Point-of-care Diagnostics Market
Point-of-care Diagnostics Market (Product - Lateral Flow Assay Test, Flow-through Test, Solid Phase Assay Test, and Agglutination Assay Test; Application - Infectious Disease Test, Cholesterol Monitoring, Substance Abuse Test, Fertility and Pregnancy Test, and Blood Glucose Test; End Users - Hospitals, Clinics, Homecare Settings, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
The point-of-care diagnostics market is predicting substantial growth during the forecast period of 2016-2024 with the rise in COVID-19 testing as a significant growth factor. Other factors supporting the growth of the point-of-care diagnostics market are the increased prevalence of infectious diseases such as tuberculosis, AIDS, etc. and the rising incidences of target conditions. The increasing demand for rapid diagnostics among the general populace is also assisting the growth of the point-of-care diagnostics market.
The need for making the healthcare sector more patient-centric is proving to be a beneficial factor for the increase in the growth rate of the point-of-care diagnostics market. The centralized testing process does not seem convenient for many patients as it involves frequent visits to the clinics to complete the entire assessment process. Point-of-care devices offer a much-needed helping hand for achieving the goal of a patient-centric approach. Thus, the point-of-care diagnostics market may experience a considerable spike in the growth rate during the forecast period.
The point-of-care diagnostics market stood at US$6.8bn in 2016 and is expected to reach US$ 11.7bn by the end of 2024 with a stellar CAGR of 6.9 percent across the forecast period according to the report by Transparency Market Research (TMR).
COVID-19 Outbreak Prompting Fierce Demand for Point-Of-Care Diagnostics Kits
The clouds of the new coronavirus threat loom over the world and continue to create havoc in the lives of millions of people. As of now, no vaccine is available for controlling the deadly disease. Maximum testing and quick hospitalization are key components for flattening the curve. The point-of-care diagnostics devices form the crux of increased testing. Manufacturers in the point-of-care diagnostics market are focusing on developing novel technologies for maximum testing within a minimum period. The use of cutting-edge technologies enables the point-of-care diagnostic kits to target RdRp genes for detecting positive cases in as little as 5 minutes. CRISPR-based technologies are also helping the point-of-care diagnostics market in generating growth for the point-of-care diagnostics market to a great extent.
The novel coronavirus has accelerated the research and development activities in the point-of-care diagnostics market. Development and production in maximum numbers is the need of the hour. Therefore, quick FDA approvals are proving to be the cherry on the cake for the increase in the growth rate of the point-of-care diagnostics market.
Home Care to Become the New Norm
Because of the rising threat of SARS-CoV-2 transmission, the influx of patients to the clinics is likely to decline greatly. Thus, home care may gain considerable traction even after the lockdown. Eventually, smartphone-based point-of-care diagnostics is estimated to propel the growth rate. Innovations such as smartphones combined with a microfluidic chip for rapid testing results may bring tremendous growth opportunities for the point-of-care diagnostics market. Home-based glucose monitoring systems are also garnering good sales because of the launch of innovative and advanced monitoring technologies such as well as the frequent multiplication of diabetes cases across the globe. Also, patients with co-morbidities are more prone to fatality caused due to COVID-19. Therefore, these devices provide efficient diagnostics at home without feeling the need for a visit to the clinic for consultation.
Major players are placing their bets on the point-of-care diagnostics market through investments, mergers, acquisitions, joint ventures, and partnerships. An increase in medical and surgical procedures coupled with the advancement of new technologies makes the point-of-care diagnostics market a profitable option for investment. The soaring demand for point-of-care diagnostics market is predicted to boost the scale of investments in the point-of-care diagnostics market. Major players involved in the point-of-care diagnostics market are always engaged in discovering efficient and path-breaking products that prove to be a shining star in terms of diagnostics. In addition, inculcation of various technologies such as ultrasounds can prove to be a breeding ground for the point-of-care diagnostics market.
Furthermore, prevention of incidents such as testing results not obtained due to loss of samples during transportation, wrong sample collection, and wrong labeling makes point-of-care diagnostics as the most feasible option in terms of testing. Besides, point-of-care diagnostics avoid time-dependent changes caused by delays relating to sample transit. It also minimizes post-analytical errors caused by incorrect information transmission. Hence, these advantages can prove to be growth generators for the point-of-care diagnostics market.
Most of the point-of-care devices are precise, extremely sensitive, linear, and provide almost accurate results with the proficiency involved in laboratory-based results. Therefore, this aspect can prove as a growth accelerator for the point-of-care diagnostics market.
