Global Point of Care Diagnostics Market Report
Diagnostic tests which are carried outside the laboratory is known as point of care (POC) diagnostics. These tests can be performed by laboratory persons or self-diagnosis which helps to achieve the clinical decisions. Point of care diagnostics can be carried near the patient bedside or at homecare. Nowadays, the majority of the clinical conditions such as diabetes, hypertension, various blood tests, and pregnancy tests are performed by using the point of care diagnostic devices. The major advantages of point of care diagnostics include the ease of testing procedure and results can be obtained within a short time.
Increase in the prevalence of chronic diseases such as diabetes, hypertension, cancer, and infectious diseases, a rise in the awareness of point of care testing, ease of testing procedures and rapid results, and technological advancements such as handheld devices are anticipated to fuel the growth of Global point of care diagnostics market. Moreover, increase in the R&D for innovation of newer products, a rise in healthcare expenditure, and availability of wider products in the market might propel the point of care diagnostics market over the forecast period. However, stringent regulatory policies for the product approvals, lack of reimbursement policies for several home care diagnostics, product recall, and lack of awareness about the point of care testing in the underdeveloped regions might dampen the point of care diagnostics market.
Global Point of care diagnostics market is segmented on the basis of product type, prescription mode, and end user
Based on the product type, the Global point of care diagnostics market segmented into the following:
- Infectious Disease Testing Kits
- Cancer/Tumour Markers Testing
- Cardio-Metabolic Monitoring Kits
- Fertility and Pregnancy Testing Kits
- Haematological Testing Kits
- Faecal Occult Testing Kits
- Glucose Monitoring Kits
- Cholesterol Test Strips
- Urinalysis Testing Kits
Based on the prescription mode, a point of care diagnostics market segmented into the following:
- Over-the-counter (OTC) Testing Kits
- Prescription-based Testing Kits
Based on the end user, the Global point of care diagnostics market segmented into the following:
- Diagnostic Centres
Point of care diagnostics market is growing at a significant CAGR owing to increase in technological advancements in the innovation of novel devices. Increase in the prevalence of chronic diseases such as diabetes, hypertension, cancer, and other infectious diseases (according to World Health Organisation, global health observatory (GHO) data, in 2013, approximately 34-38 million people suffered from HIV infection) are boosting the Global point of care diagnostics market. Acquisitions and mergers, collaborations, product approvals, and product launchings are the strategies followed by the companies for increasing their revenue share in global point of care diagnostics market. For instance, in July 2016, Sinocare has acquired PTS diagnostics for diversification of product portfolio. Similarly, in November 2016, Siemens Healthineers entered at the Global point of care diagnostics market by acquiring Conworx Technology.
Geographically, global point of care diagnostics market segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. North America point of care diagnostics market accounted for major share in 2016 and anticipated dominate over the forecast periods owing to increase in the prevalence of chronic and infectious diseases especially in U.S. (according to UNAIDS, in 2012, about 1.3Mn patients were diagnosed with HIV within the U.S.), rise in technological advancements, an increase in the healthcare expenditure in the region. Europe point of care diagnostics market is exhibiting significant growth, which is attributed to increasing the prevalence of chronic diseases such as diabetes and cancer due to change in lifestyle, the rise in awareness among key stakeholders about the point of care devices. However, growing population dynamics in Asia Pacific regions majorly in India and China and increase in diabetic patients (according to the International Diabetes Federation (IDF), in India about 87 Mn population and in China about 62.6 Mn population are expected to suffer from diabetes mellitus by 2030), rise in healthcare expenditure, an increase in R&D investments in Japan expected to propel the Global point of care diagnostics market over the forecast period in the Asia-Pacific region.
Some of the players in point of the care diagnostics market are Siemens AG (Germany), Abbott Laboratories, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Becton, Dickinson, and Company (U.S.), Mologic Ltd (U.K.), Johnson & Johnson Services Inc. (U.S.), Sinocare, Inc. (China), Roche Diagnostics (U.S.), Nova Biomedical (U.S.), and Instrumentation Laboratory (U.S.) to name a few.
- In September 2017, Mologic Ltd received CE mark approval for BVPro point of care diagnostic for the detection of bacterial vaginosis
- In May 2016, Philips launched handheld diagnosis at the point of care diagnosis help in the detection of a heart attack.
- The report provides granular level information about the market size, regional market share, and forecast from 2017-2023
- The report covers in-detail insights about the competitor’s overview, key findings, and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments, and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework, and reimbursement scenario