Point of Care (PoC) Diagnostics Market To Reach USD 50.51 Billion by Billion By 2026 | Reports And Data
Point of Care Diagnostics Market Size - USD 23.98 Billion in 2018, Market Growth - CAGR of 15.9 %, PoC Diagnostics Industry Trends- Advancements in field of point-of-care and improved regulations for PoC diagnostic tests
NEW YORK, Oct. 10, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, the global point of care (PoC) diagnostics market was valued at USD 23.98 billion in 2018 and is expected to reach USD 50.51 billion by the year 2026, at a CAGR of 9.6%. A longer hospital stay is associated with higher cost and is sometimes detrimental to the mental well-being of patients. The inception of near-patient, bedside or extra-laboratory testing, otherwise known as Point of Care (PoC) Diagnostics has revolutionized modern healthcare. Tangible benefits like increase in overall efficiency, a myriad of assay capabilities through the use of a single device, and lower costs are some of the factors driving the growing adoption of PoC diagnostics.
The primary technologies being used for PoC diagnostics include the confluence of bench-top analyzers as well as hand-held devices. The latter are developed by using micro-fabrication techniques, and are apt for use in field settings. Their robust designs and vast array of testing capabilities make them popular with medical personnel. Bench-top analyzers are more suitable for hospital settings, providing accurate, easy to discern and quick test results. The exponential increase in the number of diabetics around the world is fuelling demand for PoC devices for use in home-care settings. Diabetes incidence among adults in U.S continue to rise, and was estimated to be 30.3 million people (9.4% of the population) in 2015. This alarming trend is reflected in most other developed countries and emerging economies in Asia-Pacific (India and China), where lifestyle changes, in conjunction with increase in disposable income across demographic cohorts has resulted in increased disease prevalence, reaching pandemic proportions across the world. The need to diagnose Diabetes I and II, and the daily need of diabetics to monitor their blood glucose levels, has opened new opportunities for Point of Care devices for glucose monitoring.
Point of care tests have great potential for facilitating faster decision making and therefore more effective patient care in the trauma care and emergency department of most hospitals and clinics. The main devices sought after in these departments are used for tests to measure blood gas and electrolyte concentration in the body. This particular segment offers significant growth opportunities for industry growth. In line with this various market players are engaged in developments and launch of various PoC diagnostic tests. For instance, in June 2019, Abbott launched the Afinion HbA1c Dx assay, a rapid point-of-care test approved by the U.S. Food and Drug Administration (FDA) for the diagnosis of diabetes and the assessment of patients' risk of developing the disease. Furthermore, rapid testing through PoC diagnostic technologies is expected to reduce the duration of surgical procedures. For example, assessment of blood coagulation status can now be easily monitored by bedside testers, reducing the requirement for blood stocking, and nullifying the threat from postoperative blood loss, which is common during complex procedures like heart bypass surgeries.
The reduction in time and increase in efficiency leads to greater healthcare process streamlining, resulting in greater economic advantages for healthcare providers and patients. Reduced clinical visits (due to the availability of personal testers), decrease in duration of hospitalization, and optimized clinic resource usage augment the efforts of cost-cutting which results from the use of Point of Care Diagnostics.
Favorable research and funding landscapes, rise in geriatric population, and increased automation in various healthcare sectors, is expected to propel the market for PoC diagnostics.
Technological advancements in field of point of care diagnostics is the key factor contributing to the market growth. In line with this, key market players are focused on strategic partnerships and collaborations for product development. For instance, in April 2019, Chembio Diagnsotics partnered with Perseus Science, for the development of a Point-of-Care Concussion Test.
Infectious disease testing products is the fastest growing product segment which is expected to grow at a CAGR of 13.2% during the forecast period, due to the global rise in the infectious disease outbreaks such as hepatitis, HIV, Iinfluenza, respiratory infectious diseases, tuberculosis and others. Rise in bacterial, viral and pathogenic disease contributing towards the market growth across the globe.
Home Care segment is growing at the highest CAGR of 11.2% because of the rising demand for rapid diagnostic tests and remote monitoring in developed nations.
Europe is the second largest regional segment with the market share of 33.1% in 2018, due to the increased adoption of advanced point of care diagnostic devices and rising awareness about innovations and advancements in point of care diagnostic devices, coupled with increasing incidences of chronic diseases such as diabetes and liver diseases
Cardiometabolic testing products is the second leading segment which is valued at USD 54.12 billion in 2018, due to rising prevalence of cardiac disorder and various risks associated with it and an intricate network of demand and supply and strong distribution channel of cardiometabolic products across the globe
North America is expected to account for the 41.1% of the global Point of Care (PoC) Diagnostics market million in 2018, owing to sedentary lifestyle of urban populations, high number of target diseases, rise in number of product approvals across several geographies, and favorable government regulatory scenario in the region
The prescription-based testing segment holds the largest share of the global point-of-care diagnostics market in 2018 due to the increasing incidences of lifestyle diseases and lack of awareness about OTC devices in developing nations
The market is much fragmented in nature. Key participants include Abbott, F. Hoffmann-La Roche and Siemens Healthineers, Johnson and Johnson, AccuBioTech, BioMérieux SA, Becton Dickinson and Company, Danaher, F. Hoffmann-La Roche, Instrumentation Laboratory, Johnson & Johnson, and Nova, among others.
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