North America May Emerge As a Champion
The major regional segments in the point-of-care diagnostics market are North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. North America may continue to be the champion growth-seeker for the point-of-care diagnostics market because of aspects like early access for the availability of new technologies and advanced healthcare infrastructure. The rising cases of diabetes in the U.S. may also play a supporting role in boosting the growth of the point-of-care diagnostics market. Mini-growth enhancers like technology miniaturization, improved portability, and lower system cost will further benefit the point-of-care diagnostics market in North America.
Developing regions such as India and China may also record substantial growth for the point-of-care diagnostics market. Increasing demand for precise and efficient diagnostics as well as the growing middle-class population with frequent health problems may prove as game-changing factors for fuelling growth rates across the forecast period. Further, lifestyle changes in combination with rising disposable income may also invite good growth for the point-of-care diagnostics market in Asia Pacific region.
Global Point-of-care Diagnostics Market: Overview
Point-of-care diagnostics is carried out in the clinics, home or near patient locations for testing of a sample from a patient in order to facilitate a prompt clinical decision regarding patient management. The report on point-of-care diagnostics market, analyzes the current and future prospects of the market. The report consists of an executive summary that provides information about the products, its segments and sub-segments, along with a market snapshot and comparative analysis by geography, in terms of revenue %, for 2015.
Global Point-of- care Diagnostics Market: Drivers and Restraints
A detailed overview of market dynamics, including the drivers, restraints, and opportunities of the point-of-care diagnostics market, along with porter’s analysis, value chain analysis, of the global market, has been provided in this report. Market revenue and volume analysis for all the above mentioned segments, and their sub segments has been provided for the forecast period of 2016-2024, considering 2015 as the base year, and 2014 as the historical year, along with compound annual growth rate (CAGR %), for the forecast period of 2016-2024. Market share estimations were based on in-depth analysis and study of products, and their features, prices etc. Pricing analysis, for every region has been provided considering the average selling prices (ASP), of products, in these regions.
This report provides in-depth analysis of the point-of-care diagnostics market. The stakeholders for this report include companies involved in the manufacturing of Point-of-care Diagnostics. Executive summary section is included snapshot on stakeholders in this report, which summarizes the market size, trends and competition in different regions. Market players and Market share analysis is analyzed to signify percentage share of the major players operating in the point-of-care diagnostics market. Furthermore, the report includes market attractiveness analysis by geography that depicts the most attractive and significant region in the global market in 2015.
Global Point-of-care Diagnostics Market: Research Methodology
The research methodology is a combination of primary and secondary research. Primary research includes information collected via e-mails, and telephonic interviews of key opinion leaders (KOL), and forms the bulk of our research. Secondary research includes information collected from various sources, by study of company websites, annual reports, stock analysis presentations, press releases, and various national and international databases.
Global Point-of-care Diagnostics Market: Segmentation
Based on product type, the point-of-care diagnostics market has been segmented into Lateral flow assay test, Flow- through test, Solid phase assay test, Agglutination assay test. Based on applications, the point-of-care diagnostics market are segmented into Infectious Disease test, Cholesterol monitoring, Substance abuse test, Fertility & Pregnancy test, Blood Glucose Test. Based on end users, the market is segmented as hospitals, clinics, homecare settings and diagnostic centers.
Global Point-of-care Diagnostics Market: Regional Outlook
Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further segmented into major countries which include, U.S., Canada, Germany, U.K., France, Italy, Spain, rest of Europe, China, Japan, India, Australia, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, Rest of Middle East & Africa. The report also comprises list of major players in the market, their SWOT analysis, market share of these players in the Point-of-care Diagnostics market, key business strategies, product portfolios, and recent developments. Key market players profiled in this report include, Alere Inc., Abbott Laboratories, Becton, Dickinson & Company, F. Hoffmann La Roche Ltd., Bio-Rad Laboratories, Inc. and Trinity Biotech among others.
The Point-of-care Diagnostics market has been segmented as follows:
Point-of-care Diagnostics Market, by Product Type
- Lateral flow assay test
- Flow- through test
- Solid phase assay test
- Agglutination assay test
Point-of-care Diagnostics Market, by Application
- Infectious Disease Test
- Cholesterol monitoring
- Substance abuse Test
- Fertility & Pregnancy Test
- Blood Glucose Test
Point-of-care Diagnostics Market, by End Users
- Homecare Settings
- Diagnostic Centers
Point-of-care Diagnostics Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa