According to a new report from Zion Market Research, the global point of care diagnostics market, which was valued at approximately USD 23.50 billion in 2016, is expected to reach approximately USD 40.50 billion by 2022. It is estimated that this market will grow at a CAGR of around 10.00% between 2017 and 2022. The report points out that the emergence of rapid and easy-to-use point-of-care (POC) tests has dramatically enhanced physicians' ability to diagnose patients' diseases rapidly and accurately.
Point-of-care diagnostics is medical testing performed at the clinical laboratory in close proximity to where the patient is receiving care. Point-of-care technologies enhance the management of different diseases and conditions. End-users of the market are hospitals, clinics, and ambulatory care settings. The market is driven by factors such as
- Technological advancement
- Cost-effectiveness
- High-quality medical solutions
Also, the increasing prevalence of target diseases along with the rise in the aging population base which is more prone to disease growth, are expected to impact POCT demand considerably in the years to come.
However, the high cost of procedure and presence of stringent and time-consuming ambiguous regulatory framework could hamper the market growth during the forecast period. Nonetheless, the increasing demand from emerging economies and health care decentralization may open up new growth avenues in the near future.
Based on products, the report categorizes the market into diverse testing and monitoring kits including glucose monitoring kits, infectious diseases testing kits, tumor/cancer markers, cholesterol test strips, hematology testing kits, drugs of abuse testing kits, and fecal occult testing kits. Glucose testing held 40% share of the overall market in terms of revenue in 2016. Increasing prevalence of diabetes across the globe is expected to boost the demand for glucose testing in the years to come. Due to the rise in a number of HIV-infected individuals, the infectious diseases testing kits is expected to grow at the highest CAGR during the forecast period.
By region, North America is by far the largest in the market and is set to continue its dominance across the globe. This growth can be attributed to high disease prevalence levels and favorable government regulations. Increasing awareness amongst patients and physicians pertaining to early disease diagnosis is also expected to have a positive impact on the point-of-care diagnostics market.
Key players in the market include Roche Diagnostics, Alere Inc., Danaher Corporation, Abbott Laboratories, Johnson and Johnson, Instrumentation Laboratory, Trinity Biotech PLC, OraSure Technologies Inc, bioMerieux, Qiagen N.V. and Siemens Healthcare.