The "Point of Care Diagnostics Market by Product (Glucose, Infectious Disease (Hepatitis C, Influenza, Respiratory), Coagulation), Platform (Microfluidics, Immunoassays), Mode (Prescription & OTC), End-User (Hospitals, Home Care) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global point-of-care diagnostics market is projected to reach USD 46.7 billion by 2024 from USD 28.5 billion in 2019, at a CAGR of 10.4%
Factors such as the high prevalence of infectious diseases in developing countries, increasing incidence of target conditions, and increasing inclination toward home healthcare across the globe are driving the market for point-of-care diagnostics. However, product recalls, a lack of alignment with test results obtained from laboratories, stringent & time-consuming approval policies, and a reluctance to change existing diagnostic practices are expected to restrain market growth.
The glucose monitoring products segment is expected to command the largest share of the POC diagnostics market in 2019
Based on product, the point-of-care diagnostics market is segmented into glucose monitoring, infectious disease testing, cardiometabolic monitoring, coagulation monitoring, hematology testing, urinalysis testing, cholesterol testing, drugs-of-abuse testing, tumor/cancer markers, pregnancy & fertility testing, fecal occult testing, and other POC products.
The glucose monitoring products segment is expected to command the largest share of the market in 2019. The increasing number of POC glucose monitoring devices, coupled with the growing prevalence of diabetes, is expected to drive the growth of the POC diagnostics market for glucose monitoring products in the coming years.
The microfluidics segment is expected to register the highest growth rate in the POC diagnostics market, by platform, during the forecast period
On the basis of platform, the point-of-care diagnostics market is segmented into lateral flow assays, dipsticks, microfluidics, molecular diagnostics, and immunoassays. The microfluidics segment is expected to register the highest growth rate during the forecast period. Technological advancements and increasing initiatives by market players for developing novel microfluidics-based POC products are propelling the growth of the microfluidics market.
The Asia Pacific market is expected to register the highest CAGR during the forecast period
The point-of-care diagnostics market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is expected to register the highest growth rate during the forecast period, due to the growing initiatives by market players, increasing patient population base, and rising number of partnerships and joint ventures in this region.
Market Dynamics
Drivers
- High Prevalence of Infectious Diseases in Developing Countries
- Increasing Incidence of Target Conditions
- Growing Government Support
- Shortage of Skilled Laboratory Technicians
- Rising Number of Clia-Waived POC Tests
Restraints
- Pricing Pressure Owing to Reimbursement Cuts and Budget Constraints
- Stringent and Time-Consuming Regulatory Policies
Opportunities
- Emerging Markets
- Healthcare Decentralization - Converting Lab Tests to POC Tests
- Increasing Awareness Through Conferences and Events
- POC Tests With Multiplexing Capabilities
Challenges
- Lack of Alignment With Definitive Central Lab Methods
- Inadequate Knowledge About the Use of POC Devices in Professional Settings
- Reluctance to Change Existing Diagnostic Practices
- High Cost of Devices
- Product Recalls
Emerging Applications of Point-of-Care Testing
- Sepsis Biomarkers
- Stroke Markers
- Thyroid Testing
- Dna Testing
- Endocrine Testing
Company Profiles
- Abbott Laboratories
- Becton, Dickinson, and Company (BD)
- Chembio Diagnostics
- Danaher Corporation
- Johnson & Johnson
- Roche Diagnostics (A Subsidiary of F. Hoffmann-La Roche Ltd.)
- Siemens Healthineers Group
- EKF Diagnostics
- Quidel
- Trinity Biotech
- Accubiotech
- Instrumentation Laboratory (A Werfen Company)
- Nova Biomedical
- PTS Diagnostics (A Part of Sinocare Inc.)
- Sekisui Diagnostics
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View source version on businesswire.com: https://www.businesswire.com/news/home/20191129005220/en/
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