The global “infectious disease point of care (PoC) diagnostics“ market size is projected to reach USD 3,371.1 million by the end of 2027. The presence of several large-scale companies in this sector will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Infectious Disease Point-of-care (POC) Diagnostics Market Size, Share & COVID-19 Impact Analysis, By Technique (Lateral Flow Immunoassay, Agglutination Test, Flow-through Test, Molecular Diagnostics, and Others), By Disease (HIV, Hepatitis B Virus, Pneumonia/Streptococcus Associated Infections, Respiratory Syncytial Virus (RSV), Influenza, Clostridium Difficile Infections (CDI), Hepatitis C Virus, Methicillin Resistant Staphylococcus Aureus (MRSA), Tuberculosis, and Others), By End User (Hospital Bedside, Physicians Office Lab, Urgent Care & Retail Clinics, Home & Self-Testing, Nursing Homes, and Others), and Regional Forecast, 2020-2027” the market was worth USD 1246.5 million and will exhibit a CAGR of 17.4% during the forecast period, 2020-2027.
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Point of care (PoC) testing allows faster diagnosis of diseases at the patient site itself. The drawbacks of conventional diagnostic methods including time to test, inefficiency, and non-portability can be overcome through infectious disease PoC diagnosis. Recent technological advances have opened up a massive potential for the growth of the market in the past few years. The increasing popularity of this concept is consequential to the rapid technological advances. The increasing product demand has encouraged companies to invest higher upfront capital. The sector holds a huge potential for entry-level as well as mid-sized companies across the world. Additionally, increasing research activities will also emerge in favor of market growth in the forthcoming years.
COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations travel bans and quarantines restaurants closed all indoor events restricted over forty countries state of emergency declared massive slowing of the IT Spending market volatility falling business confidence, growing panic among the population, and uncertainty about future.
Out research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers & acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
An Overview of the Impact of COVID-19 on this Market :
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of corona virus outbreak across industries to help you prepare for the future.
For more information visit : https://www.fortunebusinessinsights.com/infectious-disease-point-of-care-poc-diagnostics-market-104307
Covid-19 Pandemic to Create Massive Opportunities for Rapid Market Growth
The recent coronavirus outbreak has created a sense of panic and urgency across the world. The pandemic has had a drastic impact on several economies across the globe, with SMEs being affected the most. With only large-scale companies being able to sustain the drawbacks of the pandemic in a seamless manner, it is evident that these companies will look to adopt newer strategies to recover the losses in the past few months. The use of several PoC diagnostic test kits has risen dramatically in the past few months, given the ability of the product to generate results in a time span that is lesser than 30 mins. Having said that, major attention has been given to the SARS-Cov-2 infection and other diagnostic products have been kept on hold. As a result, the Covid-19 pandemic has brought mixed fortunes for companies in the infectious disease PoC diagnostics market.
