Global Point of Care Diagnostics Market


Posted December 26, 2019 by ganpan

Global Point of Care Diagnostics Market - Segment Analysis, Opportunity Assessment, Competitive Intelligence, Industry Outlook 2016-2026

 
"The global point of care diagnostics market was valued at US$ 17,886.3 Mn 2018 and is expected to reach US$ 30,175.3 Mn 2026, growing at a CAGR of 6.8% during the forecast period."
High prevalence of chronic and infectious diseases in developing countries, and rapid technological advancements to drive the growth of the global Point of Care Diagnostics market
According to the Sekisui Diagnostics, there are nearly 9,000 urgent care centers in the US that cater to the demand for point of care diagnostics from more than 160+ million patients every year. Additionally, the survey of primary care patients in the US found that the 77% of patients prefer lab services on-site. Furthermore, the survey concluded that the labs and X-rays done on-site is one of the latest trend in the global point of care diagnostics market during the forecast period.
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The high prevalence of chronic and infectious diseases in developing countries, rapid technological advancements, and shortage of availability of skilled laboratory technicians are the major driving factors for the global point of care diagnostics market during the forecast period. Furthermore, the rising inclination of physicians and healthcare providers to use point-of-care devices owing to various advantages of these devices such as ease-of-use and rapid diagnosis which facilitates better diagnosis and disease management, has led to increasing adoption of these devices in healthcare settings. The prevalence of target diseases in the developed and developing countries and rising demand for home healthcare services are expected to create opportunities in the global market during the forecast period. According to the US National Library of Medicine National Institutes of Health and Centers for Disease Control, the chronic diseases in the US accounted for nearly 75% of aggregate healthcare spending, or an estimated USD 5,300 per person per year.
Point of care diagnostics, also referred to as near-patient or bedside testing, includes the use of medical devices for the quick diagnosis of various diseases including diabetes, cardiovascular diseases, and cancer, amongst others. Such test includes glucose and cholesterol level tests, pregnancy test, cardiac markers, blood test, enzyme analysis, and various other tests for infectious diseases. The main advantages to of point-of-care testing such as ease-of-use and rapid diagnosis which facilitates better diagnosis and management, has led to increasing adoption of these devices in healthcare settings.
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Company Profiles and Competitive Intelligence:
The major players operating in the global point of care diagnostics market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd (Switzerland), Danaher Corporation (US), Becton Dickinson & Company (US), Quidel Corporation (US), Sekisui Diagnostics LLC (US), Siemens Healthcare GmbH (Germany), and Trinity Biotech (US) and bioMérieux SA (France) among others. Other prominent players in the market are PTS Diagnostics, OraSure Technologies, Nova Biomedical, Chembio Diagnostics Systems Inc, and EKF Diagnostics amongst others.
However, the stringent regulatory policies in the developed countries are expected to hamper the market growth of the point of care diagnostics during the forecast period.
Key Findings:
• Based on products, the infectious disease testing segment is expected to grow at a CAGR of 9.1% during the forecast period. Rapid diagnosis of infectious diseases aid timely treatment and also help in improving the prescribing patterns and facilitate the containment of infectious disease outbreaks. This will lead to increased adoption of infectious disease PoC tests by physicians
• Based on prescription mode, the OTC-based testing segment is expected to grow at the highest CAGR during the forecast period
• North America to account for more than 37% share in the market
• Homecare & DTC end-user segment to grow at the highest CAGR during the forecast period
Recent News:
• In July 2019, Polyscope Polymers B.V. (Geleen, Netherlands) developed an engineering thermoplastic alloy i.e. styrene maleic anhydride (SMA) and polymethyl methacrylate (PMMA) for point of care diagnostics devices. The commercialization of these material is expected by the end of 2019.
• In December 2017, Sekisui Diagnostics and Mesa Biotech entered into a strategic alliance for Molecular POC Testing System. Under the terms of the agreement, Sekisui Diagnostics holds exclusive distribution rights for Mesa Biotech's POC molecular system for Flu A/Flu B. This partnership will help further strengthen Sekisui's Flu testing portfolio.
• In 2017, Abbott completed the acquisition of Alere Inc. for a price of around $5.3 billion. Alere has a very vast portfolio of point-of-care testing products, with a broad menu of handheld and benchtop infectious disease testing products, cardiometabolic testing products, and toxicology testing products. This acquisition has helped Abbott enhance their product portfolio.
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Last Updated December 26, 2019