, if you determine the cost savings, for things like cost of care, decreased length of patient stay, readmission rates, etc. the savings are prevalent, but far more difficult to quantify.
Key Players
Let's take a closer look at some of the key players and emerging start-ups/SME’s
The overall industry is divided into three main categories: infectious diseases, hematological disorders, and metabolic disorders
Current leaders in this market include (according to @globaldata):
1. Infectious diseases: Abbott and Quidel
2. Hematological disorders: Abbott and Roche
3. Metabolic disorders: Abbott and Siemens
Current emerging players in this market include (according to @globaldata):
1. Infectious diseases: Chembio Diagnostics and Novacyt
2. Hematological disorders: Sight Diagnostics and EKF Diagnostics
3. Metabolic disorders: Trinity Biotech and Bioporto
I’d be interested in seeing how these companies continually disrupt the market.
[information Source: GlobalData]
