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ASEAN and North Asian Point of Care/Rapid Diagnostics Market Growth Analysis, Future Demand By Forecast 2026

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ASEAN and North Asian Point of Care/Rapid Diagnostics Market Overview:

The ASEAN and North Asian Point of Care/Rapid Diagnostics Market size is expected to grow from an estimated USD 2.0 billion in 2021 to USD 3.9 billion by 2026, at a CAGR of 13.0%. The growing demand for accurate and early diagnostic methodologies, modernization and expansion of healthcare infrastructure and significant disease prevalence are the major factors that are expected to drive the growth of the ASEAN and North Asian Point of Care/Rapid Diagnostics market during the forecast period. However, dearth of skilled healthcare providers and the high out-of-pocket healthcare expenditure are the key factors hindering the growth of this market.

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COVID-19 Impact on the Global ASEAN and North Asian Point of Care/Rapid Diagnostics market

The current global COVID-19 pandemic has significantly impacted markets across multiple sectors and industries such as healthcare, oil & petroleum, aeronautics & defense, and food & beverage. Majority of these industries are experiencing a period of uncertainty in terms of global economic conditions, the regional impact of the pandemic on businesses, government laws and preventive regulations, demand from end users, and challenges faced in the supply chain and logistics. As a result, key businesses and market players are forced to shift focus from long-term growth strategies to short-term sustainability tactics that have led to changes in business operations such as manufacturing, supplying, and consumer communication in certain sectors of the global economy. The healthcare sector is at the epicenter of this global pandemic challenge and is expected to have major long-term consequences. This is expected to compel countries and key market players to undergo crucial healthcare reforms once the crisis is eventually under control or has faded. The private healthcare sector is facing twice the burden—investing additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and the eventual treatment of patients alongside the sharp drop in out-patient footfall, elective surgeries, and international patients. Moreover, hospitals are affected by this pandemic as a clear lack in the number of healthcare professionals is being experienced in developed as well as developing countries. Various regional governments imposed stringent mitigation measures due to the COVID-19 pandemic during 2020-21, including travel restrictions, lockdown measures, and deprioritization of non-essential medical services. Additionally, supply chain disruptions, due to lockdowns and quarantine measures, resulted in the limited availability of raw materials and essential healthcare products in target countries, including merchandise trade.

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Market Segmentation:

Infectious Disease Diagnostics are the largest product segment in the ASEAN and North Asian Point of Care/Rapid Diagnostics market

Based on product, the ASEAN and North Asian Point of Care/Rapid Diagnostics market is segmented into Infectious Disease Diagnostics, Glucose Monitoring, Cancer Marker Testing, Cardiometabolic Monitoring, Cholesterol Testing, Coagulation Monitoring, Hematology Testing, Urinalysis, Drugs-of-abuse Testing, Pregnancy & Fertility Testing, Fecal Occult Testing and other PoC Diagnostic products. Infectious diseases are expected to account for the largest share of the ASEAN and North Asian Point of Care/Rapid Diagnostics market in 2021. Infectious disease diagnostics dominates the ASEAN and North Asian Point of Care/Rapid Diagnostics market owing to greater patient population and extensive market availability.

Molecular Diagnostics is estimated to be having the highest demand in the technology segment in the ASEAN and North Asian Point of Care/Rapid Diagnostics market.

On the basis of technology, the ASEAN and North Asian Point of Care/Rapid Diagnostics market is segmented into Lateral Flow Assays, Immunoassays, Molecular Diagnostics, Microfluidics, Rapid Testing and Dipsticks. Molecular diagnostic technologies are projected to experience higher demand owing to supportive regulations, techno-commercial advantages, and rising public awareness.

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Key Players:

The major players in the ASEAN and North Asian Point of Care/Rapid Diagnostics market are Roche Diagnostics (Switzerland), Siemens Healthineers (Germany), Abbott Laboratories (US), Danaher Corporation (US), Becton, Dickinson and Company (US), Sysmex (Japan), Cardinal Health (US), Quidel (US), GE Healthcare (US) EKF Diagnostics (UK), bioMérieux SA (France), Accubiotech (China), PTS Diagnostics (US), Chembio Diagnostics (US) Trinity Biotech (Ireland), Johnson and Johnson(US), Sekisui Diagnostics (US), Nova Biomedical (US), Thermo Fisher Scientific (US), Ortho Clinical Diagnostics (US) and Bio-Techne (US).

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