Point Of Care Diagnostics Market Is Anticipated To Reach USD 20.9 Billion By 2024: Grand View Research, Inc.

The global point of care (PoC) diagnostics market is anticipated to reach USD 20.9 billion by 2024, according to a new report by Grand View Research, Inc. Rise in the R&D funding and research activities amongst the market players in order to introduce novel POC tests and devices for ease of disease detection and monitoring is expected to fuel industrial progress through to 2024.

Moreover, the introduction of favorable regulatory initiatives in order to promote the development and adoption of POC diagnostic tests is anticipated to propel growth in the coming years. Furthermore, advancement of diagnostic laboratories and adaptation of more integrated and automated lab systems are also factors expected to fuel demand for advanced workflow systems and drive the digital pathology and workflow segment through to 2024.

Further key findings from the report suggest:

  • Glucose testing accounted for the largest share in revenue in 2015 owing to the higher prevalence of diabetes. Presence of significant product portfolio pertaining to glucose testing in the market and the presence of a number of major players as wells as local manufacturers from different regions are factors attributive to contribute substantially to the revenue generated.
  • Hb1Ac POC tests are more reliable for glucose testing and due to the vast patient base for diabetes management, this segment is second in terms of revenue generation in the POC market only to its counterpart. Owing to the presence of glucose testing segment as a potential market and growing cost effectiveness of Hb1Ac tests, it is expected that over the coming decade it will witness considerable growth in demand and usage
  • POC tests for infectious disease testing, is another segment of prime activity in the point of care industry. This segment includes rapid diagnostic tests for a considerable number of diseases including HIV, HBV, RSV, HPV, Influenza, HCV, MRSA, TB/dr-TB & HSV among others.
  • Owing to the growing incidence of a number of infectious diseases, initiatives taken by a number of governments to implement early diagnosis and screening, and development of rapid tests able to distinguish between a wide number of pathogens this segment has been observed to be at the demand receiving end in the industry for the better half of the last decade and is only expected to witness growth in demand.
  • Hospitals are estimated to be the dominant end-users for POC diagnosis industry owing to higher penetration of products and comparatively higher usage rate for disease monitoring and diagnosis.
  • North America dominated the market in 2015, with over 43% of total revenue. Presence of major entities with widespread distribution network coupled with significant number of research endeavors carried out in the U.S is supportive for the largest share of region. Moreover, point of care diagnostics is a relatively more advanced segment of in vitro diagnostics and owing to the presence of high R&D expenditure, availability of a technologically advanced healthcare infrastructure along with the presence of a number of ongoing government funded research projects are factors accounting for the region’s large share.
  • Asia Pacific is projected to witness lucrative growth in the coming years owing to the developments carried out in developing economies herein in order to develop the healthcare infrastructure and reduce the incidence of target diseases.
  • Major participants of this market include Roche, Abbott Laboratories, Siemens Healthcare, Danaher Corporation, BioMerieux, Johnson & Johnson, Abaxis Inc., Alere Inc., Qiagen N.V., Spectral Diagnostics, Instrumentation Laboratory, Nova Biomedical, Nipro Diagnostics, Trinity Biotech, and Sekisui.
  • Participants are involved in adopting competitive strategies in order to enhance the market presence. These companies are also involved in collaborations with hospitals in order to maintain the market share.
  • For instance, in April 2015, Nipro diagnostics participated in an industry event named AMCP (Academy of Managed Care Pharmacy) in support of providing care to the patients with diabetes.

