Point-of-care chemistry refers to as a number of tests such as Na, Cl, Mg, urea, creatinine, TCO2, iCa, Hct, and hemoglobin, which are included in a variety of combination. Clinical chemistry tests/panels are a group of test performed to determine the health status of an individual. These tests are performed majorly to evaluate a body’s electrolyte balance and to check status (health) of the organs. Common clinical chemistry tests/panels include basic metabolic panel, comprehensive metabolic panel, electrolyte panel, and lipid profile. Other panels include liver panel, renal profile, and thyroid function panel. Basis metabolic panel is performed to check the status (health) of kidneys, blood sugar level, and to evaluate the electrolyte and acid/base balance.
The global market of point-of-care clinical chemistry is expected a strong growth during the forecast period owing to rapid rise of aging population, technological advancements, and early disease detection facilitated by specialized diagnostic tests. According to studies by the U.S. Census Board, people aged 65 years and above represented a significant share of the total U.S. population in 2009. The percentage of aged population is further expected to get double by 2030 as compared to 2009. Other countries aging at a rapid pace are Japan, Germany, Italy, China, and India. Diseases such as cancer, diabetes, and a few cardiovascular disorders have been referred to as diseases of aging by researchers. Research reports suggest that patients over the age of 50 are relatively more susceptible to cancer, especially cervical, breast, and prostate cancers. This aging of global population is expected to serve the global point-of-care clinical chemistry market as a growth driver. The expected rise in the target patient population is projected to lead to an increase in demand for point-of-care clinical chemistry, thereby driving the market growth. Likewise, the point-of-care clinical chemistry market has witnessed tremendous proliferation in technology in the recent past, with the advent of microarrays, biochips, and companion diagnostics. This has created significant opportunities for new methods of testing which are faster and highly accurate. Increasing burden of diseases is leading to introduction of tests with high efficiency & systems and with high capacity in terms of processing multiple samples at a time. These factors are expected to act as important growth drivers of the market. However, stringent and changing regulatory scenario might pose threat for the growth of the market to some extent. Point-of-care clinical chemistry systems are used for various purposes such as quick diagnostics, management of treatment data, and making decisions regarding treatment. Also, the accuracy in diagnostic data provided by point-of-care clinical chemistry systems helps in improving the procedure followed for treatment. Demand for automated instruments is rising in laboratories, which is driving the market for point-of-care clinical chemistry systems.
The report studies the global market for point-of-care clinical chemistry of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has a significant market for point-of-care clinical chemistry systems. This is due to advancement in technology, economic factors, and easy access to health care services in the region. Western Europe and Asia are other large markets which include the U.K., Japan, and China. Asia Pacific is expected to emerge as a fast growing regional market during the forecast period. Growth in patient population and favorable economic growth of major countries, along with an increase in number of players investing in emerging markets, are expected to drive market growth in this region.
Key players operating in the global point-of-care clinical chemistry market includes Randox Laboratories, DRG International, Inc., EKF Diagnostics, Molecular Devices, LLC, Nova Biomedical, and Precision Systems Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.