Physician Office Laboratory (POL) or in-house testing practices enable physicians to become self-reliant and obtain results in a much faster manner than when outsourcing lab tests. POLs also reduce the chances of loss or deterioration of test samples, enhancing the confidence regarding the accuracy of results. According to the latest TMR Research report, "Physician Office Laboratory (POL) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025," supported by technological advancements, the Physician Office Laboratory (POL) market is set to grow and flourish over the next few years. The report provides details regarding the growth trajectory of the market during the period 2017 - 2025.
Leading factors contributing to the growth of the global POL market are:
- the swift pace of advancements in testing technologies and supporting instrument and equipment
- awareness of POL benefits
- better government incentive schemes, and
- increasing investment in physician office laboratories, especially in India and China
Reliable dealers offer quality medical lab equipment for physician offices, including point-of-care analyzers and reagents. The emergence and easy availability of easy to use microelectronic and microfluidic instruments that offer excellent accuracy and control is making POL feasible for smaller offices and is also enabling some physicians to perform tests for other doctors.
However, factors that are currently restraining the global physician office laboratory market are:
- the overall lack of awareness
- the low presence of POL testing in a large number of key regions
- active restraint shown by those who provide medical care and services from primary care visits to healthcare professionals and physicians, and
- the cost of meeting compliance requirements for local, state, and federal regulations, especially in developed economies.
Regionally, North America and Europe are the leading contributors to the market revenue at present. The number of POLs in North America increased phenomenally from around 95,000 in the year 2000 to 111,000 in 2010. Europe also witnessed significant growth in the number of POLs during this period. Across both North America and Europe, the steadily increasing number of POL tests approved by concerned healthcare authorities will also help drive the market in the next few years. Owing to factors such as the vast rise in prevalence of infectious diseases, the rising population of the elderly and a significant rise in focus on quality health care, the market is expected to witness the most lucrative growth market across emerging economies in the Asia Pacific region over the next few years.
Some of the key players in the market include Accriva Diagnostics, Akers Biosciences, Axis-Shield, Chembio Diagnostic Systems, Boule Diagnostics, Alfa Wassermann Diagnostic Technologies, Diazyme Laboratories, Polymer Technology Systems (CHEK Diagnostics), Carolina Liquid Chemistries Corp., 3D Medical Diagnostics, Magellan Diagnostics, Biomerica, Inc., Accumetrics, Vital Diagnostics, and Nanosphere, Inc.