Point-of-Care (POC) diagnostics or testing is a collective term referred for diagnostic or testing procedures that are done near to or on site. This allows for timely diagnosis and rapid treatment to the patient without worrying about the quality of the treatment. It is also a convenient and a cost-effective way to diagnose problems and also facilitates better patient management system. For instance, simple medical tests can be done at the bedside, without having the patient rush to the hospital or clinics. Thus, looking at the advantages, the demand for POC diagnosis/testing has increased over the years, thereby stimulating the market growth, globally.

Market Predictions

The global point-of-care diagnostics/testing market is projected to grow at a CAGR of 9.3% during the forecast period of 2013-2018, reaching $27.5 Billion by the end of 2018. In 2013, North America took up the largest share of the market, followed by Asia-Pacific and Europe, owing to the large patient population base. However, Asia-Pacific is poised to grow at the highest CAGR of 13.6% over the forecast period due to the growing patient population base, increasing R&D activities, increased funding towards development of POC diagnostics, and increasing focus of market players on the Asia-Pacific market for POC diagnostics/testing. Japan, China, and India are likely to be the key markets in Asia-Pacific.

Among products, the glucose monitoring kits segment took up the largest share of the market in 2013, and is projected to grow at a CAGR of 8.5% over the forecast period.

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Market Drivers and Restraints

The growth of the global market for point-of-care diagnostics/testing is majorly influenced by the following factors:

Rising cases of infectious diseases in developing nations
Increasing cases of cardiac diseases and diabetes
Increased usage of home-based POC devices
Growing technology
Need for advanced, faster, and easy-to-use devices
Moreover, increasing popularity of fragmentation of healthcare sector and emerging economies like China and India are expected to offer an array of growth opportunities for this market. However, unenthusiastic approach towards replacing the existing treatment practices with POC, improper regulations regarding definitive central lab methods, and product recalls of glucose monitoring devices are some of the factors that may act as hindrances for the growth of this market.

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