Point Of Care Diagnostics Market Is Expected To Witness High Growth Due To Growing Demand For Home Healthcare By 2024: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.

According to a report published by Grand View Research, Inc.; the Point of Care (PoC) diagnostics market is estimated to reach a valuation of USD 20.9 billion by 2024. Increased prevalence of target diseases, such as cancer, Cardiovascular Diseases (CVDs), diabetes, and infectious diseases, is expected to augment the market growth in the forecast period (from 2018 to 2024). The capability of PoC diagnostics test to provide quick results have positive impact on improving patient care. In addition, growing adoption of EMR (electronic medical records) and PACS (picture archiving and communication systems) have also increased the demand for POC devices. PoC devices can be operated by healthcare specialist, as well as non-medical personnel and this factor is projected to boost their demand in near future. In addition, PoC technology is now available in many rural and remote areas as well, which is anticipated to bode well for the market. Furthermore, growing spending and favorable regulatory policies promoting PoC diagnostics are likely to stimulate market growth.

For instance, launch of Clinical Laboratory Improvement Amendments (CLIA) for certain PoC diagnostic tests and products. The development of PoC for cancer testing can have remunerative opportunities in the market. Additionally, launch of PoC home-testing kits is likely to increase the adoption in the years to come. However, high costs associated with these tests can hamper the market growth to an extent in developing countries. On the basis of product, the market has been categorized into glucose testing, Hb1Ac testing, infectious disease testing, coagulation, fertility, cardiac markers, primary care systems, hematology, decentralized clinical chemistry, feces, blood gas/electrolytes, ambulatory chemistry, urinalysis, and drug abuse testing. Blood glucose testing was the leading segment in 2016 and will expand further during forecast period. Benefits offered by these devices, such as easy operability and portability, has augmented their demand in diabetic patients. On the basis of end-use, the market is classified into clinics, hospitals, assisted living healthcare facilities, laboratories, and others.

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In terms of revenue, the clinics segment occupied the largest share in 2016. This can be ascribed to the availability of CLIA-waived tests, which can be effectively executed in clinics. Furthermore, a common trend of decentralization of primary care services in many regions is projected to boost the segment growth in the years to come. The home healthcare segment is expected to witness the fastest growth from 2018 to 2025. Growing awareness regarding the importance of early detection of diseases is estimated to support the segment growth. Advent of several home-testing kits are also likely to boost the segment development in the next few years. Geographically, the market can be divided into North America, Asia Pacific, Europe, Latin America, MEA, and UAE. North America was the leading market in 2016 due to the factors, such as presence of target population base and high healthcare spending. Furthermore, well-established healthcare infrastructure and high awareness regarding early disease diagnosis among physicians and patients can drive North America market.

Ongoing government-assisted projects in the region are also anticipated to fuel the region’s growth. In addition, increasing financial support from various sources, such as the U.S. Department of Defense (DOD), NIH, and other private organizations, for POC diagnostics development can have a positive impact on the market growth.. Asia Pacific is anticipated to rise with the fastest CAGR during the study period. Factors, such as growing awareness about early disease diagnosis and growing focus of major companies to capitalize on untapped opportunities in the region, can drive the regional market. Some of the prominent companies in the market include Abaxis, Inc.; Nipro Diagnostics Inc.; OraSure Technologies Inc.; Abbott Diagnostics Inc.; and Alere, Inc. Players are emphasizing more on R&D activities to sustain in the competition.

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