Point-of-Care Testing Devices Market: Introduction
- Point-of-care testing is also known as the bedside testing. It is defined as the medical diagnostic testing which is done near or at the place and time of patient care. Point-of-care testing devices can be defined as the devices employed for obtaining diagnostic results close to the patient or while with the patient.
- Point-of-care tests are performed employing portable, transportable, handheld devices, and test kits. Point-of-care tests are performed in a range of locations, including at home, at health care practitioner's office, in emergency department, at the accident scene, in ambulances, in the radiology department, and in an infectious disease containment unit.
- The advantages associated with point-of-care testing include convenience, availability of quicker results, and faster implementation of therapy. They are mainly employed for pregnancy testing and home glucose testing. The other point-of-care tests performed are for rapid strep, fecal occult blood, and hemoglobin, as well as prothrombin time/international normalized ratio (PT/INR) for people on the anticoagulant warfarin.
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Key Drivers and Restraints of Global Point-of-Care Testing Devices Market
- Growing customer focus of the health care industry increases the need for convenient diagnosis, screening tests, and monitoring. This contributes to the growth of the point-of-care testing, necessitating the need for point-of-care testing devices, thereby resulting in the growth of the market.
- Significant increase in infectious diseases, contributes to rise in need for rapid screening for diseases such as influenza, HIV, dengue, and malaria. Point-of-care tests for infectious diseases lead to efficient and prompt treatment, aiding in preventing the spread of the disease. This rise in demand for point-of-care testing of infectious diseases fuels the growth of the point-of-care testing devices market.
- Strong focus of market players on research & development for innovating new devices incorporating the technological advances aid in the growth of the point-of-care testing devices market
- Rise in prevalence of diabetes is expected to create demand for at home blood glucose monitoring device. According to the WHO, the global prevalence of diabetes is risen to 8.5% in adults over the age of 18 years in 2014 from 4.7% in 1980. This high prevalence of the disease and ease of measuring blood glucose levels employing the glucose monitoring device are anticipated to boost the growth of the point-of-care testing devices market.
North America to Lead Global Point-of-Care Testing Devices Market
- In terms of region, the global point-of-care testing devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global point-of-care testing devices market in 2018, owing to strong presence of leading market players, high awareness among the people concerning the point-of-care testing devices, increase in product approvals, and high prevalence of lifestyle diseases, among the people
- Europe was the second largest market for point-of-care testing devices in 2018, followed by Asia Pacific. Asia Pacific is projected to be the fastest growing market for point-of-care testing devices, followed by Latin America and Middle East & Africa. Rise in number of non-communicable diseases and increase in government initiatives for improvement of health care industry are expected to accelerate the growth of the point-of-care testing devices market in Asia Pacific.
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Key Manufacturers Operating in Global Point-of-Care Testing Devices Market
Leading players in the global point-of-care testing devices market are:
- Abbott Laboratories
- Hoffmann-La Roche AG
- Siemens AG
- Danaher Corporation
- Becton, Dickinson and Company
- Quidel Corporation
- Johnson & Johnson
- EKF Diagnostics
Global Point-of-Care Testing Devices Market: Research Scope
Global Point-of-Care Testing Devices Market, by Product
- Glucose Monitoring Devices
- Cardiometabolic Monitoring Products
- Infectious Disease Testing Products
- Influenza Testing
- HIV Testing
- STD Testing
- Coagulation Monitoring Products
- Pregnancy & Fertility Testing Products
- Pregnancy Testing
- Fertility Testing
- Hematology Testing Products
- Drugs-of-Abuse Testing Products
- Fecal Occult Testing Products
- Cholesterol Testing Products
Global Point-of-Care Testing Devices Market, by Technology
- Lateral Flow Assays
- Molecular Diagnostics
Global Point-of-Care Testing Devices Market, by Mode of Purchase
Global Point-of-Care Testing Devices Market, by End-user
- Home Care Settings
- Ambulatory Surgical Centers
Global Point-of-Care Testing Devices Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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.