Global Point of Care Diagnostics Market
Global Point of Care Diagnostics Market was valued US$ 24.01 Bn in 2018 and is expected to reach US$ 55.13 Bn by 2026 at a CAGR of 10.95 % during the forecast period.
The major factors driving the growth of this market include the rising prevalence of modern lifestyle, increase in chronic and infectious diseases, advancement in technology, the scope for unmet medical needs and emerging POCT device. These factors increase the demand for devices such as blood glucose meter, CRP, HBA1c, homocysteine. On the other hand, rising costs of POCT device and low reimbursement scenario are regulatory hurdles that may hinder the growth of the market. The rising cost of POCT devices and low reimbursement scenario are the factors which may hinder the growth of this market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Glucose monitoring led the market in 2018 because of an improved commercialization rate of portable glucose meters in past few years. Patients are aware of the fact that monitoring of glucose level at regular intervals is important for diabetic patients. This has encouraged the employment of hand-held glucose meters in home care settings.
On the basis of mode of prescription, the Point-of-Care Diagnostics market is classified into two segments prescription-based testing and OTC testing. The prescription-based testing segment was the largest share of the global point-of-care diagnostics market in 2017. The growth of this segment can be attributed to the increasing incidence and prevalence of lifestyle diseases and the lack of awareness of OTC POCT devices in developing nations.
North America accounted for the highest market share in 2019 due to the high awareness accompanied by high disease prevalence. Favourable government regulations and initiatives pertaining to the development of healthcare infrastructure also support for the large share of this region. Numerous product launches and strategic developments by key players in the U.S. are also anticipated to drive the regional market. For instance, in November 2018, PixCell Medical received the Food and Drug Administration (FDA) support for its point of care HemoScreen Hematology Analyzer. Likewise, in October 2017, Abbott Laboratories acquired Alere Inc. that reinforced the POC testing offerings of Abbott. On the other hand, Asia Pacific is estimated to be the most attractive regional segment. This is major because of strategic initiatives adopted by international players to improve healthcare infrastructure. Growing awareness and presence of a huge patient pool in developing economies such as India and China can further fuel the regional demand.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by product type, end user, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the point of care diagnostics market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Scope of Global Point of Care Diagnostics Market
Global Point of Care Diagnostics Market, By Kits Product
• Glucose Monitoring
• Infectious Disease Testing
• Pregnancy And Fertility Testing
• Hematology Testing
• Cardiometabolic Monitoring
• Urinalysis Testing
• Coagulation Monitoring
• Tumor Markers Testing
• Cholesterol Test Strips
• Drugs Of Abuse Testing
• Fecal Occult Testing
Global Point of Care Diagnostics Market, By End User
• Professional diagnostic centers
• Hospitals/critical care centers
• Outpatient healthcare Setting
• Ambulatory care settings
• Research laboratories
Global Point of Care Diagnostics Market, By Mode of Prescription
• Prescription based
• Over-the-counter (OTC)
Global Point of Care Diagnostics Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Point of Care Diagnostics Market
• Alere Inc.
• Siemens AG
• Dickinson and Company
• Johnson & Johnson Services Inc.
• PTS Diagnostics
• Instrumentation Laboratory
• Nova Biomedical
• Beckman Coulter, Inc.
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Global Point of Care Diagnostics MarketSource: Global Point of Care Diagnostics Market