High number of diseases due to rise in geriatric population, product launches, increasing strategic developments such as partnerships and agreements, favourable research funding scenario for development of PoC testing devices are key factors contributing to high CAGR of Point of Care (PoC) Diagnostics during forecast period.
Market Size – USD 23.98 Billion in 2018, Market Growth - CAGR of 9.6%. Market Trends – Product launches and research for Point of Care diagnostic products.
NEW YORK, June 12, 2019 (GLOBE NEWSWIRE) -- 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 year 2026, at a CAGR of 9.6%.
According to the Centers for Disease Control and Prevention (CDC), in US alone currently more than 100 million adults are living with diabetes or pre-diabetes. Cardiovascular diseases (CVD) account for approximately 800,000 deaths in the US. On average, one person dies from CVD every 40 seconds in the US. CVD also causes 3.9 million deaths in Europe and over 1.8 million deaths in the European Union.
Point-of-care (POC) diagnostics or near-patient testing is a medical diagnostic test that allows physicians and medical staff to correctly attain real-time, lab-quality diagnostic results within minutes rather than hours. Through the use of portable blood analysers, testing at the “point of care” streamlines the diagnostic process and helps ensure patients receive the most effective and efficient care when and where it is needed. Point-of-care (POC) diagnostic testing permits staff to make speedy triage and treatment decisions when diagnosing a patient’s condition or monitoring a treatment response. By simplifying the testing process, clinicians can focus on what matters most—providing effective, quality patient care.
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Near patient testing even allows more than just bedside testing. It permits users to improve efficiency and productivity; maybe expensive than traditional diagnostics but more accurate and even reduce staff burden by bringing the focus back on the patient. Key recent developments in the field of Point-of-Care (PoC) diagnostics: In November 2018, PixCell Medical received FDA 510(k) approval for its point of care the HemoScreen Haematology Analyser, which should enable physicians to make more rapid and accurate decisions.
Factors such as high prevalence of infectious diseases in developing countries, increasing incidence of target diseases, and rising preference for home healthcare across the globe are increasing the adoption of POC diagnostics products globally. Rising investment by multiple public organisations is even a driving factor for the growth of PoC diagnostic market. For instance, in November 2018, the Massachusetts Medical Device Development Center established a M2D2 with the support of USD 7.9 million grant from the National Institute of Health (NIH) which established a new centre to assist inventors pioneering promising new point-of-care devices and technologies for patients with heart, lung, blood and sleep disorders.
Further key findings from the report suggest
- Point of Care (PoC) Diagnostics market is fastest growing at a CAGR of 3% in Asia Pacific due to rising prevalence of strategic initiatives taken by international players to improve healthcare infrastructure and increasing awareness in developing countries like China and India
- The market for Molecular diagnostics segment is projected to have the highest CAGR during the forecasted period because of the growing advancements in technology, increasing initiatives of market players for developing POC molecular diagnostics products, and resource-limited settings
- Europe is the second largest region with a share of 33.1 % due to the increased adoption of advanced point of care diagnostic devices, rise in awareness about innovative and advanced applications of point of care diagnostic devices, and rapidly aging population coupled with increase in incidences of diabetes and liver diseases
- Cardiometabolic Testing Products is accounted to be the second leading segment which is valued at USD 5411.7 million due to increasing number of patients with cardiac disorders and a huge demand and supply of cardiometabolic products across the regions
- North America is expected to account for the 41.1% of the global Point of Care (PoC) Diagnostics market million owing to the to the prevalence of unhealthy lifestyle, high number of chronic diseases, rising number of FDA approvals and government regulations related to development of healthcare
- The prescription-based testing segment holds the largest share of the global point-of-care diagnostics market in 2018 owing to the increasing incidence and prevalence of lifestyle diseases and the lack of awareness on OTC devices in developing nations
- Key participants include Abbott, F. Hoffmann-La Roche and Siemens Healthineers.
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Segments covered in the report:
For the purpose of the study, this Reports and Data has segmented the Global Point of Care (PoC) Diagnostics Market on the basis of product type, platform type, prescription mode, end user and the regional outlook:
Product Type (Revenue, USD Million; 2016–2026)
- Glucose Monitoring Products
- Strips
- Meters
- Lancets & Lancing Devices
- Cardiometabolic Testing Products
- Cardiac Marker Testing Products
- Blood Gas/Electrolytes Testing Products
- HBA1C Testing Products
- Infectious Disease Testing Products
- Influenza Testing Products
- HIV Testing Products
- Hepatitis C Testing Products
- Sexually Transmitted Disease (STD) Testing Products
- Healthcare-Associated Infection (HAI) Testing Products
- Respiratory Infection Testing Products
- Tropical Disease Testing Products
- Other Infectious Disease Testing Products
- Coagulation Testing Products
- PT/INR Testing Products
- Activated Clotting Time (ACT/APTT) Testing Products
- Pregnancy and Fertility Testing Products
- Pregnancy Testing Products
- Fertility Testing Products
- Tumour/Cancer Marker Testing Products
- Urinalysis Testing Products
- Cholesterol Testing Products
- Haematology Testing Products
- Drugs-of-Abuse Testing Products
- Fecal Occult Testing Products
- Other POC Products
Platform Type (Revenue, USD Million; 2016–2026)
- Agglutination assays
- Biosensors
- Dipsticks
- Lateral Flow Assays
- Microfluidics
- Molecular Diagnostics
- Solid phase
Prescription Mode (Revenue, USD Million; 2016–2026)
- Prescription-based Testing
- OTC Testing
End User (Revenue, USD Million; 2016–2026)
- Professional Diagnostic Centres
- Clinical Laboratories (Outpatient Healthcare & Ambulatory Care Settings)
- Hospitals/Critical Care Centres
- Home Care
- Research Laboratories
- Other End Users
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Regional Outlook: (Revenue, USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Spain
- France
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Middle East and Africa (MEA)
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