Point of Care Diagnostics Industry ESG Thematic Re

Point of Care Diagnostics Industry ESG Thematic Report, 2023

Compliance, ESG Challenges & Framework, ESG Trends

  • Published Date: Nov, 2022
  • Report ID: Astra-100198
  • Format: Electronic (PDF)
  • Number of Pages: 62

Environmental, Social, and Governance (ESG) in the Point of Care Diagnostics Industry

The policies that impact environment, social, governance, which involves the companies, consumers, and the governments, are shaping the current trend in the investments in unprecedented manner.

The point of care diagnostics industry has contributed to the social health aspect of the ESG by offering the necessary technology to detect and identify the cause for the health impediments. It has a significant impact on the ‘S’ – the social aspect of ESG. With the advancement of technology, the point of care testing market has increased the rate of efficiency, by being able to quickly detect the cause of the problem. The benefits of the point of care diagnostics services are that apart from detection, decreases the stay of hospital, increases the efficiency of the treatment, thereby indirectly creating a positive outcome in the sphere of ESG.

The Covid-19 pandemic has further improved the demand for services of the market, where methods such as RT-PCR have been proved to be accurate in detection of the disease.

ESG Trends

The point of care diagnostics industry has created an impact in the arena of ESG in both positive and negative manners. The positive outcome of the Market is that, in general, it helps to accurately identify the cause of the disease and during the Covid-19 pandemic the Point of Care Diagnostics Market has served the consumers through technologies such as PCR tests and Ag-RDT’s.  According to a report, around 116.9 million Point of Care Diagnostics were performed across the globe.

As of 2021, key companies of the industry have produced more than 500 Covid-19 Point of Care test kits, to fight the Covid-19 pandemic. Further manufacturing of the devices to detect diabetes and cardiac diseases are also the key factors of impact in terms of the social aspect of the ESG. This contributes to the United Nations’ Sustainable Development Goals (SDG) 3: Good health and Well-being.

Conversely, there are certain challenges to the Point of Care testing industry in terms of ESG. The plastics used for conducting the Point of Care tests, which are generally sourced out of petroleum, increase carbon footprint on the environment. According to a report around 4-8% of the natural oil consumption is plastic extraction and production.

The emission from the plastic is another aspect that adversely impacts the environment by increasing the amount of greenhouse gases. This directly is linked with the SDG 13: climate action. The waste produced by the ACT and RT-PCR and PCR tests of 116.9 million during the Covid 19 pandemic is another challenge. According to a report, as of 2020, the waste produced by the POC kits during the Covid-19 was somewhere around 15000 tons. The plastic from this waste when liquefied was estimated to be around 70,000 Liters. This is directly linked with SDG 12: Responsible consumption and production. 

Further, the usage of single use Point of Care Diagnostics pose a threat to human health as well. It has been reported that around 75% of the healthcare waste workers have sustained sharp object injuries. Which is critical in the sphere of social aspect of ESG. This can be linked to workforce health and safety, which is also to the SDG through SDG 3: Good health and wellbeing.

Future of the Point of Care Diagnostics Market

The Point of Care Diagnostics Market as of 2021 was evaluated at USD 37.03 billion and is expected to grow with a CAGR (Compound Annual Growth Rate) of 6.8% from 2022 to 2030. Although the key companies of the point of care diagnostics market have created an affirmative impact on the social health in the arena of ESG, the challenges in the environmental and social aspects are to be identified and solved.

Key Companies in this theme

    • F. Hoffmann-La Roche Ltd.

    • Qiagen

    • Danaher Corp.

    • Becton Dickinson (BD)

    • Biomerieux SA

    • Abbott Laboratories

    • Siemens Healthcare AG

Scope of the Point of Care Diagnostics Industry ESG Thematic Report

    • Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape

    • Key insights on infrastructure developments and ESG issues affecting the theme

    • Identify key initiatives and challenges within the industry

    • Identify ESG leaders within the industry

    • Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process

    • Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment

Key Aspects of the Point of Care Diagnostics Industry ESG Thematic Report

    • Offers a global perspective of the industry and the policies and measures taken by the players, for overcoming the challenges faced in terms of Environment, Social and Governance.

    • Key insights into the sustainability practices of major players in the market.

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