The market of point-of-care diagnostic is expected to gain enormous growth over the forecast period owing to changing preferences of patients towards point-of-care and a home-based device that are efficient, advance, and give the immediate result. Also, the rising prevalence of disease like diabetes, cancer, cardiovascular condition and other chronic diseases along with the growing need for rapid diagnosis and treatment is further expected to raise the demand for these products. Growing government support in the forms of funds and favorable regulations that aimed at promoting point-of-care device is also anticipated to enhance the market growth.
As per the latest report added by Value Market Research, the Global Point Of Care Diagnostics Market was valued USD 27.4 BN (by revenue) in 2018 and is anticipated to reach USD 52.6 BN by 2025 with a CAGR of 9.75%.
GLUCOSE MONITORING KITS HELD THE LARGEST SHARE
Glucose monitoring kits are highly preferred by diabetic patients as periodic monitoring of glucose level is very important for them, which has raised the adoption of these POC devices. Also, the segment growth can be attributed to the advantage associated with devices such as portability and easy to use, thereby fueling their demand.
PRESCRIPTION-BASED TESTING KITS ACCOUNTED FOR THE LARGEST SHARE
Prescription based testing kits are gaining traction in the market owing to the rising prevalence of various chronic disease like cancer, diabetes, and other infectious diseases. Also, rising demand from healthcare facilities as this device is frequently used across healthcare centers and are mainly prescribed by professionals is also expected to propel the segment growth.
HOSPITAL HAS EMERGED AS THE LARGEST END-USER SEGMENT
Hospital segment is dominating the segment and is likely to maintain its dominance over the forecast period. This can be attributed to improving healthcare infrastructure coupled with the rising government investment in order to promote this device is further expected to augment the segment growth.
NORTH AMERICA RULING THE GLOBAL POINT-OF-CARE DIAGNOSTIC MARKET
Favorable government norms for the development of such devices along with the well-established healthcare infrastructure is propelling the market growth in North America. The rapid adoption of technically advanced testing kits and high awareness level among patients as well as a physician is also expected to enhance the market presence in this region.
PLAYERS INVOLVED IN THE MARKET
Abbott Laboratories, Alere Inc., Becton, Dickinson and Company, Dnaher, F. Hoffmann-La Roche AG, Instrumentation Laboratory, Johnson & Johnson, Nova Biomedical, Omron healthcare co., ltd., and Siemens Healthcare GmbH.
As per this study the Global Point Of Care Diagnostics Market was valued USD XX BN (by revenue) in 2021 and is anticipated to reach USD XX BN by 2028 with a CAGR of XX%.
The point of care (POC) diagnostics are the medical devices used to get an immediate result in the investigation of various diseases such as diabetes, cancer, cardiac diseases, and other ch0rnic. Point of care diagnosis offer early detection of diseases and can greatly impact the medical result of the treatment. Lateral flow, biosensors, agglutination assays, and solid phase, are some of the technologies used in point of care device which is all advanced and unique for specific conditions.
The rising prevalence of various chronic and infectious diseases such as play a vital role in the growth of the global point of care diagnostics market share. Rising test volume along with the continuous development of the advance tasting device by the manufacturer is again propelling the market growth. Further, the growing demand for rapid diagnosis and treatment is also expected to fuel market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of point of care diagnostics.
The broad point of care diagnostics market has been sub-grouped into the product, mode, and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Glucose Monitoring Kits
- Cardiometabolic Monitoring Kits
- Infectious Diseases Testing Kits
- Coagulation Monitoring Kits
- Pregnancy and Fertility Testing Kits
- Tumor/Cancer Markers
- Urinalysis Testing Kits
- Cholesterol Test Strips
- Hematology Testing Kits
- Drugs of Abuse Testing Kits
- Fecal Occult Testing Kits
- Prescription-based Testing Kits
- Over-the-counter (OTC) Testing Kits
- Ambulatory Care Settings
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for point of care diagnostics in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Point Of Care Diagnostics Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the point of care diagnostics market include Abbott Laboratories, Alere Inc., Becton, Dickinson and Company, Dnaher, F. Hoffmann-La Roche AG, Instrumentation Laboratory, Johnson & Johnson, Nova Biomedical, Omron healthcare co., ltd., and Siemens Healthcare GmbH. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.