Asia-Pacific Point-of-care Diagnostics Market was worth $3.01 billion in 2016 and estimated to reach $4.92 billion by the end of 2021 with a CAGR of 10.28%. Point-of-care diagnostics allow a speedy, convenient, and cost-efficient way to diagnose diseases at healthcare centers and hospitals. Point-of-care diagnostics is a term collectively used for diagnostic procedures and tests performed on-site. As compared to conventional in-laboratory tests, point-of-care diagnostics have the advantage of speed and convenience without compromising on consistency. Point-of-care diagnostics help cut down on the need for sophisticated diagnostic systems for regular tests like blood tests and urine tests.
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Many advanced point of care diagnostic products are on the verge of being used practically and widely. But, more than innovative and advanced point-of-care devices, there is an extensive need for inexpensive solutions that can be set up in regions where infectious diseases are highly prevalent. In developing regions, these tests are crucial in counterbalancing the lack of adequate laboratory capacity. This is one of the most promising opportunities that can be grabbed by market players.
In order to provide effective and fast diagnostic results, clinics and other healthcare establishments, are opting for point-of-care test, which are consequently influencing industrial growth. Advances in technology and introduction of cost effective and high quality medical solutions aimed at achieving miniaturization and lab automation are expected to serve the point-of-care diagnostics market as a vital driver. Additionally, healthcare practitioners have been observed to be increasingly more open and willing to adopt the use of point-of-care diagnostic consumables and medical devices thereby resulting in rapid demand and growth of this market. However, there are some certain market restraints that players need to overcome. The effort and co-ordination required among healthcare centers, researchers, practitioners and manufacturers is the greatest restraining factor for the growth of point-of-care diagnostics market. Also, reluctance from the industry towards changing the existing norms, frequent product recalls, stringent regulatory framework and unfavorable reimbursement scenario are some of the challenges faced by the point-of-care diagnostics market.
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The Asia-Pacific point-of-care diagnostics market is segmented based on products, end-users and mode of delivery. Products have been segmented into Infectious Diseases, Cardiac Markers, Oncology Markers, OTC Diagnostic Tests, drugs of abuse, Blood Gas Testing, Fertility Testing, Urinalysis, Coagulation, Hematology, Glucose Monitoring, Ambulatory Chemistry, Decentralized Clinical Chemistry and others. By End-Users, the market has been further segmented as clinics, hospitals, home healthcare, ambulatory care settings, laboratories and others. Finally on the basis of delivery, the market has been segmented further into OTC and prescription modes of delivery.
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. Emerging markets such as China and India offer high growth potential for companies involved in the development and distribution of point-of-care diagnostic devices. Increasing initiatives by market players, growing patient population base, and rise in the number of partnerships and joint ventures among point-of-care providers are the key factors driving the growth of point-of-care diagnostics market in emerging countries.
Some of the major players in this market are Abbott Laboratories, Inc., Danaher Corporation, Roche Diagnostics Limited, BioMerieux, Siemens Healthcare, Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson , Alere Inc., and PTS Diagnostics.
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