Growing Government Support For Point of Care Devices

Growing Government Support For Point of Care Devices

Provided By Accuray Research LLP

The Global Point of Care Diagnostics Market is valued at $21,348 billion in 2015 with CAGR of 8.5% is expected to reach $48,216 billion by 2025.

The speed factor, particularly, is the utmost strength of POC diagnostics as quicker diagnosis facilitates sooner patient management. Increasing incidence of chronic disorders and contagious diseases, that need portable and quick diagnosis, is estimated to fuel the market growth. However, lack of co-ordination among healthcare centers, practitioners, and manufacturers is the major factor hindering the point of care diagnostics market.

Global Point of Care Diagnostics market is segmented by product into blood gas/electrolytes testing kits, glucose monitoring kits, tumor/cancer markers, coagulation monitoring kits, infectious diseases testing kits, hematology testing kits, pregnancy and fertility testing kits, cardiac markers, cholesterol test strips, food pathogens testing kits, primary care systems, decentralized clinical chemistry, hospital glucose testing, urinalysis testing kits, fecal occult testing kits, drugs abuse testing kits and other products.

Glucose Monitoring Kits segment commanded the largest market revenue of $4,376.3 million in 2015 and is poised to reach $8,003.9 million by 2025, growing at a CAGR of 6.2% from 2015 to 2025. The presence of significant product portfolio pertaining to glucose testing in the market and the presence of a number of major players as wells as local manufacturers from different regions are factors attributive to contribute substantially to the revenue generated.

However Tumor/Cancer Markers segment is expected to grow at the highest CAGR of 12.1% during the forecast period due to increasing incidence of coronary artery diseases, growing unmet medical and healthcare needs and huge patient’s population base in these countries are the key factors propelling demand for Tumor/Cancer markers in emerging nations.

North America commanded the largest market revenue in 2015 owing to the presence of encouraging reimbursement frameworks. The large number of patients had primarily accounted for the huge and increasing addressable population. Moreover, the development of accurate and rapid testing kits is further fueling the growth of the POC Diagnostics Market in North America.

Presence of major entities with widespread distribution network coupled with significant number of research endeavors carried out in the U.S is supportive for the largest share of region. Moreover, point of care diagnostics is a relatively more advanced segment of in vitro diagnostics and owing to the presence of high R&D expenditure, availability of a technologically advanced healthcare infrastructure along with the presence of a number of ongoing government funded research projects are factors accounting for the region’s large share.

However Asia pacific is expected to grow at the highest CAGR during the forecast period. Increasing trend towards healthcare decentralization and emerging markets such as China and India unfolds high growth opportunities for market players. Factors such as growing initiatives by market players to expand their distribution network, increasing patient population base, and rising number of partnerships and joint ventures among POC providers are propelling the growth of the Asia-Pacific market.

Some of the key players in this market include:

  • Johnson and Johnson,
  • Bio-Rad, Roche Holding Ltd.,
  • Beckman Coulter, Inc.,
  • Medtronic,
  • Nova Biomedical,
  • Trinity Biotech Plc,
  • Abbott Laboratories,
  • Spectral Diagnostics,
  • Siemens HealthCare,
  • Danaher Corp.,
  • BioMérieux,
  • Others.

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Published by Research and Markets

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