Grand View Research has segmented point of care diagnostics market on the basis of application, end-use, and region:

Global Point of Care Diagnostics Outlook, by Product (Revenue, USD Million, 2013 – 2024)

  • Glucose Testing
  • Hb1Ac Testing
  • Infectious Disease Testing
    • HIV POC
    • Clostridium difficile POC
    • HBV POC
    • Pneumonia or Streptococcus associated infections
    • Respiratory syncytial virus (RSV) POC
    • HPV POC
    • Influenza/Flu POC
    • HCV POC
    • MRSA POC
    • TB and drug-resistant TB POC
    • HSV POC
    • Other Infectious Diseases
  • Coagulation
  • Fertility
  • Cardiac markers
  • Primary care systems
  • Hematology
  • Decentralized Clinical Chemistry
  • Feces
  • Blood Gas/Electrolytes
  • Ambulatory Chemistry
  • Urinalysis
  • Drug Abuse Testing

Global Point of Care Diagnostics Outlook, by End-use (Revenue, USD Million, 2013 – 2024)

  • Clinics
  • Hospitals
  • Assisted Living Healthcare Facilities
  • Laboratory
  • Others

Point of Care Diagnostics Regional Outlook (Revenue, USD Million, 2013 – 2024)

  • North America
    • S.
    • Canada
  • Europe
    • Germany
    • UK
    • Spain
    • France
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Singapore
    • Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Chile
  • MEA
    • South Africa
    • Nigeria
    • Kenya
  • UAE
    • Saudi Arabia
    • Qatar
    • Zimbabwe

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

Dhanashree is a Computer Engineer by education and a technology enthusiast by passion. She has a stint of experience in Blogging and SEO and loves to write.

Point-of-care Diagnostics Market – Positive long-term growth outlook 2024

Point-of-care diagnostics is carried out in the clinics, home or near patient locations for testing of a sample from a patient in order to facilitate a prompt clinical decision regarding patient management. The report on point-of-care diagnostic market, analyzes the current and future prospects of the market. The report consists of an executive summary that provides information about the products, its segments and sub-segments, along with a market snapshot and comparative analysis by geography, in terms of revenue %, for 2015.

A detailed overview of market dynamics, including the drivers, restraints, and opportunities of the point-of-care diagnostic market, along with porter’s analysis, value chain analysis, of the global market, has been provided in this report. Market revenue and volume analysis for all the above mentioned segments, and their sub segments has been provided for the forecast period of 2016-2024, considering 2015 as the base year, and 2014 as the historical year, along with compound annual growth rate (CAGR %), for the forecast period of 2016-2024. Market share estimations were based on in-depth analysis and study of products, and their features, prices etc. Pricing analysis, for every region has been provided considering the average selling prices (ASP), of products, in these regions.

This report provides in-depth analysis of the point-of-care diagnostic market. The stakeholders for this report include companies involved in the manufacturing of Point-of-care Diagnostics. Executive summary section is included snapshot on stakeholders in this report, which summarizes the market size, trends and competition in different regions. Market players and Market share analysis is analyzed to signify percentage share of the major players operating in the point-of-care diagnostic market. Furthermore, the report includes market attractiveness analysis by geography that depicts the most attractive and significant region in the global market in 2015.

The research methodology is a combination of primary and secondary research. Primary research includes information collected via e-mails, and telephonic interviews of key opinion leaders (KOL), and forms the bulk of our research. Secondary research includes information collected from various sources, by study of company websites, annual reports, stock analysis presentations, press releases, and various national and international databases.

Based on product type, the point-of-care diagnostic market has been segmented into Lateral flow assay test, Flow- through test, Solid phase assay test, Agglutination assay test. Based on applications, the point-of-care diagnostic are segmented into Infectious Disease test, Cholesterol monitoring, Substance abuse test, Fertility & Pregnancy test, Blood Glucose Test. Based on end users, the market is segmented as hospitals, clinics, homecare settings and diagnostic centers.

Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further segmented into major countries which include, U.S., Canada, Germany, U.K., France, Italy, Spain, rest of Europe, China, Japan, India, Australia, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, Rest of Middle East & Africa. The report also comprises list of major players in the market, their SWOT analysis, market share of these players in the Point-of-care Diagnostic market, key business strategies, product portfolios, and recent developments. Key market players profiled in this report include, Alere Inc., Abbott Laboratories, Becton, Dickinson & Company, F. Hoffmann La Roche Ltd., Bio-Rad Laboratories, Inc. and Trinity Biotech among others.

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