Increased Reception by Regulatory Bodies to Propel Point-of-Care Diagnostics Market
The global point of care diagnostics market is growing at a healthy CAGR. It is expected to receive a boost during the forecast period, taking the market evaluation US$11.7 bn by 2024 end.
The market witnesses increasing advancements and investments in products, driven by a robust competition. The key players in the point of care diagnostics market are Alere Inc, Becton Dickinson and Co., Abbott Inc., F. Hoffmann-La Roche Ltd., and Teleflex, Inc.
Leading players in the marketing are increasingly pursuing new and emerging markets to expand their operations. These new and unexplored regions include various countries in swiftly developing parts of Asia Pacific, Latin America, and Africa.
The market was evaluated at US$6.8 bn in 2016, which is expected to rise to US$11.7 bn by 2024 end.
The point of care diagnostics market serves patients with a number of other life threatening diseases. Among these infectious disease, Ebola, HIV, swine influenza have made headlines all around the world recently. Their growing threat and inadequate resources in developing countries is expected to expand the point of care diagnostics market during the forecast period.
North America held 40% of the global point of care diagnostics market in 2015. The region is expected to hold its leading market share during the forecast period, driven by increasing number of diagnostics as well as high income. The market is expected to receive a boost by factors such as growing cases of substance abuse, advancements in testing equipment, and minimally invasive nature of equipment.
Favorable Legislations Expected to Boost the Market Growth
Credible and value-driven legislation is expected to boost market growth of the point of care diagnostics market. Good administrative regulations such as Clinical Laboratory Improvement Amendments (CLIA) have earlier led to the increase in the sales of PoC equipment. The regulations are expected to lend credibility as well as assurance to consumers in the market.
Additionally, increased in funding by government agencies such as Department of Defense, Bill and Melinda Gates Foundation and NIH are also expected to drive the growth of the point of care diagnostics market during the forecast period. These organizations have also led funding for R&D in various institutes like Dartmouth College, California Institute of Technology, Seventh Sense Biosystems among others.
Home Testing Equipment for Glucose Emerges as Leading Trend
Home testing equipment for glucose measures the level of sugar in the blood circulation. The new equipment in the market is reliable as well as cost-effective. These gadgets are transforming the health industry with growing digital collaboration between patient and doctors as well as routine prescriptions.
The increasing popularity of this equipment is a major driver for many diagnostics firm, which have adopted the new standard. The shortened duration of care, its cost-effective nature, and consistent care support is making it a key trend emerging in the point of care diagnostics market.
This review is based on TMR’s report titled, “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.”
- Lateral flow assay test
- Flow- through test
- Solid phase assay test
- Agglutination assay test
- Infectious Disease Test
- Cholesterol monitoring
- Substance abuse Test
- Fertility & Pregnancy Test
- Blood Glucose Test
- Homecare Settings
- Diagnostic Centers
- 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
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
US Office Contact
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC