The Point of Care Diagnostics Market size is expected to increase at a good rate during the ongoing forecast period of 2017-2023. During this period, the market operations are likely to gain a large momentum and grow at a CAGR of 9.5% during the forecast period. The team at Market Research Future (MRFR) reveals in a published report about the market state, its geographical segmentation, its classification, and its forecast for the future. It mentions that the global point of care technology is calculated to attain a compound annual growth rate of 9.5% during the forecast period.
Point-of-care testing enables patient diagnosis in the home, in the hospital, in an ambulance, or in the field. The results of the care are provided in a timely manner and allows the fast-paced treatment to the patient. The market is growing at a rapid pace owing to the changing healthcare industry, especially across developing countries. The major drivers of the market growth are advancing developments in diagnostics, rapid growth in medical technology, prevalence of patients with chronic diseases, point of care analyser and growing use cases of the technology. Add to this, it is noticed that increasing investments in RD activities across developed nations also aids in pushing the growth of the market in a positive manner during the forecast period. The market is also driven by the advancing and improving diagnostic laboratories and the adoption of automated lab systems. However, at the same time complexity of documentation and cost of investment associated with this form of technology can prove to be a major hindrance to the overall growth of the market during the assessment period.
Market Segmentation
The global point of care technology market segmentation is divided on the basis of type of products and end-users.
By type of products, the market is divided into cardiac markers, HbA1c testing, glucose testing, and coagulation, and others.
By end-users, the market comprises of hospital, ambulatory care, home care, clinics, and others.
Regional Analysis
The regional segmentation of the point of care technology is divided into Asia Pacific, Americas, Europe, and the Middle East Africa.
The report by MRFR identifies the Americas to hold a majority of the share in the global market to lead the standings. The region is expected to grow and expand further due to huge investment therein and the strong economic conditions therein, one which aids the research and development activities in the healthcare sector. Increasing incidences of surgeries coupled with the growing demand for products relevant to this technology is expected to boost the market growth in this region.
Europe stands out as the second largest regional market following Asia Pacific. The proliferation and the expected growth of the market depends upon the ameliorating importance of research in the healthcare industry. This, in turn, is increasing the investment pool of research and development activities in the Asia Pacific region. The Asia Pacific market is expected to showcase the fastest growth potential owing to the widespread prevalence of communicable diseases and a burgeoning demand for more diagnostics. Add to this, both India and China have also entered the market with growing investment in the research and development activities of healthcare domain. The Middle Eastern African region holds the least share in the global market due to lack of economic stability and poor development in the medical facilities.
Competitive Landscape
The global point of care technology market includes a host of key players, including Alere Inc. (U.S.), Johnson Johnson Services, Inc. (U.S.), PTS Diagnostics (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Techno MedicaCo., Ltd. (Japan), Abbott (U.S.), Nova Biomedical (U.S.), Instrumentation Laboratory (U.S.), Quidel Corporation (U.S), BD (U.S.), Siemens AG (Germany), Beckman Coulter, Inc. (U.S.) Meridian Bioscience, Inc. (U.S).
March 21st, 2019, according to a published journal by the Journal of Diabetes Science and Technology, it was ascertained that a point-of-care HbA1c test using venous blood sampled or finger stick can be leveraged upon to precisely diagnose diabetes in adults.
April 9th, 2019, Chembio Diagnostics, Inc., one of the pioneering companies in point-of-care diagnostics, announced the approval from the health regulatory agency of Brazil, namely Agência Nacional de Vigilância Sanitária (ANVISA), of its new DPP Zika/ Chikungunya/ Dengue System.
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