Point-Of-Care Diagnostics Market: Snapshot
The global point-of-care (PoC) diagnostics market is experiencing an exponential growth over the recent years owing to increasing patient’s preference for taking up these tests. Another factor helping the market to grow stupendously is the technological advancement with which the healthcare sector has been growing over the years. Players in the market are continuously focusing on the research and development to innovate new devices which are more advanced and efficient, thus helping the market to grow. The point-of-care diagnostics market is gaining traction from the rising prevalence of infectious diseases especially in emerging economic countries such as Brazil, South Africa, China, and India. This is anticipated to allure the attention of vendors in the market. Rising demand for portable-of-care devices and home-based that are efficient, faster, advanced and easy to handle is likely to fuel the market.
The global point-of-care diagnostics market is inked to rise at staggering CAGR of 6.9% during the forecast period 2016 – 2024. The market was worth at US$6.8 bn in 2016 which is likely to soar up to US$11.7 bn by the end of the assessed period.
Prevalence of Infectious Disease to Stoke Up Market Growth
On the basis of product, the market is segregated into lateral flow assay test, solid phase assay test, flow-through test, and agglutination assay test. Of these lateral flow assay outruns other competitors in the segment owing to high demand for decentralized diagnostic tests. It has been found that lateral flow tests are a perfect fit for replacing laboratory-based immunoassays in decentralized PoC testing locations. However, on the other solid phase assay test is expected to witness a surge in demand during the assessed period owing to rise in chronic disease cases all across the world.
On the basis of application the market is bifurcated into cholesterol monitoring, blood glucose test, infectious disease test, fertility & pregnancy test, cholesterol monitoring, and substance abuse test. Amongst the pack, the market is driven mostly by infectious disease test. Rampant outbreak of life threatening infectious disease like swine flu, HIV/AIDS, Ebola, and swine flu are helping the segment to grab the top spot. Several emerging economic countries are facing problems regarding accurately identifying and treating infectious diseases. Point-of-care is known to provide better results without taking the help of special equipment, training or facilities. This method does not scare away middle class family thus pushing the market to move in a positive direction.
Prevalence of Substance Abuse Aids North America to Dominate
Geographically, the point-of-care diagnostics market is bifurcated into Middle East and Africa, Asia Pacific, Latin America, and Europe. Out of these, Asia Pacific and North America is likely to grab attention of all the vendors in the market. In recent years, North America actually counted for little less than 40% of the overall share in the market. On the basis of revenue and volume, the region holds the top spot attributed to availability of low-cost devices, rising cases of substance abuse, and increasing popularity of portable testing equipment. In North America, the U.S is contributing nearly 65% of the share in recent years due to rising case of chronic diseases and surging uptake of early disease detection procedures.
It is expected that the market in Asia Pacific to display a robust growth rate during the assessed period attributed to an excellent performance of Japan. Government initiative and funds along with rising awareness among people regarding detection of disease at an early stage. Some of the players in the market are B. Braun Melsungen AG and Alere Inc., Teleflex, Inc., and Fresenius Medical Care.
Global Point-of-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 diagnostic 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-Diagnostics Market: Drivers and Restraints
A detailed overview of market dynamics, including the drivers, restraints, and opportunities of the point-of-care diagnostic 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 diagnostic 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 diagnostic 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-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-Diagnostics Market: Segmentation
Based on product type, the point-of-care diagnostic 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 diagnostic 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-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 Diagnostic 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 Diagnostic 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