Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global point of care (POC) diagnostics market size is predicted to reach a USD 28,379.6 million by 2026, exhibiting at a CAGR of 6.6% during the forecast period. The rising focus towards product innovation and efficient diagnostics kits for patients by key players will promote healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Point of Care (POC) Diagnostics Market Size, Share and Industry Analysis By Product (Blood Glucose Monitoring, Infectious Diseases, Cardiometabolic Diseases, Pregnancy, and Fertility Testing Products, Hematology Testing Products, Others), By End User (Hospitals Bedside, Physicians Office Lab, Urgent Care & Retail Clinics, Home and Self Testing) and Regional Forecast 2019-2026” the market size stood at USD 17,019.5 Million in 2018. The growing number of medical procedures around the world will contribute positively to the growth of the market.
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Market Driver:
Rising Awareness Regarding Point-of-Care Diagnostics to Improve Industry Outlook
The growing investment in R&D by key players for the development of advanced POC testing will enable speedy growth of the market. The increasing demand efficient POC diagnostics kits owing to its quicker diagnostics results compared to conventional methods will further accelerate the growth of the market. The surge in the patient population and hospitalization will further create lucrative business opportunities for the market in the forthcoming years.
An Overview of the Impact of COVID-19 on this Market:
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The rising awareness regarding point-of-care diagnostics in both developing and developed nations will aid the expansion of the market. The launch of novel POC diagnostics by leading industry players is likely to improve competition in the foreseeable future. For instance, Abbott unveiled the Afinion HbA1c Dx test, a point of care diagnostic for the testing of diabetes. In addition, the rising number of medical and surgical procedures around the world will augment the growth of the market. Moreover, the growing prevalence of diseases will contribute significantly to the growth of the market in the foreseeable future.
Regional Analysis
Favorable Reimbursement Policies to Aid Growth in North America
North America generated a revenue of USD 6,125.5 million in 2018 and is predicted to grow rapidly during the forecast period. The increasing demand for technologically advanced point-of-care (POC) diagnostics will enable the growth of the global market. The rising healthcare expenditure along with favorable reimbursement policies in the US and Canada will enable speedy expansion in North America.
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Asia Pacific is likely to rise tremendously during the forecast period owing to the increasing awareness regarding point-of-care (POC) diagnostics in emerging countries such as India and China. The developing healthcare infrastructure, product innovation along with demand for POC diagnostic will contribute positively to the growth of the market in Asia Pacific. The rising geriatric population will favor the growth of the market. Besides, the increasing patient population along with growing cases of chronic disease will spur opportunities for the market during the forecast period.
Key Development:
May 2016: Koninklijke Philips N.V, a Dutch multinational conglomerate corporation headquartered in Amsterdam unveiled a new handheld blood test called the Minicare I-20 for the rapid point-of-care diagnosis of heart attacks.
List of Key Players Operating in the Point of Care Diagnostics Market are:
- Abbott
- Johnson & Johnson Services, Inc.
- Becton, Dickinson, and Company (BD)
- Quidel Corporation
- Sekisui Diagnostics
- Danaher
- Siemens Healthcare GmbH
- AccuBioTech Co., Ltd.
- Chembio Diagnostic Systems, Inc.
- EKF Diagnostics Holdings plc
- Instrumentation Laboratory (A Werfen Company)
- Nova Biomedical
- PTS Diagnostics
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Point-of-Care (POC) Diagnostics procedures by key countries, 2018
- Price analysis of types of Point-of-Care (POC) Diagnostics
- Regulatory scenario by key countries
- Reimbursement scenario by key countries
- New product launches
- Key industry developments - mergers, acquisitions, and partnerships
- Key growth indicators of Point-of-Care (POC) Diagnostics market
- Global Point-of-Care (POC) Diagnostics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Blood Glucose Monitoring
- Infectious Diseases
- Cardiometabolic Diseases
- Pregnancy and Fertility Testing Products
- Hematology Testing Products
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals Bedside
- Physician’s Office Lab
- Urgent Care & Retail Clinics
- Home and Self Testing
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
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