Dublin, Feb. 13, 2020 (GLOBE NEWSWIRE) -- The "Point-of-Care Diagnostics Devices And Equipment Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
The global point-of-care diagnostics devices and equipment market was valued at about $9.3 billion in 2018 and is expected to grow to $11.35 billion at a CAGR of 5.1% through 2022. Major players in the market are Abbott, F. Hoffmann-La Roche, Siemens Healthineers, Danaher and Beckman Coulter.
The point-of-care diagnostic devices and equipment market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North America is the largest market for point-of-care diagnostic devices and equipment and is expected to continue to be the largest market during the forecast period.
An increase in the incidence of target diseases is driving the POC devices and equipment market globally. The rising incidence of chronic diseases, like diabetes, rheumatism, or cancer is increasing steadily worldwide due to poor lifestyle choices and increasing obesity, thus driving the growth of POC devices and equipment market. For example, according to American Heart Association cardiovascular disease is listed as the underlying cause of death for 0.84 million deaths in the US in 2016, approximately 1 of every 3 deaths.
The POC diagnostics devices and equipment market is expected to slow down due to stringent regulatory policies, which increases the gestational period before the product enters market. POC devices and equipment manufacturers are required to obtain multiple FDA clearances before launching their product into the market. The entire process of approval consumes a lot of time, thereby restraining the market growth.
Over-the-Counter (OTC) testing is being termed as an important trend driving the growth of point of care diagnostics market. FDA has approved OTC test kits for cholesterol, fecal occult blood, pregnancy and HIV/HCV. This method would improve the access to testing and early detection of the disease. These testing kits may generate more revenue than prescription tests over the forecast period due to ease of using the kits, increased home care and self-testing, and rise in availability and adoption rate.
Point of care devices are regulated by the U.S. Food and Drug Administration (FDA) and all the diagnostic laboratory tests regulated by the clinical laboratory improvement amendments of 1988 (CLIA) that is administered by the centers for Medicare & Medicaid services (CMS). As these devices measure the biomarker levels in the body they are classified as class II (requiring 510[k] approval), or III devices (requiring the more tedious premarket approval).
On the contrary, to the stringent approvals by FDA, China has a moderately lenient approval mechanism. Therefore, the top companies are using partnership approach with local vendors and distributors to expand their market share.
Key Topics Covered
1. Executive Summary
2. Point-of-Care Diagnostics Devices And Equipment Market Characteristics
3. Point-of-Care Diagnostics Devices And Equipment Market Size And Growth
3.1. Global Point-of-Care Diagnostics Devices And Equipment Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Point-of-Care Diagnostics Devices And Equipment Forecast Market, 2019 - 2022F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Point-of-Care Diagnostics Devices And Equipment Market Segmentation
4.1. Global Point-of-Care Diagnostics Devices And Equipment Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
- Infectious disease testing kits
- Cardio metabolic monitoring kits,
- Cholesterol testing kits
- Pregnancy and fertility tests kits
- Tumor/cancer markers
- Urinalysis testing kits
- Hematology testing kits
- Drugs of abuse testing kits
- Fecal occult testing kits
- Others
4.2. Global Point-of-Care Diagnostics Devices And Equipment Market, Segmentation By End User, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
- Professional diagnostic centers
- Hospitals/critical care centers
- Outpatient healthcare Setting
- Ambulatory care settings
- Research laboratories
- Home
5. Point-of-Care Diagnostics Devices And Equipment Market Regional And Country Analysis
5.1. Global Point-of-Care Diagnostics Devices And Equipment Market, Split By Region, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
5.2. Global Point-of-Care Diagnostics Devices And Equipment Market, Split By Country, Historic and Forecast, 2015-2019, 2022F, 2025F, 2030F, $ Billion
Companies Mentioned
- Abbott
- Alere Inc.
- Beckman Coulter
- Becton, Dickinson and Company
- BioMerieux
- Chembio Diagnostic Systems Inc.
- Danaher
- EKF Diagnostics
- F. Hoffmann-La Roche
- Johnson & Johnson
- QIAGEN N.V.
- Siemens Healthineers
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