Top Trend Point-of-Care Diagnostics Market to Hit worth 41 Billion USD by 2022
This report studies the global point-of-care diagnostics market over the forecast period of 2016 to 2021. The market is expected to reach USD 36.96 Billion by 2021, at CAGR of 9.8% from 2016 to 2021.On the basis of product, the global point-of-care diagnostics market is divided into 12 major segments, namely, glucose monitoring kits, infectious diseases testing kits, cardio metabolic monitoring kits, coagulation monitoring kits, hematology testing kits, urinalysis testing kits, cholesterol test strips, drugs-of-abuse testing kits, tumor/cancer markers, pregnancy and fertility testing kits, fecal occult testing kits, and other products. Other products segment comprises of multi-assay testing kits and vitamin assay testing kits. The glucose monitoring kits segment is estimated to hold the largest share of the POC diagnostics market in 2016.
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Key factors such as prevalence of lifestyle and infectious diseases and the increasing inclination toward home healthcare across the globe are driving the growth of the point–of-care diagnostics market, globally. In addition, private investments and venture funding towards the development of new products along with the growing government support to increase the adoption of POC devices are boosting market growth. On the other hand, the reluctance among patients to change existing treatment practices is one of the key factors hampering the growth of the point-of-care diagnostics market.
Point Of Care Diagnostics Market Opportunities and Technology Trends:
The global point of care diagnostics market size was valued for $22,975 million in 2015 and is expected to reach $43,336 million by 2022, growing at a CAGR of 9.4% from 2016 to 2022. The point of care (POC) diagnostics defined in this report are the medical devices used to get an immediate result in the investigation (diagnosis & monitoring) of various diseases such as cancer, diabetes, cardiac diseases, and others.
This report covers information on various types of point of care diagnostic devices that are manufactured for medical purposes in compliance with the European Medical Association (EMA), the U.S. Food and Drugs Administration (FDA), Conformité Européene (CE) and other regulatory authorities. These devices include point of care testing devices, such as glucose monitoring kits, infectious diseases testing kits, pregnancy, and fertility testing kits, hematology testing kits, cardiometabolic monitoring kits, urinalysis testing kits, coagulation monitoring kits, tumor/cancer markers, cholesterol test strips, drugs of abuse testing kits, and fecal occult testing kits. These point of care diagnostics are used in healthcare facilities (professional diagnostic centers and research laboratories) as well as at home.
Increasing usage of home-based glucose monitoring systems is one of the key trends observed in the point of care diagnostics industry. Several companies are launching innovative and advanced glucose monitoring systems that have increased their adoption rate among the end-users. For instance, Abbott received approval from the Therapeutic Goods Administration (TGA) in Australia for its FreeStyle Libre Flash Glucose Monitoring System, a glucose sensing technology for insulin-using Australians suffering from diabetes.
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The major aspects of POC market is connectivity. In POC testing Connectivity is excellent interface between device and user. It is expected that much more companies will speed up to develop new products for POC testing. Important factor to driving force for the growth to personalized medicine is POC market. The POC market is optimal way to provide healthcare cost-effectively. Point-of-care diagnostic is useful to provide accurate & directional results in healthcare market. Through product innovation and technological advancements, major sections in the global point of care diagnostics market are focusing towards business expansion. Few major players in the global point of care diagnostics market are Abbott Laboratories Inc., Siemens AG, Beckman Coulter Inc., Becton, Roche Diagnostics Limited, Dickinson and Company, Alere Inc., and Johnson & Johnson.
The research provides answers to the following key questions:
What will be the growth rate and the market size of the Point-of-Care Diagnostics industry for the forecast period 2018-2022?
What are the major driving forces expected to impact the development of the Point-of-Care Diagnostics market across different regions?
Who are the major driving forces expected to decide the fate of the industry worldwide?
Who are the prominent market players making a mark in the Point-of-Care Diagnostics market with their winning strategies?
Which industry trends are likely to shape the future of the industry during the forecast period 2018-2022?
What are the key barriers and threats believed to hinder the development of the industry?
What are the future opportunities in the Point-of-Care Diagnostics market?
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