North America will continue to dominate the point-of-care diagnostics market in 2024
Northrook, IL -- (SBWIRE) -- 11/22/2019 -- Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, rising preference for home healthcare across the globe, and growing government initiatives supporting the adoption of POC diagnostic products are driving the growth of the point of care diagnostics market during the study period.
What the Market Looks Like?
Predicted to grow at a CAGR of 10.4% during the forecast period, the Global Point of Care Diagnostic Market is estimated to reach USD 46.7 billion by the end of 2024.
Based on product, the point of care diagnostics market is segmented into glucose monitoring products, infectious disease testing products, coagulation monitoring products, cardiometabolic monitoring products, hematology testing products, urinalysis testing products, cholesterol testing products, drugs-of-abuse testing products, tumor/cancer marker testing products, pregnancy & fertility testing products, fecal occult testing products, and other POC products.
Based on platform, the point of care diagnostics market is segmented into lateral flow assays, immunoassays, molecular diagnostics, dipsticks, and microfluidics. The lateral flow assays segment is expected to account for the largest market share in 2019. The large share of this segment is attributed to the increasing adoption of lateral flow assays in POC testing as a replacement for lengthy, conventional laboratory procedures.
Based on end user, the point of care diagnostics market is segmented into clinical laboratories and outpatient healthcare & ambulatory care settings, hospitals/critical care centers, home care settings, and other end users. The home care settings segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing preference for home and remote monitoring and rising demand for rapid tests among home care users.
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What Drives the Market?
The growth of the global market for Point of care diagnostic is primarily influenced by the following factors:
- High Prevalence of Infectious Diseases in Developing Countries
- Increasing Incidence of Target Conditions
- Growing Government Support
- Shortage of Skilled Laboratory Technicians
- Rising Number of Clia-Waived POC Tests
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Geographical growth scenario of Point of care diagnostic Market;
Geographically, the point of care diagnostics market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to account for the largest share of the market in 2019. This can be attributed to the growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives to support the adoption of POC in this region.
Leading market players and strategies adopted;
The prominent players in the Point of care diagnostic market include Abbott (US), Roche (Switzerland), Siemens (Germany), Danaher (US), Becton, Dickinson, and Company (US), Johnson & Johnson (US), Instrumentation Laboratory (US), PTS Diagnostics (US), Quidel (US), Chembio Diagnostic Systems (US), Sekisui Diagnostics (US), Nova Biomedical (US), EKF Diagnostics (UK), AccuBioTech (China), and Trinity Biotech (Ireland).
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