Published: Feb, 2018
The global point-of-care diagnostics market is prognosticated to witness a notable growth during the forecast period from 2016 to 2024. The market is highly consolidated and the main four players held an astounding market share of 78.8% in the year 2015. These players are Abbott Inc., F. Hoffmann-La Roche Ltd., Alere Inc., and Becton Dickinson and Co. These firms lead the global point-of-care market by always improving their product portfolio and are putting in constant efforts to create advanced and innovative offerings. Focusing on building technologically advanced product is a key technique adopted by various market players, in order to take their shares to higher position and to sustain and improve their position in the global market. Some of the leading players are working on tapping the upcoming opportunities by extending their business to developing regions of Asia Pacific, Latin America, and Africa. The under-tapped medical needs in these regions presents a major growth opportunity to different market players.
According to Transparency Market Research the global point-of-care diagnostics market is estimated to project a decent growth in coming years by registering a steady CAGR of 6.9% within 2016 to 2024. The market was estimated to be of worth US$6.8bn in year 2016, which is anticipated to soar to a value of US$11.7 bn by the end of 2024. Based on application, the global market of point-of-care diagnostics is led by infectious disease testing segment. The increased cases of swine flu, HIV/AIDS, and Ebola will boost the segment in coming years as well.
Increased Cases of Chronic Diseases to Support Market Demand for Point-of-care Diagnostics
The increasing rate of several chronic and interminable ailments and lifestyle-related illness such as diabetes and hypertension, and the rising predominance of different tumors and cardiovascular diseases (CVD) in different developed and developing nations are key factors driving the market. An increased number of geriatric population in these regions require fast testing of various illness at home settings and this is strengthening the demand for point-of-care systems. Moreover, the increased adoption of this type of testing to supplement a compressive checking of sicknesses is boosting the market.
The escalating demand for diagnostic units for better maternity wellbeing in various developing economies is likewise supporting the demand for point-of-care testing, globally. Moreover, the squeezing requirement for point-of-care testing modules for the location of tumor biomarkers is accelerating the development of the market.
Inclination Towards Lab Testing Facilities to Hamper Overall Market Development
The danger of misdiagnosis in point-of-care testing in the absence of reliable screening procedures for numerous ailments and the need to get precise outcomes have led to the popularity of lab testing facilities in different regions. This is one factor hampering the interest for point-of-care testing to a certain degree.
Serving to offset the drawback is the emergence of lateral flow assay to enable clinicians to analyze an extensive variety of biological samples by testing various parameters just in one strip. This is highlighting the development of the market over the forecast period. For example, the use of point-of-care testing for a minimally invasive technique of different tumor biomarkers is an appreciated innovation helping the development of the market.
This review of the global point-of-care diagnostics market is based on a recent market research report by “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.”
- The developing rate of several chronic and interminable ailments and lifestyle illness such as diabetes and hypertension, and the rising predominance of different tumors and cardiovascular diseases (CVD) are key factors driving the market.
- The escalating demand for diagnostic units for better maternity wellbeing in a various developing economies is likewise empowering the demand for point-of-care testing, globally.
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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact