Acknowledging the increasing market demand & uptake of these systems, Market Research Future (MRFR) has recently published a brilliant study report. In its report MRFR mentions that the global point of care technology Market gaining further prominence will accrue pervasively registering a phenomenal CAGR during the estimated period (2017-2023).
Overview – Global Point of Care Technology Market
Point-of-care testing allows patient diagnosis, in an ambulance, the home, the field, or in the hospital. The results of care are timely, and allow rapid treatment to the patient. Point of care technology market is growing rapidly due to the evolving healthcare industry, especially in developing nations. Point of care documentation devices smooth the workflow, reduces errors in a clinical tasks including diagnostics, medication prescribing, and medication administration, which will indirectly boost the growth of the market.
Notably, rising prevalence of chronic diseases is the primary driver for point of care technology market. Epidemic of obesity, socioeconomic transitions, nutrition transitions, and rapid urbanization are promoting the rising prevalence of most of the diseases. According to WHO, global prevalence of diabetes has risen from 4.7% to 8.5% in 2014. It is also estimated that around 1.6 million deaths have been occurred in 2015 due to diabetes worldwide. The rising prevalence of diabetes in low and middle-income countries appears to be fuelled by nutrition transition, rapid urbanization, and increasingly sedentary lifestyles, suggested by a study published in Pharmacoeconomics in 2015.
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Key Players for Global Point of Care Technology Market
Some of the key players in this market are Abbott (U.S.), Johnson & Johnson Services, Inc.(U.S.), Techno MedicaCo., Ltd. (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens AG (Germany), Alere Inc. (U.S.), Instrumentation Laboratory (U.S.), PTS Diagnostics (U.S.), Nova Biomedical (U.S.), Beckman Coulter, Inc. (U.S.) BD (U.S.), Quidel Corporation (U.S), Meridian Bioscience, Inc. (U.S).
Point of Care Technology Market – Competitive Analysis
The Point of Care Technology market is currently dominated by various players. Due to rising research and development expenditure various existing and new marketers are continuously coming up with advanced technologies to control various chronic diseases. The global point of care technology market is currently dominated by numerous players.
Siemens is one of them by holding a strong share in the market. The company continuously developing their portfolio from medical imaging, and laboratory diagnostics to adding managed services, consulting, and healthcare IT services apart from further technologies for therapeutic molecular diagnostics. On July 21, 2017, Siemens Healthineers entered into an agreement to acquire Epocal Inc., a subsidiary of Alere. Epocal offers point-of-care blood diagnostic systems for healthcare enterprises, which includes the epoc Blood Analysis System, wireless testing solution. Strategic partnership are an essential part of Siemens strategy to reach its goal of new products pipeline, by accruing partner’s technology
Abbott is another renowned market player in point of care technology market. Abbott offers wide range of products in pharmaceuticals, medical devices, diagnostics, and nutrition. On Sept. 29, 2017, Abbott and Alere Inc. have agreed to divesture of two point-of-care medical device product line in order to settle Federal Trade Commission charges that Abbott’s proposed USD 8.3 billion acquisition.
Regional Analysis for Global Point of Care Technology Market
On the regional basis, the market is segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas own a significant share in the global market as a result of huge investment and its strong economic conditions which favor the research and development of the healthcare sector. Increasing number of surgeries along with rising demand for point of care technology products is predicted to boost the growth of the market.
Europe is the second largest point of care technology market followed by Asia Pacific on account of growing importance of research in healthcare sector which inturn is increasing investment in research and development activities. Asia Pacific market shows the fastest growth due to increasing prevalence of communicable diseases and demand for more diagnostics. Additionally, India and China have started investing in research and development of healthcare domain.
The Middle East & Africa holds the least share in the global point of care technology market since poor economic condition and less development in medical facilities.
Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global Point Of Care Technology Market, By Type Of Products
Chapter 7. Global Point Of Care Technology Market, By End Users
Chapter 8. Global Point Of Care Technology Market, By End Users
Chapter 9. Global Point Of Care Technology Market, By Region
Chapter 10. Competitive Landscape
Chapter 11. Company Profile
Chapter 12. Conclusion
Chapter 13. Appendix
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