Point Of Care Diagnostics Market
The global point of care diagnostics (POCD) market size is expected to reach, USD 31.32 billion in 2024, at a CAGR of 8.87% from 2018 to 2024. The growth in the market is attributed to the growing number of infectious disease in the developing countries, increasing demand for rapid diagnosis and efficient monitoring solution, and technological advancement such as miniaturization, nanotechnology, and microfluidics, along with new products developments. Moreover, growing demand in urban areas and ease of access & simplistic operation of point of care diagnosis devices is boosting the growth of market. However, stringent policies for government approval may hamper the growth of the market.
The report segments the global POCD market by Products (Blood gas testing, Hematology testing, Pregnancy and fertility testing, Coagulation testing, Cholesterol testing, Infection diseases testing, Cardiac markers, Glucose testing, and others), by Mode (Over-the-counter (OTC) testing kits, and Prescription-based Testing kits), by End-user (Clinics, Home healthcare, Diagnostic centers, Hospitals, and Research centers), and by Region (North America, Europe, Asia-Pacific, and Rest of the World (RoW))
Point-of-care testing allows medical staff and physicians to accurately achieve real-time, lab-quality diagnostic result within minutes anywhere such as home, office, and in the hospitals. The result of care is at the time and allows rapid treatment to the patients.
Key Findings from Global Point of Care Diagnostics Market
- On the basis of product, the glucose monitoring segment hold the major share of market due to growing number of diabetic patients, as well as growing adoption of blood glucose monitoring devices.
- Based on mode, the prescription-based testing kits held the major share of market in 2017
- Based on end-user, the clinics segment held the major share due to limited laboratory infrastructure in rural areas, availability of diagnostics device in clinics
- Asia-Pacific region is expected to witness fastest growth rate during the forecast period owing to growing demand in developing countries such as China and India, and technology advancement in miniaturization, and nanotechnology.
- The key players of the market are F. Hoffmann-La Roche Ltd; Abbott/Alere; Danaher; Instrumentation Laboratory; Nova Biomedical; Trividia Health, Inc.; Quidel Corporation; Trinity Biotech; Sekisui Diagnostics LLC; OraSure Technologies Inc; Johnson & Johnson Services, Inc, and Becton Dickinson & Company (BD); bioMérieux SA; Abaxis; Siemens Healthineers; QIAGEN.
Advancement in Diagnostic Technology Driving the Growth of Point of Care Diagnostic Market
Diagnostic technology has advanced and expanded substantially over the last few years. . The growing demand of POCD in the healthcare industry is helping the doctors and patients to take better decisions since the results are gathering in short span of time mainly near the location of the patient which makes the treatment cheaper. Over the few years, the use of PCOD has increased, the benefit is tremendous. Point of care diagnostics devices are used to diagnose cholesterol, and glucose level, enzyme and electrolyte analysis, testing for infectious diseases, for pregnancy test and among others. It also plays an important role in patient management, reducing the time and allows rapid treatment to patients. Healthcare researchers are conducting clinical trials for the development of diagnostic devices which is easy to operate and diagnose other critical diseases.
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Global Point of Care Diagnostics Market- Regional Insight
Geographically, the global POCD market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America was holding the largest market share in 2017 due to growing prevalence of infectious disease, rise in awareness among people. Moreover, there is new product developing as well as upcoming government support for the approval of new devices coupled with adoption of the new technology in this region is supporting the growth of the industry.
Advancement in Diagnostic Technology Driving the Growth of Point of Care Diagnostics Market, to Grow at a CAGR of 8.87% during 2018 – 2024