Point-of-care diagnostics market has grown manifold over the last 20 years, driving major profits across value chains. The industry witnessed slow growth during 2005–2010 before taking a major leap with adoption of mobile technology. Point-of-care testing or bed-side testing refers to tests that are performed near the site of patient care. These tests can potentially improve detection and management of infectious diseases by reducing time between tests and results. These testing aids in reduction of operating times, postoperative care time, and high-dependency, thereby ensuring optimal use of professional time. Urine test strips and imaging tests such as portable ultrasound and ECG tests are some examples of point-of-care testing. Point-of-care testing for infectious diseases includes rapid, reliable, and affordable tests for HIV infection, malaria, dengue fever, hepatitis, influenza, and pneumonia. Point-of-testing for infectious diseases exhibit a major opportunity for pharmacy services for expansion. Improvement in disease outcomes, simple and accurate tests, and rapid disease outcome and results are few of the advantages of point-of-care testing.
The billion dollar point-of-care diagnostic market is expected to grow at a substantial rate over the forecast period (2016–2024).
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Advancements in molecular diagnostics coupled with miniaturization of devices to drive the point-of-care diagnostics market
Advancements in technological molecular diagnostics has boosted adoption of point-of-care solutions. The industry is also expected to grow with changing lifestyle. Currently, over 60% of population uses mobile phone. As a result, whole healthcare system has changed wherein portable devices has taken a key place.
Furthermore, growing preference for personalized medicine would create lucrative opportunity for point-of-care testing market in the near future.
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Point-of-Care Diagnostics Market Taxonomy:
Coherent Market Insights has segmented the point-of-care diagnostics products market by
- Therapeutic application
- End Users
On the basis of type of diseases, the point-of-care diagnostics market can be segmented as follows:
On the basis of end user, the point-of-care diagnostics market can be segmented as follows:
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North America is the leading market for point-of-care diagnostics products
On the basis of geography, the point-of-care diagnostics market can be segmented into four major regions: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America holds a leading position in the market, followed by Europe. The prime factors responsible for growth of point-of-care diagnostics market in these regions are rapidly increasing prevalence of infectious diseases and growing demand for rapid and accurate test results. According to the National Ambulatory Medical Care Survey, the number of visits to physician offices for infectious and parasitic diseases was recorded to be around 23.6 million in 2010. However, the market in Asia Pacific is expected to grow at the highest CAGR during the forecast period, due to presence of a large population base. The factors which would accentuate growth of point-of-care diagnostics market in Asia Pacific are increased government funding towards development of point-of-care diagnostic kits and rapidly changing healthcare infrastructure in emerging countries such as China, India, Vietnam, Malaysia, and Indonesia. Also, reduction in number of hospital bed required, reduction in number of outpatient clinic visits, and lesser patient waiting times are few of the potential factors that would propel growth in adoption of point-of-care diagnostics in Asia Pacific during the forecast period.
Abbott Laboratories, Roche Diagnostics Ltd are driving market expansion through high R&D spending along with direct distribution channel in emerging economies
The point-of-care diagnostics market is driven by technological advancements and hence, various companies are continuously making efforts to develop novel products pertaining to infectious disease diagnostics. Some of the top companies operating in the point-of-care diagnostics market are Abbott Laboratories, Roche Diagnostics Ltd., Beckman Coulter, Inc., Bayer AG, Becton Dickinson and Company, Johnson and Johnson, Alere Inc., Nipro Diagnostics Inc., Nova Biomedical, Siemens AG, Trinity Biotech PLC, Danaher Corporation, and Spectral Diagnostics.
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