The point-of-care testing kits are designed for patients who can perform medical tests at home for immediate knowledge or planned disease management. The tremendous growth in the development of point-of-care testing kits has fueled market’s growth in recent years. Over the past decades, the market is also being driven by the high prevalence of chronic conditions such as diabetes and high blood pressure. According to the research report, the global point-of-care diagnostics market is expected to reach a valuation of US$ 11.7 bn by the end of 2024 as the market promises to progress at a CAGR of 6.9% between 2016 and 2024.
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High Prevalence of Lifestyle Diseases to Ensure Significant Adoption of Point-of-care Diagnostics
The global point-of-care diagnostics market has been thriving due to its cost-effectiveness as it does not require additional costs of electricity and refrigeration. It eliminates the need for complicated testing that is conducted in laboratories and allows the user to make an early detection of the disease or condition. The rising pool of geriatric population, high prevalence of diabetes, growing cases of cancer, and other cardiovascular diseases, and pregnancies amongst others are boosting the demand for these testing kits. Introduction of technologically advanced and innovative products such as microfluidic devices is also boosting growth of the global market. Microfluidic technology is being extensively used for clinical management of cancer, which includes its detection, diagnosis, and monitoring. Furthermore, it is also used for cancer biology research.
Out of the various product segments available in the global point of care diagnostics market, the lateral flow assay test segment held a dominant position in the overall market in 2015 and is projected to remain the leading product segment in the coming years as well. This segment will be driven by factors such as fast and low cost, long shelf life, simple test procedure, and no need of refrigeration. The solid phase assay test segment is also anticipated to show a robust growth rate in the coming years as it provides easy manipulation of large numbers of samples, allows testing of multiple parameters in one strip, and ensures good sample identification. The rising number of infectious diseases and increasing importance of maternity health is expected to boost the demand for infectious disease tests in the coming years as well.
Technological Advances put North America at Forefront of Global Market
In terms of geography, North America had a strong foothold in the global market in 2015 in terms of revenue and is projected to continue its stance over the forecast period. The region’s success will be largely attributed to the large patient pool, high incidences of chronic diseases, growing expenditure on health care, and a number of technological advancements in the field of point-of-care testing. Analysts also project that Asia Pacific will be an emerging market as the region has been persistently registering a growing number of cases pertaining to lifestyle diseases. Furthermore, a high percentage of geriatric population will also augment the demand for point of care testing solutions across Asia Pacific between 2016 and 2024.
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Some of the key players operating in the global point of care diagnostics market are Alere, Inc., Abbott Laboratories, Becton Dickinson & Co., F. Hoffman La Roche Ltd., Bio-Rad Laboratories, Inc. and Trinity Biotech. Alere Inc., Abbott Laboratories and Becton Dickinson & Co. are vying to expand their geographical horizons to maintain a dominant stance in the global market in the coming years. Analysts project that companies will also plan for increasing their investments in research and development for designing advanced products in the forecast period. Mergers and acquisitions will also prevail as an important strategy for these companies to move forward in the coming years.
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