The global point-of-care diagnostics market is estimated to be valued at USD 23.71 Billion in 2017 and is projected to reach USD 38.13 Billion by 2022 growing at a CAGR of 10.0%.
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The factors driving the growth of this market include high prevalence of infectious diseases in developing countries, increasing incidence of target diseases, and increasing inclination toward home healthcare across the globe.
Roche (Switzerland) held the leadership position in the global point-of-care diagnostics market in 2016. The company has been focusing on the development of new products and technologies in the field of diagnostics.
Analysis of the market developments between 2015 and 2017 revealed that several growth strategies such as product launches, product approvals, acquisitions, collaborations, and expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the point-of-care diagnostics market. Among these business strategies, product approvals and launches were the most widely adopted growth strategies by players to garner a larger share of the market and remain competitive.
Through this, it introduced innovative products in the market, which enabled it to garner a higher market share. In addition, the company has a strong global presence with manufacturing facilities in Europe and the US and strong distribution channels to serve markets in Europe, the Middle East, Africa, Asia Pacific, and Latin and North America.
Abbott (US) held the second position in the global point-of-care diagnostics market in 2016. The company has a diversified portfolio, which includes a wide range of diagnostics tests, immunoassays, integrated systems, antibodies, fluorescent in situ hybridization (FISH) kits, and antibodies.
The company’s key strategy is to focus on product launches, approvals, agreements, and collaborations to strengthen its portfolio and enhance its share in the global point-of-care diagnostics market. For instance, in November 2016, the company launched its i-Stat alinity system, a handheld device for blood testing.
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