The global healthcare scenario is witnessing unprecedented epidemiological and demographic changes rapidly. These changes are due to the increasing geriatric population as well as the rising prevalence of diseases.
As per the WHO statistics, the global elderly population (aged 65 years and over) was 562 million in 2012 and it rose by 55 million in 2015. The prevalence of various chronic and lifestyle diseases has been increasing as well. It was estimated by WHO that the global prevalence of diabetes increased to 8.5% in adults over the age of 18 years in 2014 from 4.7% in 1980. Thus, the rising prevalence of diseases has led to increased morbidity and mortality thereby increasing the demand for better treatment and diagnostic services.
Diagnosis is the very first and important step of treating any ailment. These factors have led to advancement in the field of In-Vitro Diagnostics (IVD). With the advancement of technology, the field of IVD is evolving with the development of various devices which are minimally invasive as well as have better precision and accuracy.
The IVD tests that can be performed at or near the patient site are called as Point of Care Testing or POCT.
Point of Care devices provide quick, efficient and safe detection method along with the advantage of remote and confidential testing. The market is expected to grow in future due to technological hybridization, connectivity with smartphone-based applications, high demand in the developing nations, and increased usage across different indication.
According to a new market intelligence report by BIS Research, titled "Global Point of Care Testing Marke…recast, 2017-2026", the global Point of Care Testing (POCT) market was estimated to be $13.87 billion in 2017 and is anticipated to grow over $23.92 billion by 2026. The rise in geriatric population along with the increased prevalence of chronic diseases is expected to boost the demand for point of care testing devices and drive the global market towards growth.
Healthcare needs across the world are changing rapidly. The number of POCT devices in the market as well as the adoption of these systems into the healthcare infrastructure has increased steadily over time. This growth is likely to increase in future with rising diseases. Point of Care devices provide quick, efficient and safe detection method along with the advantage of remote and confidential testing. The market is expected to grow in future due to technological hybridization, connectivity with smartphone-based applications, high demand in the developing nations, and increased usage across different therapeutic indications.
- Based on product segmentation, major contributor towards the market in 2017 was consumables. The market for consumables was estimated to be $7,651.9 million in 2017.
- The highest CAGR was estimated for the software & solutions with the value of 7% from 2018 to 2026.
- Based on applications, the dominant segment was found to be blood glucose monitoring devices valued at $4,618.8 million in 2017, while the fastest growing segment is expected to be pregnancy & fertility with a CAGR of 7.9% from 2018 to 2026.
- Hospitals were the major end users with a value of $4,802.9 million in 2017, while the highest CAGR was estimated for homecare setting with a value of 7.5% during the forecast period from 2018 to 2026.
- Geographically, in 2017, the largest contributor to the growth of the global POCT market was North America due to government regulatory support as well as good reimbursement policies.
Source: BIS Research Analysis
Key questions answered in the report:
- What are the major market drivers, challenges, and opportunities in the global POCT market?
- How did the POCT market evolve, and what is its scope in the future?
- What are the market shares of the leading segments, and sub-segments of the global POCT market in 2017 and 2026?
- How will each segment of the global POCT market grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2026?
- What are the influencing factors that may affect the market share of the key players?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- What will be the growth rate of the Blood Glucose Monitoring devices during the forecast period?
- Which product segment is expected to register the highest CAGR for the POCT market during the forecast period?
- How has the market been segmented based on the applications? Which application segment has the largest share, and growth rate in the POCT market?
- What is the growth rate of tumor marker POCT devices/ tests?
- How the homecare segment among end users will grow from 2017 to 2026?
- Which geographical location will contribute to the highest sales of POCT devices during the forecast period?
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