The global point-of-care diagnostics market is expected to report a steady growth between 2016 and 2024.
The global point-of-care diagnostics market is expected to report a steady growth between 2016 and 2024. It has a highly consolidated vendor landscape, with leading players accounting for dominant 78.8% of the overall market in 2015. These companies are F. Hoffmann-La Roche Ltd., Becton Dickinson and Co., Alere Inc., and Abbott Inc., finds Transparency Market Research (TMR) in a new study. Despite consolidation, escalating competition among leading players has compelled them to adopt diverse strategies to ensure sustainable growth. Therefore, the market has witnessed several companies investing to expand their product portfolio in the last few years. Furthermore, their persistent efforts towards offering innovation are likely to bode well for the global point-of-care diagnostics market. Some of the prominent market players are also focusing to tap in upcoming prospects in emerging nations across Latin America, Africa, and Asia Pacific.
TMR has forecast the global point-of-care diagnostics market to exhibit a CAGR of 6.9% between 2016 and 2024. At this pace, the market is likely to reach US$11.7 bn by 2024, as against US$6.8 bn in 2016. In terms of application, the infectious disease testing segment accounts for the highest share in the global market. The rising cases of Ebola and HIV/AIDS besides other chronic ailments is boosting the demand from this segment. Regionally, North America held dominance in terms of value with a share of 40% in the global market in 2015. In addition to this, Asia Pacific is projected to offer lucrative prospects to the point-of-care diagnostics market.
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Increasing Incidence of Interminable Chronic Ailments to Fuel Demand for Point-of-care Diagnostics
The rising incidence of various interminable and chronic diseases and lifestyle associated illnesses such as hypertension and diabetes are chief factors fuelling the demand for point-of-care diagnostics. Furthermore, the cases of cardiovascular diseases and tumors are escalating around the world. Precise diagnosis is crucial for timely treatment for the aforementioned diseases, which subsequently fuels the demand for point-of-care diagnostics. Against this backdrop, the rising geriatric population is expected to offer growth opportunities to the market. Old age often makes people more vulnerable to chronic ailments. Accurate diagnosis is important to ensure that correct treatment is administered without any time loss. In recent years, the demand for fast testing methods for diagnosis at home settings has also increased. Spurred by these factors, the global point-of-care diagnostics market will continue exhibiting an upward trajectory through the course of the forecast period.
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Rising Preference for Lab Testing Facilities Pose Threat to Growth
Diagnosis also plays a key role in better maternity wellbeing, likewise supporting growth of the global point-of-care diagnostics market. On the flip side, the risk of misdiagnosis and the absence of unfailing procedures are acting as major deterrents to growth. With the demand for precise outcomes increasing, lab testing facilities have gained much popularity across various reasons. This however does not bode well for the global point-of-care diagnostics market, thus, negatively impacting its growth rate.
Be it as it may, the advent of lateral flow essay that enables clinicians to examine a wide variety of biological samples based on various testing criteria in a single strip is likely to outweigh the outcome of aforementioned drawbacks. This is indicative of research and development activities undertaken in the market, which will enable it gain momentum in the coming years.
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This review is based on a TMR report, titled “Point-of-care Diagnostics Market (Product - Lateral Flow Assay Test, Flow-through Test, Solid Phase Assay Test, and Agglutination Assay Test; Application - Infectious Disease Test, Cholesterol Monitoring, Substance Abuse Test, Fertility and Pregnancy Test, and Blood Glucose Test; End Users - Hospitals, Clinics, Homecare Settings, and Diagnostic Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The report segments the global point-of-care diagnostics market as:
Point-of-care Diagnostics Market, by Product Type
- Lateral flow assay test
- Flow- through test
- Solid phase assay test
- Agglutination assay test
Point-of-care Diagnostics Market, by Application
- Infectious Disease Test
- Cholesterol monitoring
- Substance abuse Test
- Fertility & Pregnancy Test
- Blood Glucose Test
Point-of-care Diagnostics Market, by End Users
- Hospitals
- Clinics
- Homecare Settings
- Diagnostic Centers
Point-of-care Diagnostics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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