The demand for point-of-care (POC) testing is growing with its increased contribution to patient care and physician efficiency. One of the greatest advantages of POC tests is their capability to improve the management of infectious diseases at the primary care level and in remote settings. An efficient point-of-care clinical chemistry system facilitates testing with the immediate availability of the results, making possible prompt diagnosis and timely clinical intervention. According to a new research report from Data Bridge Market Research, the Global Point of Care Testing Market is expected to reach USD 35.3 billion by 2024 from USD 18.6 billion in 2016, growing at a CAGR of 8.4% during the forecast period 2017 to 2024.
The major factors that are driving the market for Point-Of-Care Testing Market include:
- Steady large increases in the geriatric population
- The value-shift in healthcare and increasing technological advancements
- Rising prevalence of lifestyle and infectious diseases (hepatitis, HIV infection, influenza, respiratory infections and others)
- Early detection of diseases, and management of multiple chronic conditions
- Private investments and venture funding
- New product development and government support
- Increasing adoption of POC devices, and miniaturization of devices
It is also expected that the current focus on the development of devices for diagnosis and treatment of cancer, stroke, and cardiac patients will drive the market in the future.
The key players operating in the market include F. Hoffmann-La Roche Ltd, Siemens AG and Abbott Laboratories. Other players in this market are Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson, Alere Inc., Instrumentation Laboratory, PTS Diagnostics, Abaxis, Inc., Medtronic, Accriva Diagnostics, OPTI Medical, Sienco, Inc., Alpha Scientific, AccuBioTech Co., Ltd., ACON Laboratories, Inc., Acrongenomics, Inc, bioMérieux SA, Biomerica, Inc., Atlas Genetics Ltd., Alfa Scientific Designs, Inc., Bio-Rad Laboratories, Inc., Medica Corporation, and Nova Biomedica.
Even though improved economic growth and better healthcare have led to longer life expectancy, there is an increase in cases of acute and chronic diseases. The older population is prone to diseases such as diabetes, infections, cardio metabolic risks and cancer causing the need for rapid improvements in Point-of-care testing.
The Global Point-of-care Testing (POCT) Market is segmented into five modules that are:
- By Product: (Blood Glucose Testing Kits, Cardiometabolic Monitoring Kits, Infectious Disease Testing Kits, Cholesterol Testing Kits, Pregnancy & Fertility Tests Kits, Tumor/Cancer Markers, Urinalysis Testing Kits, Cholesterol Test Strips, Hematology Testing Kits, Drugs Of Abuse Testing Kits, Fecal Occult Testing Kits, Rapid Coagulation Testing Kits, & Others)
- By Prescription Mode: (Prescription Based Testing & Over-The-Counter Testing)
- By Distribution Channel: (Direct Tenders & Retail)
- By End User: (Hospital, Clinics, Ambulatory Care, Home Healthcare, & Research Laboratory)
- By Geography: (North America, Europe, Asia-Pacific, South America, Rest of the World)
The report also notes that factors such as pricing pressure and low reimbursement could restrain the growth of the Point-Of-Care Testing Market.