NEW YORK, Oct. 26, 2016 /PRNewswire/ -- The point-of-care diagnostics market is expected to reach USD 36.96 billion by 2021, at a CAGR of 9.8% from 2016 to 2021.
The growth of the overall point-of-care diagnostics market is driven by factors such as prevalence of lifestyle and infectious diseases and the increasing inclination towards home healthcare across the globe. In addition, healthcare decentralization, miniaturization of POC testing devices, increasing number of conferences and events, and POC tests with multiplexing capabilities are offering new growth opportunities for players in the point-of-care diagnostics market. On the other hand, stringent and time-consuming regulatory policies and pricing pressure owing to reimbursement cuts and budget constraints are the key challenges faced by the market players involved in the POC diagnostics market.
In this report, the point-of-care diagnostics market has been segmented on the basis of product (covering glucose monitoring testing kits, cardiometabolic testing kits, infectious disease testing kits, and urinalysis testing kits, among others), mode of prescription (OTC and prescription-based testing kits), end-users (professional diagnostic centers, home care, and research laboratories), and region (North America, Europe, APAC, and RoW). On the basis of products, the glucose monitoring kits segment is estimated to account for the largest share of the point-of-care diagnostics market in 2016. Rising diagnosis of diabetes, ongoing technological advancements in devices used for self-monitoring blood glucose level, and growing patient awareness towards POC testing is driving the growth of this segment across the globe.
Geographically, North America (comprising the U.S. and Canada) is expected to command the largest share of the point-of-care diagnostics market in 2016, followed by Europe. A number of factors such as growing prevalence of lifestyle diseases, increasing number of product approvals, and rising government initiatives are contributing to the growth of the North American point-of-care diagnostics market. However, rising pricing pressure and slow approval of multi-analyte POC products is limiting the growth of point-of-care diagnostics market in North America.
The point-of-care diagnostics market consists of a large number of big, medium, and small-sized companies. As of 2015, the point-of-care diagnostics market was dominated by Roche Diagnostics Limited (Switzerland), Johnson & Johnson (U.S.), and Alere, Inc. (U.S.). New product launches and product approvals; partnerships, agreements, and collaborations; acquisitions; and expansions were the major strategies adopted by most of the market players between 2013 and 2016 to achieve growth in the point-of-care diagnostics market.
Reasons to Buy the Report:
From an insight perspective, this research report focuses on various levels of analysis—market share analysis of top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the global point-of-care diagnostics market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market penetration, product development/innovation, market development, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on point-of-care diagnostic devices offered by the top 10 players in the point-of-care diagnostics market. The report analyzes the point-of-care diagnostic devices market by product and region
- Product Development/Innovation: Detailed insights on current and upcoming technologies, research and development activities, product enhancements, and new product launches in the point-of-care diagnostics market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various point-of-care diagnostics devices across four geographies
- Competitive Assessment: Assessment of market shares, strategies, and products of leading players in the point-of-care diagnostics market
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