The global point-of-care diagnostics market is fairly consolidated with the top four players accounting for a major share of 78.8% in the market in 2015. These are: F. Hoffmann-La Roche Ltd., Alere Inc., Abbott Inc., and Becton Dickinson & Co. Transparency Market Research finds that the leading players dominate the global market with their robust product portfolio and ceaseless initiatives to bring innovation and technological advancements to their offerings. These companies are finding exciting opportunities in the largely untapped market in developing regions of Asia Pacific, Latin America, and Africa. They intend to consolidate their shares by expanding their market presence across these regions.
According to TMR’s estimation, the global point-of-care diagnostics market is forecast to reach a valuation of US$11.7 bn by 2024; the market is anticipated to show a promising growth and expand at a CAGR of 6.9% between 2016 and 2024.
Ability to Offer Rapid Test Results and Low Development Cost to Propel Demand for Lateral Flow Assays
On the basis of product, the global point-of-care diagnostics market is segmented into lateral flow assay test, flow-through test, solid phase assay test, and agglutination assay test. Amongst these segments, lateral flow assay test is anticipated to lead the global market in the coming years and is forecast to attain a share of 38.3% in the global market by the end of 2024. Lateral flow assay ensures the testing of a wide variety of biological samples, allows the testing of multiple parameters in a single strip, and ensures identification of a large sample. Low development costs coupled with the ease of production of lateral flow assays have led to an extensive application of these tests in various fields that require rapid results.
In terms of geography, the global market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is a prominent market and is expected to occupy a share of 38.0% in the global market by the end of 2024. The growth of the market in the region is driven by substantial expenditure on improving healthcare delivery and continuous technological advancement in point-of-care testing kits and procedures. In addition, the high demand for automation in diagnostics, large number of strategic collaborations, mergers and acquisitions, and technological innovations, are the factors fuelling the growth of the market in the region.
Technologically Advanced Products Propel Demand for Point-of-care Diagnostics
The increasing prevalence of various ailments, such as cancer and cardiovascular diseases, the increasing incidence of different lifestyle diseases, particularly hypertension and diabetes, and the convenience and cost-effectiveness of point-of-care testing kits are the key factors driving the growth of the point-of-care diagnostics market. Combined with this, the rising count of geriatric population has led to an increased demand for point-of-care diagnostics for planned management and convenient monitoring of diseases. The increasing significance of ensuring maternity health is anticipated to stimulate the demand for point-of-care diagnostics for the timely detection of various infectious diseases.
The launch of technologically advanced products and aggressive research in diagnostic and analytic tools have led to the design of various innovative products, such as microfluidic devices. These devices have wide applications in the detection of cancer markers and in conducting biomedical sample analysis, apart from being used for DNA analysis. For instance, droplet-based microfluidic devices help in the non-invasive detection of cancer biomarkers.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Point-of-care Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
- Lateral flow assay test
- Flow- through test
- Solid phase 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
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