Global Point-of-care Diagnostics market is expected to reach $30.01 billion by 2021 – 165 pages report by Market Data Forecast
Point-of-care Diagnostics Market was worth $18.84 billion in 2016 and estimated to reach $30.01 billion by the end of 2021 with a CAGR of 9.76%. Point-of-care diagnostics allow a speedy, convenient, and cost-efficient way to diagnose diseases at healthcare centers and hospitals.
Point-of-care diagnostics is a term collectively used for diagnostic procedures and tests performed on-site. As compared to conventional in-laboratory tests, point-of-care diagnostics have the advantage of speed and convenience without compromising on consistency.
The speed factor, especially, is the greatest attribute of point-of-care diagnostics, because faster diagnosis facilitates faster patient management. Point-of-care diagnostics help cut down on the need for sophisticated diagnostic systems for regular tests like blood tests and urine tests.
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The point-of-care diagnostics market is at a fairly developed stage right now, as it is composed of products catering to the needs of various domains. Many advanced point of care diagnostic products are on the verge of being used practically and widely.
But, more than innovative and advanced point-of-care devices, there is an extensive need for inexpensive solutions that can be set up in regions where infectious diseases are highly prevalent. In developing regions, these tests are crucial in counterbalancing the lack of adequate laboratory capacity.
This is one of the most promising opportunities that can be grabbed by market players.
Clinics and other healthcare establishments, in order to provide effective and fast diagnostic results, are opting for point-of-care test, which are consequently influencing industrial growth. Advances in technology and introduction of cost effective and high quality medical solutions aimed at achieving miniaturization and lab automation are expected to serve the point-of-care diagnostics market as a vital driver.
Moreover, rising levels of patient awareness are expected to play a key role behind growth on account of the fact that patients, particularly the ones suffering from long-term diseases such as diabetes, are actively participating in the shift relating to the implementation of point-of-care diagnostic practices. Additionally, healthcare practitioners have been observed to be increasingly more open and willing to adopt the use of point-of-care diagnostic consumables and medical devices thereby resulting in rapid demand and growth of this market.
Development of information technology relating to health care systems plays an important role in the development of the point-of-care diagnostics market. The introduction of healthcare information systems such as EHR (e-health records) has essentially increased the penetration rates of these tests which enables considerable automation of diagnostic competences of any medical facility.
However, there are some certain market restraints that players need to overcome. The effort and co-ordination required among healthcare centers, researchers, practitioners and manufacturers is the greatest restraining factor for the growth of point-of-care diagnostics market.
Also, reluctance from the industry towards changing the existing norms, frequent product recalls, stringent regulatory framework and unfavorable reimbursement scenario are some of the challenges faced by the point-of-care diagnostics market.
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The point-of-care diagnostics market is segmented based on products, end-users and mode of delivery. Products have been segmented into Infectious Diseases, Cardiac Markers, Oncology Markers, OTC Diagnostic Tests, drugs of abuse, Blood Gas Testing, Fertility Testing, Urinalysis, Coagulation, Hematology, Glucose Monitoring, Ambulatory Chemistry, Decentralized Clinical Chemistry and others.
By End-Users, the market has been further segmented as clinics, hospitals, home healthcare, ambulatory care settings, laboratories and others. Finally on the basis of delivery, the market has been segmented further into OTC and prescription modes of delivery.
Global Point-Of-Care Diagnostics Market Geographical Analysis
- North America
- Latin America
- Middle East & Africa
North America is expected to dominate the overall market in the next five years owing to the presence of premium healthcare infrastructure, established reimbursement framework and high healthcare affordability in this region. Moreover, the presence of high levels of awareness amongst the patient population base as well as the physicians associated with fast disease diagnosis is supportive in the industrial revenue.
However, emerging markets such as China, India, and Brazil offer high growth potential for companies involved in the development and distribution of point-of-care diagnostic devices. Increasing initiatives by market players, growing patient population base, and rise in the number of partnerships and joint ventures among point-of-care providers are the key factors driving the growth of point-of-care diagnostics market in emerging countries.
Global Point-Of-Care DiagnosticsMarket Leaders' Analysis
- Abbott Laboratories
- Danaher Corporation
- Roche Diagnostics
- Siemens Healthcare
- Beckman Coulter
- Becton Dickinson and Company
- Johnson & Johnson
- Johnson & Johnson
- PTS Diagnostics
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