Point of Care Diagnostics Market Reflecting a CAGR of 10.00% by 2022
Global Point Of Care Diagnostics Market Would Reach USD $40.50 Billion By 2022
Sarasota, FL -- (SBWire) -- 10/10/2017 --About Zion Market Research
Zion Market Research has published a new report titled "Point Of Care Diagnostics Market by Products, by Prescription Mode (Prescription-Based Testing Kits and Over-The-Counter Testing Kits) Market for Hospitals, Clinics and Ambulatory Care Settings: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, the global point of care diagnostics market was valued at approximately USD 23.50 billion in 2016 and is expected to reach approximately USD 40.50 billion by 2022, growing at a CAGR of around 10.00% between 2017 and 2022.
The point of Care Diagnostics is medical testing performed at the clinical laboratory in close proximity to where the patient is receiving care. POCT is usually performed by non-laboratory persons and the results are used for clinical decision making. Point- of-care technologies may enhance the management of different diseases and conditions. The point of Care diagnostics is of great importance in developing countries. Unfortunately, a major aspect in developing countries is that they often lack modern laboratories, fully automated instruments that provide highly reproducible, quantitative, and hence sensitive and accurate diagnostic results. In order to circumvent these issues, the emergence of rapid and easy-to-use point-of-care (POC) tests can dramatically enhance a physician's ability to diagnose patients' diseases rapidly and accurately.
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The point of care diagnostics market is expected to witness lucrative growth in the near future. The market is mainly driven by technological advancement and cost-effective and high-quality medical solutions. Moreover, increasing prevalence of target diseases coupled with the rise in the aging population base which is more prone to disease growth are attributive to impact the POCT demand considerably over the years to come. However, the high cost of procedure and presence of stringent and time-consuming ambiguous regulatory framework are expected to hamper the market growth within the forecast period. Nonetheless, increasing demand from emerging economies and health care decentralization may open up new growth avenues in the near future.
The market can be segmented on the basis of products into glucose monitoring kits, cardio-metabolic monitoring kits, infectious diseases testing kits, coagulation monitoring kits, pregnancy and fertility testing kits, tumor/cancer markers, urinalysis testing kits, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, fecal occult testing kits and others. Glucose testing held 40% share of the overall market in terms of revenue in 2016. Increasing prevalence of diabetes across the globe is expected to boost the demand for glucose testing in the years to come. The infectious diseases testing kits is expected to grow at the highest CAGR during the forecast period on account of the rise in a number of HIV-infected individuals.
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Some of the key prescription mode present in the market such as prescription based kits and over the counter kits. Prescription-based testing kits are expected to dominate the market in the near future due to increasing incidence of lifestyle diseases and lack of awareness on over the counter POCT devices.
Based on the end-user, the market can be segmented into hospitals, clinics, and ambulatory care settings. Clinic segment was the leading segment and it accounted for the large chunk of market share in 2016. Increasing adoption of these tests in the clinics for diagnosis of several infections and monitoring of disease progression by assessment of symptoms and other parameters is expected to boost the demand for POCT in this segment. Home health care is another important segment of this segment.
The global point of care market was dominated by North America with over 42% share of the total market in 2016. This growth is mainly due to increased prevalence of diseases in the region and presence of favorable government regulations and initiatives pertaining to the development of healthcare infrastructure. Asia Pacific is another important regional market and is expected to show witness fastest growth in the near future. This can be attributed to the presence of high unmet medical needs and technological advancement in healthcare infrastructure, growing medical awareness, and rise in per capita income levels in developing economies of including India and China.
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Some of the key players in the market such as Roche Diagnostics, Alere Inc ., Danaher Corporation, Abbott Laboratories, Johnson and Johnson, Instrumentation Laboratory, Trinity Biotech PLC, OraSure Technologies Inc, bioMerieux, Qiagen N.V. and Siemens Healthcare.
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