Point-of-care testing (POCT) allows rapid diagnosis in the physician’s office, an ambulance, the home, the field, or in the hospital, and promotes timely patient care. With POCT, physicians as well as patients no longer have to wait hours to get results. Over the past few years, the popularity and demand of POCT has been growing rapidly. According to a new report by Grand View Research, Inc. the global point-of-care diagnostics market is anticipated to reach USD 18.7 billion by 2020.
The end-users of POC products are hospitals, assisted living healthcare facilities, laboratories, home, and clinics. Factors that are expected to propel the growth of the POCT market during the next six years include
- The rising prevalence of chronic disorders and infectious diseases
- Introduction of advanced diagnostic techniques
- Growing developments in the field of decentralized diagnosis
- Supportive reimbursement policies
The report segments the global point-of-care diagnostics market on the basis of product, end-user and region. POC diagnostics products include Blood Gas Analyzers/Electrolyte Analyzers (Centralized and Decentralized), Infectious Diseases, Hospital Glucose Testing, Cardiac Markers, Hematology, Coagulation, Primary Care Systems (Lipid Profiling and HbA1c Tests), Decentralized Clinical Chemistry, Urinalysis Analyzers, Drug Abuse Testing, Fertility, OTC and Rapid Diagnostic Tests.
The blood testing segment accounted for the larger share of the market with revenue of over USD 4 billion in 2013 due to the rise in the prevalence of diabetes and comparatively higher availability of handheld blood glucose monitoring devices worldwide.
During the next seven years, however, it is the infectious diseases segment that is expected to register the fastest growth at a CAGR of over 6.0%. This is due to the higher prevalence of chronic infectious diseases such as HIV/AIDS, tuberculosis, hepatitis, and HPV.
Based on region, the Asia Pacific POC diagnostics sector is expected to grow lucratively from 2014 to 2020 and this market is expected to reach over $5,300 million in 2020. Factors that are expected to drive growth in this region are the presence of high unmet medical needs, rise in disposable income, and improvement in healthcare infrastructure in emerging economies.
The major players in this sector include Siemens Healthcare, Danaher Corporation, Roche Diagnostics, Abbott Laboratories, Beckman Coulter Inc., and Becton Dickinson & Company. Companies are adopting strategies such as collaborations with hospitals and healthcare institutes to maintain their position in this competitive industry.